M A R K E T AT A G L A N C E AUGUST 2021
3 6 0 6 W 4 8 T H AV E N U E | K E N N E W I C K , WA |
| MLS# 255966
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
2013 2014 2015 2016 2017 2018 2019 2020 2021
$211,354 $216,270 $227,280 $247,639 $270,189 $299,658 $324,085 $348,375 $398,583
2021 is YTD
YTD Sales
3 1 1 1
2021
2018
Yearly Residential Sales
4 7 9 4
2020
4 2 2 7
4 3 2 7
2019
4 1 8 4
2017
2014
4 2 0 4
2016
3 3 2 8
3 9 8 5
2015
3 2 4 4
2013
Y E A R LY R E S I D E N T I A L SALES:
Homes built prior to 1990 2013 2014 2015
$149,718 $155,412 $165,564 $181,285
2016
$198,426
2017
$226,907
2018
$248,214
2019
$267,296
2020
$301,198
2021
2021 is YTD
Homes built between 1990 and 2009 2013 2014 2015 2016 2017 2018 2019 2020 2021
$220,202 $227,094 $236,707 $258,939 $279,727 $299,294 $327,478 $348,339 $401,065 2021 is YTD
Homes built after 2010 - RESALE ONLY 2013 2014 2015 2016 2017 2018
$260,900 $263,900 $282,500 $295,200 $313,700 $346,100 $368,082
2019
$402,311
2020
$454,650
2021
2021 is YTD
NEW CONSTRUCTION 2013 2014 2015 2016 2017 2018 2019 2020 2021
$265,500 $279,400 $290,000 $315,000 $332,500 $380,600 $365,355 $385,120 $436,347 2021 is YTD
LAST 12 MONTHS
Pasco 1410 27%
Kennewick 1722 33%
Outlying Areas 307 6% West Richland 433 8%
Richland 1364 26%
NEW VS. RESALES Last 6 months (February 2021 - August 2021)
Kennewick 172 26%
Resale 2030 72%
Pasco 322 40%
New Construction 776 28%
Richland 186 29% W. Richland 96 5%
7 9 8
New Construction Re-Sale
5 5 1
5 1 2
1 7 2
Kennewick
3 2 2
169 1 8 6
Pasco
Richland
96
West Richland
12 MONTH C O M PA R I S O N S : INVENTORY
1200 1000 800 600 400 200 0 2016 2017 2018 2019 2020 2021
Jan 538 389 430 494 526 282
Feb 482 348 426 437 498 230
Mar 427 375 459 426 480 168
Apr 499 419 479 439 474 161
May 548 451 526 490 458 155
Jun 587 548 559 497 468 197
Jul 618 626 600 563 477 250
Aug 648 648 643 662 439 328
Sep 635 674 647 694 442
Oct 567 614 626 695 408
Nov 503 537 599 633 359
Dec 465 468 564 564 351
UNDER CONTRACTS
550 450 350 250 150 50 -50 2016 2017 2018 2019 2020 2021
Jan 283 255 322 328 340 387
Feb 351 308 316 249 427 374
Mar 414 395 395 397 391 464
Apr 389 350 356 402 324 362
May 382 429 426 450 445 427
Jun 385 377 384 425 464 364
Jul 386 405 402 424 466 391
Aug 405 376 369 417 503 418
Sep 365 316 347 407 458
Oct 374 357 340 380 452
Nov 269 342 260 308 338
Dec 227 260 234 247 259
Sep 394 377 319 379 472
Oct 378 360 406 415 496
Nov 350 349 333 345 427
Dec 330 369 258 359 409
TOTAL SALES
600 500 400 300 200 100 0 2016 2017 2018 2019 2020 2021
Jan 214 211 271 246 295 303
Feb 238 205 262 246 308 310
Mar 335 336 348 276 382 382
Apr 337 337 358 313 328 390
May 377 372 355 325 314 409
Jun 366 412 386 441 430 452
Jul 366 363 409 415 506 436
Aug 380 419 411 428 423 418
INVENTORY:
PRICE BREAKDOWN Total Active = 328
52 16%
99,999
28 8% 9 3%
$5
00
,00
0-
$600,0
00 - $6
80 24%
$5
99
,99
9
00
$7
,0 00
-
9 $7
9,9
99
99,99 0 - $8
,00 $800
$900,000 - $999
10 3%
9
,999
$1,000,0
00+
7 2%
$0 - $99,999 7 2% $100,000 - $199,999 11 3%
$400,000 - $499,999 61 19%
$200,000 - $299,999 25 8% $300,000 - $399,999 38 12%
CURRENT LISTING INVENTORY
New Construction
8 7
3 1
Re-Sale
4 1
3 7
4 2
5 0 3 7
1 3
Kennewick
Pasco
Richland
West Richland
A B S O R P T I O N R AT E S : Months of Remaining Inventory AUGUST CLOSED SALES 0
Months Inventory Absorbtion Percentage
0 3 5 0
1
1
4 3
2 2 6 0
4 3
1000+
4 6
7
1 2 2
900-999
2
800-899
500-599
400-499
300-399
7 0
2
700-799
1
600-699
1 7 4
7 3
200-299
0-99
8 6
1
100-199
1
2 1 2
SOLDS
Total Closings = 418
56 13% 9
106 25%
$5
99
,99
24 6%
-$
49
,00
0
9,9
00
,0 0
0-
00
99
0-
$5
$4
Count, Absorption Rate
0 0,0
0 $6
$
9 69
,99
12 3%
9
99 799,9
-$ ,000 $700 9 $800,000 - $899,99 $900,000 - $9 99,999 $1,000,0 00+
6 1%
11 3%
3 1% 0 0%
$0 - $99,999
6 1%
$100,000 - $199,999
8 2%
$300,000 - $399,999
133 32%
$200,000 - $299,999
53 13%
UNDER CONTRACTS Total Under Contract = 418
56 14%
23 6%
$5
99
,99
9
$400,000 - $499,999 72 17%
Count, Absorption Rate
$5
00 ,0 0
0-
12 3%
$
0-
,00
0 60
$
9 69
,99
9
99,999 00 - $7 $700,0 $800,000 - $899,999 $900,000 - $999,999 $1,000,0 00+
10 2% 1 0% 7 2% $0 - $99,999 8 2%
$300,000 - $399,999 152 36%
$100,000 - $199,999 10 2%
$200,000 - $299,999 67 16%
M A R K E T S T AT S : Population: 2000 Census 2010 Census 2019 Estimate Tri-Cities, MSA........................................................................................ 191,822 ............. 253,340 ................... 296,480 Benton County................................................................................ 142,475 ................ 175,177 .................... 201,800 Kennewick....................................................................................... 54,751 ................. 73,917 ...................... 83,670 Richland........................................................................................... 38,708 ............... 48,058 ...................... 56,850 West Richland................................................................................. 8,385 .................... 11,811 ....................... 15,340 Franklin County................................................................................ 49,347 ................. 78,163 ..................... 94,680 Pasco................................................................................................. 32,066 ................. 59,781 ..................... 75,290
Source: U.S. Census and Washington Office of Financial Management Forecasting Division, July 2019
Composite Index Housing Utilities Transportation Cost of Living: Tri-Cities, WA....................................................................... 97.8 .................... 99.7 ............... 92.1 ............................ 112.2 Yakima, WA........................................................................... 96.1 ................... 80.7 .............. 83.3 ............................ 114.5 Spokane, WA.................................................................... 100.3 .................. 99.3 ................ 97.5 .......................... 108.5 Seattle, WA........................................................................ 156.7 ................ 225.0 .............. 108.1 ............................ 137.6 Portland, OR..................................................................... 134.0 ................. 184.3 ................ 87.2 ........................... 130.8 Boise, ID............................................................................... 98.4 .................... 96.5 ................ 82.0 .......................... 130.2
Household: Median Household Income.............. Kennewick, WA......................................................................... $62,203 Pasco, WA..................................................................................... $66,735 Richland, WA................................................................................ $78,798 Average Household Spending........ Kennewick, WA.......................................................................... $58,277 Pasco, WA..................................................................................... $58,669 Richland, WA............................................................................... $69,063 Housing................................................... Average Selling Price(January 2020)............................ $313,200 Active Listings(SFR, January 2020)......................................... 464 Average Apartment Rent(2 bed, 2 bath)............................. $964
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329 N Kellogg St, Kennewick, WA 99336
(509) 783 8811
rcsothebysrealty.com
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