Real Estate Market Statistics for Tri-Cities, WA
There are some very interesting market trends we’d like to share for the Tri-Cities, as we move from 2016 into 2017.
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The graph above shows the # of homes sold on the MLS over the past decade. The housing market is booming in the Tri-Cities! Although you may not see many signs for sale and there are not a lot of homes available to buy, more homes have sold this past year than in any other year. The numbers include only single-family non-manufactured residential homes within the Tri-Cities.
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The next graph depicts the median house price in the Tri-Cities. The median price in this area tends to raise slowly over time, but 2016 shows a dramatic increase of $24,000 for the median home sale in the Tri-Cities. The median list price rose from $214,900 to $235,000 in 2016. The median sold price rose from $210,800 to $234,000 in 2016. Note that there is only a $1000 difference between median list price and median sold price. This is great news for sellers–your home may be worth far more than you expect in today’s market, and buyers are making full-price offers!
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The lack of inventory has resulted in higher prices and an increased demand. Buyers aren’t waiting to put offers on homes in this market. In the most demanding price ranges ($150,000-250,000) we joke with buyers that “if you have to sleep on it, you probably won’t sleep in it.” The median number of days-on-market has dropped to just 12, and for every house that sits 24 days on the market, there is one selling the first day! Many homes in the high-demand price ranges are selling the first day on market.
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The final graph shows how many homes have sold in each price range. Although the median price is rising, sales remain slower in the higher price ranges, with sales dropping as price increases–capping in the $1,000,000 range. Keep in mind that these numbers represent only homes listed on the MLS, there are additional homes sold by owner or custom built that are not reflected in the charts.
How do these numbers affect you? If you’re in the market to sell, there has never been a better time to maximize profit. Many homes are worth about $23,000 more than they were 1 year ago. Buyers should be up to date on current price expectations, completely pre-approved for a mortgage, and prepared to write up an offer. Interest rates are low but rising, so it’s still a great time to buy when the right home hits the market.
Please contact Nick or Valerie Kunde at (509)845-4570 if you’re preparing to buy or sell. We’d be happy to analyze the numbers for your specific neighborhood and help you become a better informed buyer or seller!