Market Update 4/13/2020- What is the market doing today?
Over the weekend we continued to see Inventory climbing and just as it climbed up to 624 listings on Saturday we saw that buyers were still very active putting 19 under contract from Friday to today. This morning we have 605 active homes and 1/3 of them are new construction(209) from paper lots to finished homes. Many of these are just vacant lots with specific plans set up in MLS as a “To Be Built” or are under construction. With just 64 completed new homes and the resale listed we actually have 460 homes available now in the entire Tri-Cities. This covers all price points from single family homes to condos, townhouses, and manufactured homes on rented lots. Today’s total of 776 Pending homes absorbed the inventory from the listing spike last week. Buyers who want to buy this year should be ready by getting pre-approved and finding an aggressive buyer’s agent. If you need to sell to buy then getting your home’s market value in today’s market is something we can help you with. We have lists of buyers waiting on homes. That said our team of Home Buyer Specialist have been in competing offers all week on the current inventory of active homes. We are currently looking for homes in variety of pricing points. The Covid-19 Pandemic will have some effect on 2020 but it is still unknown how long or how much impact we will see here in Tri-Cities. We are watching the market daily to guide you through these challenging times. Check back daily for your next report or give us a call to provide you a personal copy of our report.