This week, we’re looking back at the week of January 11-15 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 396 residential properties for sale, for an average listed price of $407,450. Of those, 209 were new construction properties, for an average listed price of $430,063. The average days on the market was 54 days.
What do these numbers mean? This week we saw another increase in the number of homes on the market. The average listed price of those properties dropped, which tends to happen, as more competition drives prices lower. As a direct result, we saw the average days on the market fall as well. Lower prices mean houses stay on the market for a shorter period of time, as more people can afford certain price brackets. New construction listings followed the same trend, with an increase in inventory and a slight decrease in price. We’ll continue to watch these trends in the coming weeks, as the market starts to swing back from the slow season of winter.
There was an average of 708 properties pending last week, with 373 of those being new construction. The average listed price of pending homes was $349,900, and the average days on the market was 5 days.
What do these numbers mean? Pretty much everything here stayed the same as the prior week; the number of both pending and new construction properties remained constant, as did the average listed price, which has been the same for several weeks now. This shows that we’ve still got an incredibly stable market, which is both a great time to buy and sell, as you can rest easy knowing nothing drastic will likely happen to your investment. The one thing that did change last week was the average days on the market, down from six to five. This likely won’t make much difference, as it’s still an insanely short time for buyers to find a house and put in an offer. As inventory continues to increase, we’ll keep watch and see if the under contract properties adjust accordingly.
A total of 88 properties sold last week, for an average of $348,004. Of those, 31 were new construction, for an average sales price of $414,612.
What do these numbers mean? Sales numbers bounced right back up to where they’ve been sitting for months, after last week’s slight drop. Both existing and new construction sales have remained consistent since November. Even the average sales prices have stayed fairly steady over the weeks, again showing what a solid real estate market we have in the Tri-Cities, even despite our record-low inventory and a challenging 2020.
So what do these numbers mean for you? As a seller, now is a fantastic time to list your property, as always. The steady market means that you won’t have to worry about sudden price drops or price increases right after you list or sell. Homes are moving incredibly fast, in just five days on average, so you won’t have to wait long before you get an offer on your home, if it’s priced competitively. For more information on pricing your home, or if you’re just curious what it might be worth in today’s steady, low-inventory market, contact our Listing Specialist today for a free custom property valuation report!
As a buyer, you’ll have to continue moving fast in today’s market. Just five days on average means you’ve only got a matter of days to see a home before it’s likely under contract, so you have to be decisive and aggressive with your offers. You’ll need an experienced agent, and you’re in luck, because we have those agents! Our Buyer’s Specialists are eager and ready to help you move into your next home, so contact us today!