Real Estate Market

Our market “at a glance” indicates our housing inventory has increased 13.5% over last year during the time.  While our inventory has increased, our sales have dropped by approximately 9% from the same period (April 2011) of last year.  Last week I provided an “Absorption Rate” graph indicating that the months of March and April 2012 had crossed over into a Buyers’ Market for the entire Tri-City area.   This pressure is causing Home Sellers to have their properties in top condition with competitive pricing.

 For April 2012, homes priced less than $200,000 continue to be in high demand while homes priced above $375,000 are experiencing intense pricing competition.   New and newer homes continue to be in higher demand.    Buyers are generally rejecting older homes requiring work.   Homes identified as being inside the USDA areas,  are eligible  for zero down financing and therefore, continue to sell well. 

Farmers Insurance Group completed its annual survey  to identify the most secure communities.  Tri-Cities WA is the most secure community with a population base between 150,000 and 500,000 according to Farmers.    This is sixth time Tri-Cities WA has ranked among the top twenty communities in the United States.

The Group considers crime statistics, extreme weather risk, risk of natural disaster, housing depreciation, foreclosures, air quality, terrorist threats, environmental hazards, life expectancy mortality rates from cancer, motor vehicle accidents, and job loss numbers. 

For the reasons identified, this is why we call the Tri-Cities home. 

March 2012 Data
The new CoreLogic^® MarketPulse^™ report is a monthly report that provides insight into the current and future health of the U.S. economic climate with particular focus on housing and mortgage metrics. The CoreLogic Mortgage Analytics & Economics Team, headed by Chief Economist Mark Fleming, authored the articles and commentary. This month's MarketPulse reports that the national housing market is transitioning to more stability in sales and home prices, with reasonable inventory levels and a declining share of REO sales. Short sales, modifications, and other foreclosure alternatives are playing a larger role than in years past, and the flow of new foreclosures is declining with an improving economy.