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    Weekly Market Analysis – October 5-9, 2020

    This week, we’re looking back at the week of September 7-11 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, there was an average of 530 residential properties for sale, for an average listed price of $394,960. Of those, 236 were new construction, for an average listed price of $419,900. The average days on the market was 34.

    What do these numbers mean? Once again, we’ve seen a slight increase in the amount of residential properties on the market. We’re just about back up to our summer inventory numbers; however, 530 is still such a small number of homes for sale. Nearly half were new construction, leaving even fewer homes move-in ready for those looking to move right now. The average listed price has remained fairly consistent over the past month, as has the average listed price of new construction. The average days on the market has continued to trend downward this weekend, showing that properties are selling even faster week after week.

    Pending

    There was an average of 1,023 pending properties last week, with 437 of those being new construction. The average listed price of pending properties was $334,960, and the average days on the market was 4.

    What do these numbers mean? The amount of properties pending has decreased for a second week in a row, despite inventory increasing. However, the amount of pending new construction properties has increased for the second week in a row. Pending listed prices have continued to rise week after week. The average days on the market continues to hold steady at four, meaning properties are selling on average in just four days. Our market is moving insanely fast, so if you’re a seller you won’t have any issues selling your home right now. As you can see, the average listed price for pending properties is significantly lower than the average listed price above, showing that the properties that are going under contract are priced more competitively.

    Sold

    A total of 110 properties sold last week, for an average price of $360,069. 25 of those were new construction, for an average price of $413,408.

    What do these numbers mean? Both the price of existing and new construction fell slightly from last week, but both are still higher than their respective summer averages. The amount of properties sold fell slightly this week as well, so we’ll have to watch and see if this is a trend going forward. Once again, new construction made up just about a quarter of all sales, showing how popular new construction is in the Tri-Cities market.

     

    So what does this all mean for you? As a seller, our market continues to be fantastic. With properties going under contract in an average of four days and listed and pending prices continuing to rise, you won’t have to wait long to sell your home for more than it would have sold for a few months ago. Have you thought about selling your home, or are you interested in what your home could be worth in our lightning-fast market? Contact us today for a free property valuation report!

    As a buyer, you’ll have to continue to move fast to find your perfect home. Properties are moving so fast that if you decide to look at that property you like tomorrow instead of today, it might not be available by the time you decide to see it. You’ll have to be proactive and alert, and you’ll need a skilled, aggressive agent to get your offers in. Lucky for you, we have those agents! Our Buyer’s Specialists are experienced, eager and ready to help you find your dream home. If you’re thinking of buying, contact us today! And if you’re interested in buying new construction, now is a better time than ever. Prices have already increased and will only continue to rise, with increasing lumber costs and new energy codes driving up the price of construction. Now is as inexpensive as new construction will ever be, so contact our Builder’s Specialist today! We have several builders ready to go, on your lot or theirs.

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