TRI-CITIES

The Tri-Cities will retain its ‘Green Light’ for the First Quarter of 2023. A 36 percent increase in total sales has been observed when compared to the last quarter. The 267 High Rise sales resulted in a 51 percent increase in this sector in comparison to the Fourth Quarter of 2022. Overall sales for this sub-market increased by 36 percent; the Low Rise submarket decreased by 39 percent while the Townhome submarket decreased by 29 percent. The Lunar New Year incentives helped to increase buyer activity and drive sales for the High-Rise units. Low Rise and High Rise units were absorbed relatively well at 46 and 33 percent respectively while Townhome units struggled to be absorbed at only 10 percent. There were no new projects launched in this sub-market over the first quarter of 2023. High-Rise projects continue to thrive in this marketplace while Low-Rise and Townhome projects have not been enticing buyers in this sub-market under current market conditions.

New Market Highlights

Marcon’s Elmwood sold 121 units over the First Quarter of 2023 accounting for the most High-Rise sales at an average of $1,174 per square foot

Band by Townline carried much of the market activity this quarter with 88 sold over the first quarter blending at a price per square foot of $1,157

Portwood Phase 1 (Umbra) by Edgar Development has 172 condo units and 47 townhome units coming to market in late April

Hue, by Marcon achieved 40 new sales at a blended price per square foot of $980 since starting sales in mid-2022

Sitka House, the 88-unit project by Dulex Laidler Developments accounted for 30 sales over the First Quarter of 202