M A R K E T AT A G L A N C E APRIL 2020
1 5 1 6 W 4 0 T H P L AC E | K E N N E W I C K , WA | M L
LS# 245180
TA B L E O F C O N T E N T S // YEARLY AVERAGES // YEARLY RESIDENTIAL SALES // SALES ACTIVITY // 12 MONTH COMPARISONS // INVENTORY // ABSORPTION RATES || MARKET STATS
Y E A R LY A V E R A G E S SALES PRICE COMPARISON
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
$202,500 $205,900 $209,900 $216,100 $227,100 $247,700 $270,200 $299,700 $315,670 $329,183
2020 is YTD
Homes built prior to 1990 2012 2013 2014 2015
$150,300 $148,500 $154,900 $164,300 $180,300
2016
$198,000
2017
$224,900
2018 2019
$252,631
2020
$254,138
2020 is YTD
Homes built between 1990 and 2009 2012 2013 2014 2015 2016
$216,800 $224,055 $236,965 $ 2 5 3$, 27 56 35 , 7 6 5 $ 2 6 9$, 2 86 89 , 8 8 9
2017
$ 2 9 0 $, 92 59 30 , 9 5 3
2018
$ 2 9 0 $, 82 1990 , 8 1 9
2019 2020
$ 2 8 6 $, 62 88 36 , 6 8 3 $$336472, ,382134
2020 is YTD
Homes built after 2010 - RESALE ONLY 2012 2013 2014 2015 2016
$224,700 $260,900 $263,900 $282,500 $295,200 $313,700
2017 2018
$346,100
2019
$368,082 $378,271
2020
2020 is YTD
NEW CONSTRUCTION 2012 2013 2014 2015 2016 2017 2018
$249,900 $265,500 $279,400 $290,000
$300,235
$315,000 $332,500 $380,600
2019
$365,355
2020
$369,863
2020 is YTD
3 9 8 1
4 1 9 7
4 1 7 3
4 2 2 1
4 3 3 0
TYTD Sales
2020
2019
2018
2017
2016
1 2 7 3
2015
2012
3 3 1 3
2014
2 7 9 7
3 2 7 7
2013
2 7 3 4
2011
Y E A R LY R E S I D E N T I A L SALES:
LAST 12 MONTHS
Pasco 1400 27%
Kennewick 1805 35%
Outlying Areas 332 7% West Richland 359 7%
Richland 1257 24%
NEW VS. RESALES Last 6 months (October 2019 - April 2020)
Kennewick 186, 26%
Resale 1764, 72% Pasco 276, 40%
New Construction 668, 28%
Richland 159, 29% W. Richland 47, 5%
New Construction
1 2 2
Re-Sale
9 8
6 0
7 2 5 0
4 5 2 7
Kennewick
Pasco
Richland
2 0
West Richland
12 MONTH C O M PA R I S O N S : INVENTORY
1200 1000 800 600 400 200 0 2015 2016 2017 2018 2019 2020
Jan 837 538 389 430 494 526
Feb 831 482 348 426 437 498
Mar 807 427 375 459 426 480
Apr 794 499 419 479 439 474
May 800 548 451 526 490
Jun 760 587 548 559 497
Jul 769 618 626 600 563
Aug 752 648 648 643 662
Sep 786 635 674 647 694
Oct 758 567 614 626 695
Nov 645 503 537 599 633
Dec 641 465 468 564 564
UNDER CONTRACTS 550 450 350 250 150 50 -50 2015 2016 2017 2018 2019 2020
Jan 249 269 256 317 321 358
Feb 271 349 299 318 240 425
Mar 443 437 390 396 385 395
Apr 413 397 357 360 393 341
May 397 391 431 417 457
Jun 372 367 387 378 443
Jul 362 373 414 392 437
Aug 347 366 386 368 437
Sep 331 332 329 344 402
Oct 310 371 364 338 355
Nov 323 281 343 253 317
Dec 205 231 325 234 242
TOTAL SALES 500 450 400 350 300 250 200 150 100 50 0 2015 2016 2017 2018 2019 2020
Jan 195 214 211 271 246 266
Feb 228 238 205 262 246 288
Mar 304 335 336 348 276 352
Apr 342 337 337 358 313 288
May 370 377 372 355 325
Jun 398 366 412 386 441
Jul 436 366 363 409 415
Aug 367 380 419 411 428
Sep 342 394 377 319 379
Oct 343 378 360 406 415
Nov 235 350 349 333 345
Dec 351 330 369 258 359
I N V E N T O R Y:
PRICE BREAKDOWN
297, 63%
$0 - $99,999
$350,000+
22, 5%
$100,000 - $124,999
- $274,99
9
$299,999
$250,000
$275,000 -
99 00 0,0
9
$30
99 4, 22
$150,000 - $174,999
5, 1%
15, 3% 17, 3%
22, 5%
4, 1%
-$
- $3 24, 9
-$ 0
$125,000 - $149,999
0
999 49, - $2
$3 25 ,0 0
0 ,0
00
18, 4%
00 $2
36, 8%
5,0 $22
34 9
,9 9
9
10, 2%
16, 3%
$175,000 - $199,999
12, 2%
$350,000+ Breakdown $350k $374k
$375k $399k
37
41
$550k $574k
$575k $599k
$600k $624k
$625k $649k
12
13
7
9
Total Active = 474
$400k $424k
35
$425k $449k
32
$450k $474k
$475k $499k
$500k $544k
$524k $549k
28
19
15
11
$675k $699k
$700k +
$650k$674k
5
13
20
CURRENT LISTING INVENTORY New Construction
1 2 2
Re-Sale
9 8
6 0
7 2 5 0
4 5 2 7
Kennewick
Pasco
Richland
2 0
West Richland
A B S O R P T I O N R AT E S : Months of Remaining Inventory APRIL CLOSED SALES
Months Inventory Absorbtion 1
1
2 2
2 0
14 3
9 1
625-649
7
3
3 3 8
700+
7
1 4
600-624
3 6
575-599
2 5
2
550-574
2 2
5 5
500-524
4
475-499
5
450-474
3 8
425-449
5 6
6 3
3
675-699
3
650-674
2
525-549
2
2
400-424
300-324
275-299
250-274
225-249
125-149
200-224
0 0
9 1
1 2 1
4 9
175-199
1 7
1 0 0
1
4 3
150-174
2 3
100-124
6
0-99
4
9 4
2 0 0
325-349
2
1 0 7
1
375-399
1
350-374
1
24
4
SOLDS
Total Closings = 288
$350,000+ Breakdown
Count, Absorption Rate $35 00+ 0,0
23, 8% $3 25 ,0 0
0
34, 12%
109, 38%
-$
34 9
,9 9
$0 - $99,999
9
6, 2%
$300,000 - $324,999
9 4,99
-$
19 9
$125,000 - $149,999
0 -$
,9 9
0, 0%
9
99 4, 22
$150,000 - $174,999
3, 1%
9
9,99
$250
1, 0%
0
- $24
,000
$100,000 - $124,999 ,0 0
0 ,0
32, 11%
,000
- $27
-
$1 75
00 $2
0 ,0
9 $225
0
75 $2
9 ,9 99 $2
9
15, 5% 15, 5%
28, 10%
22, 8%
UNDER CONTRACTS $350
4, 7% 00 - $
124, 36%
+
0
$300,0
Count, Absorption Rate
,000
$3 25 ,0 0
-$
34 9
,9 9
23
$375,000-$399,999
22
$400,000-$424,999
8
$425,000-$449,999
8
$450,000-$474,999
7
$475,000-$499,999
11
$500,000-$524,999
9
$525,000-$549,999
8
$550,000-$574,999
2
$575,000-$599,999
1
$600,000-$624,999
0
$625,000-$649,999
1
$650,000-$674,999
2
$675,000-$699,999
1
$700,000+
6
$350,000+ Breakdown
Total Under Contract = 341
34, 10%
$350,000-$374,999
9
324,99 9
$350,000-$374,999
29
$375,000-$399,999
16
$400,000-$424,999
14
$425,000-$449,999
14
$450,000-$474,999
9
$475,000-$499,999
6
$500,000-$524,999
7
$525,000-$549,999
8
$550,000-$574,999
4
$575,000-$599,999
6
$600,000-$624,999
0
$625,000-$649,999
0
$650,000-$674,999
4
$675,000-$699,999
1
$700,000+
6
$0 - $99,999
6, 2%
$100,000 - $124,999
$2 74 0,00
,0 0
0
-$
99 4, 22
19 9
$125,000 - $149,999
,9 9
5, 2%
9
9,99
$150,000 - $174,999
9
- $24
$2 50
4, 1%
-$
,000
47, 14%
$1 75
00 ,0 00 $2
9
99
,99
,9 299
$225
0-$ 5,00 $27
9
12, 4% 15, 4%
32, 9%
33, 10%
5, 1%
M A R K E T S TAT S : Population: 2000 Census 2010 Census 2019 Estimate Tri-Cities, MSA........................................................................................ 191,822 ............. 253,340 ................... 289,960 Benton County................................................................................ 142,475 ................ 175,177 ..................... 197,420 Kennewick....................................................................................... 54,751 ................. 73,917 ...................... 81,850 Richland........................................................................................... 38,708 ............... 48,058 ...................... 54,320 West Richland................................................................................. 8,385 .................... 11,811 ....................... 15,320 Franklin County................................................................................ 49,347 ................. 78,163 ..................... 92,540 Pasco................................................................................................. 32,066 ................. 59,781 ..................... 73,590 Source: U.S. Census and Washington Office of Financial Management Forecasting Division, July 2018
Composite Index Housing Utilities Transportation Cost of Living: Tri-Cities, WA....................................................................... 98.7 ................ 100.6 ............... 95.0 ........................... 115.3 Yakima, WA.......................................................................... 93.6 ................... 76.7 .............. 84.8 ........................... 109.9 Spokane, WA...................................................................... 99.0 ................. 96.4 .................. 91.1 .......................... 106.8 Seattle, WA........................................................................ 154.8 ................ 212.5 ................. 111.1 .......................... 135.4 Portland, OR....................................................................... 131.0 ................. 181.5 ............... 88.0 ............................. 117.2 Boise, ID................................................................................. 97.2 .................... 91.6 ................ 87.4 ............................ 113.2
Household: Median Household Income.............. Kennewick, WA.......................................................................... $59,153 Pasco, WA...................................................................................... $64,019 Richland, WA................................................................................. $79,021 Average Household Spending........ Kennewick, WA.......................................................................... $58,813 Pasco, WA....................................................................................... $59,113 Richland, WA............................................................................... $72,994 Housing................................................... Average Selling Price(February 2019)........................... $310,100 Active Listings(SFR, February 2019)....................................... 450 Average Apartment Rent(2bed, 2 bath)............................. $920
11
329 N Kellogg St, Kennewick, WA 99336
(509) 783 8811
rcsothebysrealty.com
12