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 498 residential properties on the market, with an average listed price of $397,575. 222 properties were new construction, with an average listed price of $416,937. The average days on the market 40.
What do these numbers mean? Week after week, we’re continuing to see the number of active listings decrease. We’re seeing under 500 properties available for sale for a population of over 300,000 in the Tri-Cities area. Fewer active listings makes for a more competitive market, which is fantastic for sellers but makes finding the perfect home more of a challenge for buyers. The number of new construction properties, on the other hand, has remained steady, a testament to just how well the new construction market is doing in our area. With a lower inventory, we’re seeing a slight increase in listing price this week. Fewer homes means that sellers can try listing at a higher cost, due to less competition. New construction prices have remained steady, but this isn’t expecting to last, as rising lumber costs and new energy codes are expected to raise the price of new construction significantly. Days on the market have remained steady as well, with a relatively short 40 days.
Pending
1045 properties were pending last week, with 403 pending new construction. The average listed price of pending properties was $329,506. Average days on the market was 5 days.
What do these numbers mean? Despite a dropping inventory, the amount of pending properties has remained steady. This shows that, even though there are fewer homes available, homes are still selling at the same rate regardless. The average days on the market for pending properties is five days, which has been consistent for quite some time. This shows that the homes that are selling are still selling insanely fast, meaning you won’t have to wait months for your home to sell, if it’s priced right. The average listed price of pending properties is significantly lower than the average listed price of active homes, showing that the homes that are selling are priced much more competitively on average. This pending listed price has remained steady for quite some time, meaning that we’ve got a strong and steady real estate market. If you are a seller who wants to buy, then getting that home on the market is crucial. In times like these, having the least number of contingencies is the key to successfully purchasing a new home. Contact our team to discuss how you can get into a position to ensure your success with your real estate needs!
Sold
There was a total of 85 properties sold last week, with 22 new construction. The average sales price was $353,882, with the average sales price of new construction at $399,977.
What do these numbers mean? We’re seeing a large drop in the amount of homes sold, a direct result of the large drop in inventory. Obviously, if there are fewer homes for sale, there will be fewer homes sold. Both of these average prices have remained fairly steady over the past several weeks.
What does all of this mean for you? As a seller, the market is looking even more lucrative than usual. Fewer properties available means less competition and the potential to sell at a higher price. Properties are still selling incredibly fast, meaning you won’t have to wait long for your home to sell if it’s priced competitively. Interested in selling, or just curious what your home could be worth in today’s market? Contact our Listing Specialist today for a free custom market analysis!
As a buyer, fewer listings means you might have to wait longer to find your perfect home, or you may end up seeing more offers than usual on the same properties. The market is moving insanely fast, so you need to be decisive and quick. But don’t let this scare you, our Buyer’s Specialists are trained to help you navigate the path to a successful home. On the other hand, we’re seeing record low interest rates, as low as 2.5%! The home you want is going to be as affordable as it ever will be today, especially as we see new construction prices continue to rise. Our agents are aggressive and competitive, and eager to find you your perfect home at the best price possible, so if you’re thinking of buying, contact us today!