This week, we’re looking back at the week of September 28-October 2 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.
Last week, there was an average of 516 residential properties for sale, for an average cost of $395,337. Of those, 225 were new construction, with an average cost of $419,925. The average days on the market was 38.
What do these numbers mean? We’re continuing to see a rise in inventory week after week since our slight dip at the beginning of September. Still, 515 properties is far too few for our Tri-Cities population of over 300,000, with even fewer of those being move-in ready homes. New construction numbers have remained pretty consistent, making up just under half of our local real estate market. List prices for both new and existing construction have remained steady for quite some time, showing that we have a consistently strong local market. Our average days on the market has slowly been dropping as well, meaning that properties are continuing to sell faster and faster. We’ll continue to watch and see if this trend moves forward.
There was an average of 1029 properties pending sale last week, with 427 of those being new construction. The average list price for these pending properties was $334,325, with 4 days on the market.
What do these numbers mean? We’re continuing to see a slight drop in the amount of pending properties week after week; however, this is likely due to the inventory drop from the beginning of the month, so we’ll have to keep watch and see if the trend continues downwards as our inventory keeps climbing back up. By contrast, new construction numbers continue to rise week after week. With upcoming rises in building costs due to lumber shortages and energy code changes, now is the best time to buy new construction, and it seems many people are jumping on that bandwagon! If you’re interested in buying new construction, consult with our Builder’s Specialist today! Our days on the market has held steady at 4 days for a second week in a row, which is an insanely short amount of time for a property to be available. This just shows that, if you’re a seller, you don’t have to wait around for your property to sell if it’s competitively priced. Our pending listed price has also continued to increase, showing that homes are steadily rising in cost. This is great news if you’re a seller, but if you’re a buyer, don’t fret – we’re still seeing record-low interest rates, as low as 2.5%.
A total of 138 properties sold last week, with an average sales price of $381,770. Of those, 34 were new construction, with an average price of $426,311.
What do these numbers mean? We’re continuing to see the amount of sold properties climbing, despite our lower inventory last month. Sold prices are remaining steadily high after a drastic price spike a few weeks ago. We’ll keep an eye on this and see if these prices hold, or if they begin to lower again. New construction prices dropped from last week’s spike, but they’re still consistently higher than they were a month ago. We’ve already heard from several of our builders that they’ve had to increase prices from $10,000 to $20,000 per build to accommodate for the rapidly increasing lumber costs.
So what does all of this for you? As a seller, the market is looking more and more attractive each week – but that doesn’t mean we recommend holding out if you’re thinking of selling your home. We’re seeing listed, pending and sold prices continue to climb, making now a fantastic time to sell. Our days on the market is also dropping significantly, meaning your home will sell even faster now that it already would have. Of course, that requires that you’ve properly priced your home; as we can see by the disparity between listed and pending listed prices, the homes that are going under contract are the ones with more competitive prices. The good news is that we’ve got skilled, experienced agents waiting to help you price and sell your home. Interested in getting a free cost analysis on your property? Contact our Listing Specialist today!
As a buyer, lower days on the market means you’ll have to move even faster during your property search. If you put off seeing a property you like until tomorrow, it may not be there when you decide to look. You’ll need to be ready to see houses as soon as they come on the market, and you’ll need a good agent to help you navigate our blazingly fast market. Luckily for you, we’ve got experienced, aggressive agents ready to find you your new home. Contact our Buyer’s Specialists today if you’re thinking of buying! While the cost increases may seem intimidating, we’re still seeing record-low interest rates – we even saw a client get approved for 2.375% last week! If you’ve been debating on new construction, now is a better time than ever to make the leap. Prices for new construction are expected to continue rising well into 2021, with increased lumber costs and new energy code requirements. Now is the best time you’re going to find, so if you want to know more about new construction, contact our Builder’s Specialist today! We’ve got several builders and lots ready to go.