This week, we’re looking back at the week of November 9-13 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 479 residential properties listed for sale, for an average listed price of $390,785. Of those, 216 were new construction, listed for an average price of $417,768. The average days on the market was 47.
What do these numbers mean? Once again, we’re seeing a drop in the amount of homes listed for sale. Some decrease is typical for this time of year; with holidays and potentially inclement weather, many people prefer to wait to move until spring. However, this year we’re seeing exceptionally low numbers regardless of season. The average listed price also fell slightly, continuing a trend that we’ve seen for a few weeks now. However, the average price is still significantly higher than it was this time last year, showing the market growth in our area. As for new construction, the amount of properties listed has also decreased, although the average listed price has remained roughly the same. The average days on the market has increased this week, following a several week trend.
There was an average of 933 properties pending sale last week, with 427 of those being new construction. The average listed cost of pending properties was $337,341, and the average days on the market was 4 days.
What do these numbers mean? Once again, the number of pending properties has continued to drop this week, no doubt due to the continually decreasing number of listed properties. Despite that, the average listed price of pending properties has remained steady for several weeks now, showing that homes are mostly going under contract around the same prices they were over summer, despite the decreasing average listed price. Similarly, the amount of new construction properties under contract has also decreased this week, following a decrease in new construction properties listed for sale. The average days on the market has remained steady at just four days, meaning that, despite all the inventory drops and price fluctuations, homes are still selling as steadily as always. Rapidly, in fact. Four days is an incredibly fast turnaround, so sellers won’t have to wait long!
A total of 95 properties sold last week, for an average price of $365,725. Of those, 22 were new construction, for an average price of $389,691.
What do these numbers mean? Just like our listed inventory, the amount of properties sold has also decreased this week, no doubt as a direct result of fewer properties for sale. The average sold price dropped from last week, but it’s still a fair bit higher than it was a month ago, showing homes are still selling for good prices despite decreasing inventory. This is great news for both buyers and sellers, as buyers won’t have to worry about houses getting more expensive, and sellers won’t have to worry about losing money as the market changes. The number of new construction properties sold has remained fairly consistent over the past month, as our building industry shows no signs of slowing down. The average sold price of new construction properties did fall this week, so we’ll have to keep an eye on that and see if that trend continues.
So, what does this mean for you? As a seller, things are about as stable as they’ll ever be right now. Prices are holding steady and homes are still going under contract in record fast times. You’ll get more for your home now than you would have even six months ago, our market is growing exceptionally fast and the inventory just can’t keep up. Due to a reduced amount of properties for sale, your home would have less competition, meaning you can price it at the top end of what it’s worth and you won’t have to compete with other listings to attract buyers. As long as you price your home competitively but fairly, you’ll be looking at a matter of days to go under contract. Need help pricing your home, or just curious what it could be worth in today’s climbing market? Contact our Listing Specialist for a free property valuation report!
As a buyer, decreased prices are always a great sign. Despite the prices, interest rates are still incredibly low, so now is a fantastic time to get approved for a home. You’ll be able to afford more of a home today than you would have a year ago. The trickiest part about our current market is the lack of inventory. You may have to search harder or longer to find the perfect home, and you’ll be competing with many other buyers going for the same property. And with an average of four days before going under contract, you won’t have a lot of time to think things over. If you spend too long deliberating, or if you choose to see a home you like tomorrow instead of today, chances are it’ll be under contract by the following morning. You need a fast, reliable agent to get you through this market, and thankfully, we have those agents! Our Buyer’s Specialists are experienced, aggressive and eager to get your offer accepted and put you in your new dream home, so contact us today if you’re thinking of buying!