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    Weekly Market Update – October 19-23, 2020

    This week, we’re looking back at the week of October 19-23 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 505 residential active properties on the market, for an average listed price of $399,520. Of those, 236 were new construction listings, with an average listed price of $419,373. The average days on the market was 38.

    What do these numbers mean? We’ve got just a scarce 505 properties available for purchase, which, with a population of over 300,000 in the Tri-Cities area, is frankly too few. Just under half of those are new construction and potentially not move-in ready. As inventory once again drops, listed prices have continued to rise week after week. Less competition leads to higher prices, which is fantastic news for sellers. The average days on the market has risen again this week, coming in now at 38 days. That’s still lower than our summer averages, taking just over a month for the average home to go under contract, which isn’t a very long wait at all. If you were thinking of selling, the market just keeps improving week after week. New construction listings also fell slightly this week, but the price has remained consistent regardless. We’ll have to watch to see if decreasing new construction inventory leads to an increased listing price in weeks going forward.

    Pending

    There was an average of 1024 properties pending last week, with 448 of those being new construction. The average listed cost for pending properties was $337,266, and the average days on the market was 4 days.

    What do these numbers mean? The number of properties pending has remained fairly consistent over the past few weeks, despite fewer properties available on the market. New construction makes up just under half of the pending properties, showing just how huge the residential building industry is in our area. The average listed price of pending properties has once again risen this week, a trend we’ve been seeing for several weeks now. In fact, the price has risen by about $5,000 since the first week of October. This is, once again, great news for sellers. Not only will your house sell for a higher price, but it’ll sell fast, with an average of four days on the market for pending properties.

    Sold

    A total of 119 properties sold last week, for an average price of $347,023. Of those, 25 were new construction, for an average price of $393,732.

    What do these numbers mean? The number of properties sold has risen this week fairly significantly, coming in closer to our summer averages. However, the number of new construction properties sold hasn’t reflected this, remaining steady now for the third week in a row. New construction makes up just under a quarter of all residential property sales, showing how prevalent new construction is in the Tri-Cities real estate market. Both existing and new construction sold prices fell this week, despite seeing listing and pending prices increasing substantially week after week. We’ll have to keep an eye out and see if sold prices continue to drop or rise again next week.

     

    So what does this all mean for you? As a seller, this week brings nothing but good news. Homes are continuing to go under contract quickly and listed prices continue to increase. As inventory drops, your home will encounter less competition, meaning you can price it higher than you could with more properties on the market. And, if your home is priced correctly, it’ll just be a matter of days until you’ve got an accepted offer. To learn more about correctly pricing your home, even if you’re not selling and are simply curious about what your home could be worth, contact us today for a free property valuation report!

    As a buyer, the market is getting trickier and trickier as inventory continues to drop. You have fewer options to choose from, and the ones you can find are getting higher and higher in price. Don’t worry too much about cost increases, however; we’re seeing record-low interest rates, as low as 2.875 for conventional loans! The harder part is how fast homes are moving. You’ll need to be ready to see properties you like as soon as they come on the market. If you decide to wait until tomorrow to see that home you like, it may not be available the following morning. You’ll have to be quick and decisive, and your agent will need to be, too. Thankfully, we have experienced, aggressive agents eager to help you find your dream home, no matter how long it takes or how fast you have to move. Contact our Buyer’s Specialists today!

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