MARKET AT A GLANCE APRIL 2018
TABLE OF CONTENTS
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YEARLY AVERAGES SALES ACTIVITY 12 MONTH COMPARISONS INVENTORY MARKET STATS
YEARLY AVERAGES TRI CITIES YEARLY AVERAGE SALES COMPARISON $350.00
$300.00
$292.00 $270.20 $247.70
$250.00 $227.10
$200.00
$190.30
$197.80
$202.50
$205.90
$209.90
$216.10
$150.00
$100.00
$50.00
$0.00
01
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
TRI CITIES YEARLY AVERAGE SALES COMPARISON Homes built prior to 1990
$220.00
$214.00 $198.00
$200.00 $180.30
$180.00 $164.30 $160.00 $142.90
$145.70
$150.30
$148.50
2012
2013
$154.90
$140.00
$120.00
$100.00
2010
2011
2014
2015
2016
2017
2018
TRI CITIES YEARLY AVERAGE SALES COMPARISON Homes built after 1990
$350.00 $325.30 $303.50
$300.00
$282.40
$250.00 $223.20
$227.90
$232.60
$236.60
2012
2013
$247.80
$257.70
$200.00
$150.00
$100.00
2010
2011
2014
2015
2016
2017
2018
02
SALES ACTIVITY 12 MONTH SALES ACTIVITY Outlying Areas 7% West Richland 7%
Kennewick 35%
Richland 25%
Pasco 26%
03
New vs. Resales Last 6 months Nov. 2017 - April 2018
Kennewick 6%
Resale 1535, 77%
Pasco 9%
New Construction 450, 23%
Richland 6%
W. Richland, 2%
700
600
605
500 420 388
400
300
200
100
178 128
114
122
30 0
Kennewick
Pasco
Resale
Richland New Construction
West Richland
04
MARCH - UNDER CONTRACTS $700,000+ $675,000 - $699,999 $650,000 - $674,999 $625,000 - $649,999 $600,00 - $624,999 $575,000 - $599,999 $550,000 - $574,999 $525,000 - $549,999 $500,00 - $524,999 $475,000 - $499,999 $450,000 - $474,999 $425,000 - $449,999 $400,00 - $424,999 $375,000 - $399,999 $350,000 - $374,999 $325,000 - $349,999 $300,00 - $324,999 $275,000 - $299,999 $250,000 - $274,999 $225,000 - $249,999 $200,00 - $224,999 $175,000 - $199,999 $150,000 - $174,999 $125,000 - $149,999 $100,000 - $124,999 $0 - $99,999
12%
3
40%
1
2
17% 22%
2
25%
2
27%
4
20%
2
25%
3
0%
0
11%
2
62%
8
29% 63%
9
15
41%
16
38%
16
42%
26
83% 123%
29
150% 313% 350% 255%
2
5
28
50
35
1100%
11
83%
49
30
200%
125%
10
0
10
20
30
Absorption rate
40
50
60
40
50
60
Count
APRIL - SOLDS $700,000+ $675,000 - $699,999 $650,000 - $674,999 $625,000 - $649,999 $600,00 - $624,999 $575,000 - $599,999 $550,000 - $574,999 $525,000 - $549,999 $500,00 - $524,999 $475,000 - $499,999 $450,000 - $474,999 $425,000 - $449,999 $400,00 - $424,999 $375,000 - $399,999 $350,000 - $374,999 $325,000 - $349,999 $300,00 - $324,999 $275,000 - $299,999 $250,000 - $274,999 $225,000 - $249,999 $200,00 - $224,999 $175,000 - $199,999 $150,000 - $174,999 $125,000 - $149,999 $100,000 - $124,999 $0 - $99,999
05
12%
3 60% 3 100% 6 0% 0 25% 2 20% 3 80% 8 33% 4 25% 3 39% 7 38% 5 39%
29%
12
7
31%
12
50% 31% 69%
21 19
120%
24
170%
34
250% 420% 200%
14
100%
3
0
6
22
48 40 42
1400%
300%
138%
11
10
20 Absorption rate
30 Count
KENNEWICK, PASCO, RICHLAND, & WEST RICHLAND YEARLY RESIDENTIAL SALES 4500
4197 3981
4000 3500
3323
3277
3166
3000
2734
4173
3313
2797
2500 2000 1500 1000
968 723
773
769
903
882
1078
1143
1097
1251
500 0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
06
12 MONTH COMPARISONS MONTHLY INVENTORY COMPARISON
1400
1200
1000
800
600
400
200
0 2013 2014 2015 2016 2017 2018
07
Jan 1150 1029 837 538 389 430
Feb 1136 1019 831 482 348 426
Mar 1196 1020 807 472 375 459
Apr 1283 1057 794 499 419 479
May 1262 1086 800 548 451
Jun 1296 1121 760 587 548
Jul 1313 1200 769 618 626
Aug 1296 1187 752 648 648
Sep 1287 1101 786 635 674
Oct 1209 1044 758 567 614
Nov 1104 944 645 503 537
Dec 1016 839 641 465 468
12 MONTH UNDER CONTRACT COMPARISON 500 450 400 350 300 250 200 150 100 50 0 2013 2014 2015 2016 2017 2018
Jan 227 282 249 269 256 317
Feb 259 232 271 349 299 318
Mar 290 331 443 437 390 396
Apr 304 276 413 397 357 360
May 313 320 397 391 431
Jun 293 306 372 367 387
Jul 316 289 362 373 414
Aug 243 312 347 366 386
Sep 227 287 331 332 329
Oct 244 297 310 371 364
Nov 188 223 323 281 343
Dec 154 209 205 231 325
Aug 298 319 367 380 419
Sep 293 301 342 394 377
Oct 266 325 343 378 360
Nov 227 252 235 350 349
Dec 258 266 351 330 369
12 MONTH CLOSING COMPARISON SALES 500 450 400 350 300 250 200 150 100 50 0
2013 2014 2015 2016 2017 2018
Jan 188 159 195 214 211 271
Feb 168 173 225 238 205 262
Mar 252 249 304 335 336 348
Apr 277 287 342 337 334 358
May 285 287 370 377 372
Jun 284 305 398 366 412
Jul 331 325 436 366 363
08
INVENTORY CURRENT LISTINGS INVENTORY 140
120
119
106 100
82
80
60
60
46 38
40
20
17 12
0
Kennewick
Pasco
Richland Resale
09
New Construction
West Richland
10
MARKET STATS Population: 2000 Census 2010 Census 2018 Estimate Tri-Cities, MSA........................................................................................ 191,822 ............. 253,340 ................... 283,830 Benton County................................................................................ 142,475 ................ 175,177 .................... 193,500 Kennewick....................................................................................... 54,751 ................. 73,917 ..................... 80,280 Richland........................................................................................... 38,708 ............... 48,058 ....................... 54,150 West Richland................................................................................. 8,385 .................... 11,811 ....................... 14,660 Franklin County................................................................................ 49,347 ................. 78,163 ..................... 90,330 Pasco................................................................................................. 32,066 ................. 59,781 ...................... 71,680 Source: U.S. Census and Washington Office of Financial Management Forecasting Division, July 2017
Composite Index Housing Utilities Transportation Cost of Living: Tri-Cities, WA........................................................................ 97.0 ................. 100.1 ............... 98.9 ............................ 107.7 Yakima, WA.......................................................................... 93.9 .................. 79.3 ................ 81.9 ............................ 115.3 Spokane, WA...................................................................... 96.0 ................. 92.3 ................. 76.1 ........................... 112.3 Seattle, WA......................................................................... 149.0 ............... 194.2 .............. 123.8 ............................ 133.1 Portland, OR...................................................................... 129.3 ................. 179.0 ............... 78.4 ........................... 106.3 Boise, ID................................................................................ 92.5 .................... 87.9 ................ 86.2 ........................... 107.5
Household: Median Household Income.............. Kennewick, WA.......................................................................... $58,173 Pasco, WA...................................................................................... $61,515 Richland, WA............................................................................... $76,895 Average Household Spending........ Kennewick, WA.......................................................................... $55,154 Pasco, WA..................................................................................... $53,922 Richland, WA................................................................................ $67,352 Housing................................................... Average Selling Price(October 2016)............................ $282,700 Active Listings(SFR, October 2016)......................................... 458 Average Apartment Rent(2bed, 2 bath)............................. $866
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329 N Kellogg St, Kennewick, WA 99336
(509) 783 8811
rcsothebysrealty.com
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