Tri-Cities Housing Update by Don

March 2010 Tri-Cities Market Data by Don

 With the change in Tri City Association of Realtors accounting of active listings (for sale) and under contract, it is difficult to compare these statistics of the previous year.  Trends that can be followed are the sales, average and median prices.

Tri-Cities
Listings
Pending
Sales
Sales Month
Sales Yr to Date
Ave Sales Price
Median Sales Price

Ave
Days
Market

Feb
2010
 951*
403**
165
327
$191,400
$179,900
126
Feb
2009
1222
145
179
309
$181,500
$162,500
129

*   Actives no longer include actives taking back up offers and actives with bump clause.

** Also includes properties under contract and closed during the same month.

I reviewed our market statistics for February 1995, to identify long term trends. Fifteen years ago we had 94 sales during the month as compared to 165 for February 2010.   The average market price increased from $116,100 to $179,900.  The average sales price for one year ago was $181,500.   We can draw the conclusion that the Tri-City area is experiencing slow consistent price increases.  This slow appreciation has contributed to our stable market. While many areas in the US were experiencing double digit appreciation our market was increasing at rate of 2-3 percent.   The same areas with rapid appreciation are those experiencing drastic declines today.

Our absorptions rates increased slightly for homes priced below $200,000 last month.  These homes are now in normal market situation.    Homes priced above $375,000 continue to be in an oversupply situation. 

The Tri-Cities rental market is very active.   It’s very difficult to find a three bedroom apartment and where they exist, waiting lists are present.

With interest rates at historically low rates, this is a perfect time for those eligible for tax credits to purchase.    First time and previous buyers, who qualify, must have a contract written by April 30, 2010 and close prior to July 1, 2010.

 

For updated Tri-Cities housing information go to http://www.Key2Homes.com

 

 

Tri-Cities Tops Nation in Job Growth

The Tri-Cities leads the way for job growth in the nation.  A report published by Garner Economics ranked the Tri-Cities first in the nation for job growth during the second half of 2009. The report cited an average of 3.4 percent monthly job growth in year-over-year monthly comparisons by the U.S. Bureau of Labor and Statistics. 

I believe this positive growth is primarily attributed to federal stimulus funding for “shovel ready projects”.   According to Dean Schau, regional economist, the Tri-Cities added 2,300 jobs, for a growth of 2.5 percent for last year.  This growth has filled our rental housing and resulted in another good year for residential real estate.   So far, our residential sales for 2010 exceed sales for the same period last year.

Contact Information

Photo of The Havre Team Real Estate
The Havre Team
The Real Estate Firm
7411 W Clearwater Ave, Suite B
Kennewick WA 99336
(509) 783-8400
Fax: (509) 783-6934