This week, we’re looking back at the week of September 14-18 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.
There was an average of 492 properties for sale last week, for an average listing price of $399,641. 226 of those were new construction, with an average listing price of $423,573. The average days on the market was 40.
What do these numbers mean? We’re still seeing a downward trend in the amount of properties available, lowering to an unbelievable 492. Despite this, the listing price has continued to climb, likely fueled by less competition in the market. If you were thinking of selling, now is a fantastic time, as inventory continues to drop and prices continue to rise. Contact our Listing Specialist for more information today! New construction continues to make up a significant portion of the Tri-Cities market. We saw a significant increase in the listing prices of new construction this week, likely due to increasing lumber costs and upcoming energy code changes affecting the cost of building. If you were thinking of buying a newly constructed home, the time will never be better than now. Builders expect to see prices continue to increase well into 2021. Contact our Builder’s Specialist today for more information!
For pendings, there was an average of 1045 properties pending last week, with 402 of those being new construction. The average listing price for pending properties was $330,506, with an average of 5 days on the market.
What do these numbers mean? Despite inventory continuing to drop, pending properties have remained steady. This shows us that homes are still selling at a consistent rate, even with increasing list prices and decreasing availability. We saw a slight increase in the list price of pending properties, which likely reflects the increasing costs of listings. The days on the market has remained steady for quite some time. All of this shows us that the few properties we have on the market are selling extremely fast, meaning that sellers won’t be waiting long to get their homes under contract.
A total of 107 properties sold last week, for an average sold price of $328,401. Only 16 of those were new construction, selling for an average of $349,918.
What do these numbers mean? We saw an increase of sold properties from the previous week, although still not as high as our summer numbers. With a decrease in available properties, it only makes sense that the amount of properties sold would decrease as well. The trend of decreasing sales continues with new construction, although we still have plenty of new construction available for sale in the Tri-Cities market. Our average sold price is sitting pretty close to the average listing price of pending properties, showing that the homes that are selling are selling at competitive prices.
So, what does this all mean for you? As a buyer, the market is getting even more competitive than it already was. You’ll need to be ready to see homes the second they come on the market, because if you wait until tomorrow, it may not be available anymore. The good news is that interest rates are as low as they’ve ever been – as low as 2.5%! You’ll need an experienced, aggressive agent to help you navigate our current market, and thankfully, we’ve got them! Contact any of our wonderful agents today if you’re in the market for a new home. If you’re interested in new construction, now is as cheap as the new market is going to be. With continually increasing prices, well into next year, it’s only going to get more and more expensive to build. If you’re interested in building a new home, contact our Builder’s Specialist today! We have several builders ready and waiting to bring you your perfect home.
As a seller, things are only getting better and better for you. Decreasing inventory means less competition, driving more buyers to your property. It also gives the chance to increase listing prices, although we haven’t seen pending listing prices increase too much yet. With our market as consistent and fast as it is, there’s never been a better time to sell than now. Interested in what your home could be worth in our lightning-fast market? Contact our Listing Specialist today for a free custom market analysis on your property!