Skip To Content

    Weekly Market Analysis – August 24-28, 2020

    This week, we’re looking back at the week of August 24-28 to analyze the residential real estate market in the Tri-Cities and surrounding areas. As always, keep in mind that these numbers are rounded averages and won’t be 100% exact, but they do give a great snapshot of the current market.  All data was collected on the MLS (multiple listing service) for the Tri-City associations.

    Listings

    Last week, we saw an average of 528 residential properties for sale, with 231 new construction listings and 41 average days on the market. The average cost of listed properties was $397,790, with new construction listed prices coming in at $419,508.

    What do these numbers mean? We’re still seeing incredibly low amounts of properties for sale, which has been a consistent trend for a few months now. Last week, new construction made up nearly a half of all listings, showing just how strong the building market is in Tri-Cities. That left only 291 homes considered move-in ready, which is just so few to accommodate our 300,000 and growing population in the area. Listed prices have remained consistent, which is always a reassuring trend in the real estate market.

    Pending

    There was an average of 1046 properties pending last week, with 403 new construction pending. The average days on the market for pending lots was 5 days, and the average pending price was $325,558.

    What do these numbers mean? Again, new construction is totaling nearly half of all pending properties, which is no surprise considering just how fast new homes are being built in the area. The pending prices have remained consistent over the weeks, showing that we have a pretty steady market at the moment. You can see a stark contrast in both days on the market and price between listed and pending properties – $397,790 for listed vs. $325,558 for pending and 41 days on the market for listed vs. 5 days on the market for pending. This tells us that the homes that are selling are selling insanely fast, and consistently lower priced than homes that are sitting on the market longer. Once again, this shows that, if you price your home correctly, it’s likely to sell in just a matter of days. For more information on correctly pricing your home for an expedient sale, contact our Listing Specialist today!

    Sales

    A total of 104 properties sold last week, with 33 new construction properties sold. The average sold price came in at $345,511, with new construction’s sold price at a higher $413,110.

    What do these numbers mean? Compared to last week, we saw a 25% increase in the number of properties sold. New construction continues to dominate a significant portion of listings and sales. Sales prices are remaining steady, thanks to our stable summer real estate market. Compared to last week, however, we saw a significant rise in the sold price of new construction homes. With a recent surge in lumber costs and upcoming changes to the Washington State Energy Code, we can expect to see the prices of new construction homes climbing higher and higher.

     

    What does all of this mean for you? As a seller, our market has remained consistently priced, with homes selling faster than ever and a limited number of listings driving the market. This means right now is a fantastic time to sell to get a fast sale and the full value of your home. Interested in selling, or even just seeing what your home could be worth in today’s market? Contact our Listing Specialist today for a free market analysis on your home!

    As a buyer, the market remains slim. Finding your perfect property may take longer than usual with so few listings on the market. And with properties selling so fast, you have to make decisions quickly before the home you like sells to someone else. We’ve got a healthy amount of new construction in the Tri-Cities, however, giving you plenty of options if you’re interested in buying something brand new. New construction prices are expected to continue rising with lumber and energy code changes, so if you’re thinking of buying, now is the time to do so before prices climb even higher! We’ve got several fantastic builders available, so contact our Builder’s Specialist today for more information!

    Trackback from your site.

    Leave a Reply