This week, we’re looking back at the week of October 26-30 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 495 residential properties for sale, listed for an average price of $396,900. Of those, 224 were new construction, for an average listed price of $419,900. The average days on the market was 40.
What do these numbers mean? There were only 495 homes for sale last week, an incredibly low amount for our Tri-Cities area population of over 300,000, and even lower than the prior week. The average listed price fell slightly this week, although $396,900 is nothing to scoff at. We’re still up significantly from our average of $374,000 back in March. Like existing construction, the number of new construction homes on the market also fell this week, although unlike existing construction, the average new construction prices increased this week to $419,900. The average days on the market has continued to increase, up to 40 this week. That means the average property is going under contract in just over a month, which is still not very long to wait if you’re selling your home.
There was an average of 998 properties pending last week, with 454 of them being new construction. The average listed price of pending properties was $339,373, and the average days on the market was 4.
What do these numbers mean? Like our number of properties listed, the number of pending properties also fell this week. Of course, this makes sense – fewer homes for sale leads to fewer homes going under contract. Unlike listed properties, pending properties have continued to increase in average listed price week after week. The price is still significantly lower than the average listed price, however, meaning that the properties that are going under contract are more competitively priced. The number of pending new construction properties actually increased this week, a trend we’ve been seeing for several weeks now. New construction is now almost half of all pending properties, showing just how prominent the building market is here in the Tri-Cities. The average days on the market has remained consistent at just four days, which is insanely fast. This means, if you’re selling your home, you really won’t have long to wait before you accept an offer.
A total of 128 properties sold last week, for an average price of $345,463. Of those, 40 were new construction, sold for an average price of $415,557.
What do these numbers mean? The amount of properties sold has once again increased this week for both existing and new construction, despite decreasing inventory. The sold price of existing construction has remained fairly steady this week, although it’s still sitting lower than our summer highs. On the other hand, the sold price of new construction rose this week, likely reflecting increasing building costs with rising lumber prices and new energy codes for Washington State.
So what do these numbers mean for you? As a seller, the market remains lucrative if you’re considering selling your home. With decreasing inventory each week, you’ll have less competition on the market, driving buyers to your property. Less competition also means you can raise prices slightly higher, as we’ve seen reflected in the rising listed prices of pending properties. And with an average of four days on the market, homes are going under contract incredibly fast. You won’t have to wait long to find a buyer for your home, if your property is correctly priced. Interested in selling your home, or just curious what it could be worth in today’s low-inventory market? Contact us today for a free property valuation report!
As a buyer, the market remains tricky. Even though prices are slightly increasing, interest rates remain at all-time lows, so you shouldn’t have any problems getting approved! The harder part is how fast the market is moving. With just an average of four days on the market, you have to move fast to find the home you want. If you choose to wait until tomorrow to view that home that you liked, it might not be available anymore. You’ll have to act fast and have an agent who moves even faster. Luckily for you, we have those agents! Our Buyer’s Specialists are experienced, aggressive and eager to get you an accepted offer on a home you love. If you’re thinking of buying, contact us today!