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    Weekly Market Report – August 31-September 4

    This week, we’re looking back at the week of August 31 to September 4 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 had an average of 519 homes for sale with an average listing price of $392,215. 233 of those were new construction properties, with an average listing price of $415,544. The average days on market for those listings was 40 days.

    What do these numbers mean? We’re still seeing a very scarce number of properties on the market, and we’ve begun to trend downward on the number of homes for sale. This means even fewer homes on the market, making it extremely competitive for buyers but very profitable for sellers. New construction continues to make up a significant portion of the local real estate market, so if you’re looking to build a new home, there’s never been a better time, so contact our Builder’s Specialist today! The average days on market has also been slowly creeping down, meaning homes are staying for sale fewer days than they have been. As a seller, this means your home is likely to sell even quicker now than it would before.

    Pendings

    There was an average of 1049 homes pending last week, with 407 new construction, for an average pending price of $329,199. The average days on the market for pending listings remained at 5 days.

    What do these numbers mean? New construction still continues to thrive, just under half of all pending listings. Our average price and days on market has remained consistent for weeks now, showing that we have a fantastically stable real estate market that’s moving incredibly quick. As we can see, the average price of pending homes is much lower than listing price on active, meaning that the homes that are selling are priced lower or more competitively. As a buyer, you’ll have to keep moving fast in this market. As a seller, you likely won’t have to wait long for your home to sell, so long as it’s properly priced. For more information on pricing your home, contact our Listing Specialist today!

    Sales

    A total of 128 properties sold last week, with 31 being new construction. The average sold price was $382,310, with the average sold price of new construction coming in at a higher $403,554.

    What do these numbers mean? We’re seeing numbers of homes sold soaring these past few weeks, and we’ll continue to see if this trend continues. We saw an increased average sold price this week as well. Likely these figures are related to the decrease in available homes we’re also seeing, so it will be important to watch these trends develop. Of course, new construction homes typically sell for more, and those prices will continue to increase as lumber costs and energy costs rise for builders.

     

    So, what does all of this mean for you? As a seller, a decrease in available lots makes the market even more lucrative. Fewer homes for sale often leads to more demand and more competition. And with how fast homes are moving, you won’t have to worry about your property sitting on the market for too long, as long as it’s priced correctly. Thinking of selling, or just want to know what your home could be worth in today’s seller’s market? Contact our Listing Specialist today!

    As a buyer, the market has grown even more slim, with sales increasing and available lots decreasing. That being said, interest rates have never been better, so don’t let low inventory scare you away from buying! You may just have to move faster or wait longer to find your perfect home. Thankfully, our agents are competitive and skilled at getting your offers in, so contact our Buyer’s Specialists today! And if you’re thinking of buying a new construction home, now is going to be the best time you’ve got. Lumber costs are skyrocketing and Washington State is implementing their new energy building codes in February of 2021, which will cause the cost of new homes to continue to rise. It’s never going to be cheaper than it is today to build, so if you’re interested in a new construction, contact our Builder’s Specialist today!

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