M A R K E T AT A G L A N C E JANUARY 2020
8 17 M E A D OW D R I V E S O U T H | R I C H L A N D, WA
A | MLS# 243158
TA B L E O F C O N T E N T S 01 04 05 07 09 12 13
// 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
$202,500 $205,900 $209,900 $216,100 $227,100 $247,700 $270,200 $299,700
2019
$315,670
2020
$317,226
2020 is YTD
01
Homes built prior to 1990 2012 2013 2014 2015 2016
$150,300 $148,500 $154,900 $164,300 $180,300 $198,000
2017
$224,900
2018
$252,631
2019
$248,989
2020
2020 is YTD
Homes built between 1990 and 2009 2012 2013 2014 2015 2016
$216,800 $224,055 $236,965 $253,765 $269,889
2017
$290,953
2018
$290,819
2019 2020
$286,683 $331,988
2020 is YTD 02
Homes built after 2010 - RESALE ONLY
Sales Price 2012 2013 2014 2015
$224,700 $260,900 $263,900 $282,500
2016
$295,200
2017
$313,700
2018
$346,100
2019
$368,082
2020
$392,346
2020 is YTD
Homes Built After 2010 - NEW CONSTRUCTION
Sales Price 2012 2013 2014 2015 2016 2017 2018 2019 2020
03
$249,900 $265,500 $279,400
$300,235
$290,000 $315,000 $332,500 $380,600 $365,355 $359,116
2020 is YTD
Y E A R LY R E S I D E N T I A L SALES:
2013
2014
2015
TYTD Sales
214
211
271
246
283
2020
195
2019
159
4 1 7 3
2018
188
4 1 9 7
2017
150
4 3 3 0
2016
151
2012
2 7 9 7
3 3 1 3
2011
2 7 3 4
3 2 7 7
3 9 8 1
4 2 2 1
Total Yearly Sales
LAST 12 MONTHS
Pasco 1335 27%
Kennewick 1739 35%
Outlying Areas 344 7% West Richland 334 7%
Richland 1205 24%
NEW VS. RESALES Last 6 months (August 2019 - January 2020)
Kennewick 149, 26%
Resale 1699, 75% Pasco 251, 40%
New Construction 562, 25%
Kennewick 706, 42% Pasco 410, 24% Richland 438, 26% West Richland 145, 8%
Richland 123, 29% W. Richland 39, 5%
7 0 6
New Construction Resale
4 3 8
4 1 0
1 4 9
Kennewick
2 5 1
1 2 3
Pasco
Richland
39
1 4 5
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
Mar 807 427 375 459 426
Apr 794 499 419 479 439
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
Mar 443 437 390 396 385
Apr 413 397 357 360 393
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
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
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
Mar 304 335 336 348 276
Apr 342 337 337 358 313
May 370 377 372 355 325
Jun 398 366 412 386 441
Jul 436 366 363 409 415
08
I N V E N T O R Y:
PRICE BREAKDOWN
285, 54% $0 - $99,999
$350,000+
9 349,
99
$100,000 - $124,999
6, 1%
- $29 ,000
$150,000 - $174,999
8, 2%
9
$275
99 4, 22
$250,000 - $274,999
9 9,99
-$ 0
-$
,0 0
3, 1%
0
$3 00
$125,000 - $149,999
0 ,0
999 49, - $2
31, 6%
00
37, 7%
5,0 $22
32 4, 99
9
-$ ,000 $325
00 $2
48, 9%
21, 4%
38, 7%
22, 4%
13, 2%
$175,000 - $199,999
14, 3%
$350,000+ Breakdown $350k $374k
$375k $399k
36
34
$550k $574k
$575k $599k
12
17
Total Active = 526 09
$400k $424k
24 $600k $624k
3
$425k $449k
40 $625k $649k
2
$450k $474k
$475k $499k
$500k $544k
$524k $549k
31
23
9
22
$675k $699k
$700k +
$650k$674k
3
10
19
CURRENT LISTING INVENTORY
New Construction
1 2 1
7 1
Re-Sale
9 0
8 5
8 0
5 1 18 Kennewick
Pasco
Richland
2 4
West Richland
10
A B S O R P T I O N R AT E S : Months of Remaining Inventory JANUARY CLOSED SALES
Months Inventory Absorbtion
1
1 1
1
11
1
1 1 2 3
1 2 2
2
1
2 1
700+
6
0 3
675-699
10
650-674
17
9
1 7
625-649
11
600-624
2 6
575-599
1 6
5
7
550-574
1 5
3
525-549
6
2
500-524
7
475-499
400-424
2 1
4
450-474
5
425-449
7 6
375-399
5 0
350-374
5 8
325-349
300-324
7 0
275-299
200-224
6 4
175-199
3 3
5 0
150-174
0 0
100-124
0-99
3 3
3
125-149
3
8 9
250-274
2
1 3 1
225-249
2
1 5 5
SOLDS
Total Closings = 266
$350,000+ Breakdown
28, 10%
+
85, 30%
49 $3 ,99
,00
0-
$3 24 ,9
$0 - $99,999
7, 3%
99
9,99 - $29
9 $1 75
,99 $2 74
19 9
-$
0-
-$
0
$125,000 - $149,999 ,9 9
9
$150,000 - $174,999
4, 1%
9
- $24
9, 3%
9,99
17, 6%
9
34, 12%
1, 0%
99 4, 22
,000
$2 50
0, 0%
0 ,0
$225
,00
$100,000 - $124,999 ,0 0
0
00 $2
9
,000 $275
9
$3 00
38, 14%
$350,000
0,00 25 $3
26, 9%
Count, Absorption Rate
$350,000-$374,999
18
$375,000-$399,999
26
$400,000-$424,999
5
$425,000-$449,999
6
$450,000-$474,999
5
$475,000-$499,999
6
$500,000-$524,999
6
$525,000-$549,999
2
$550,000-$574,999
2
$575,000-$599,999
1
$600,000-$624,999
2
$625,000-$649,999
1
$650,000-$674,999
0
$675,000-$699,999
1
$700,000+
4
34, 12%
UNDER CONTRACTS Total Under Contract = 358
$350,000+ Breakdown
37, 10%
Count, Absorption Rate $3 25 ,0 0
125, 35% 0
30, 8%
$300
,000
-$
34 9
- $32 4,99
,9 9
9
7, 2%
0-
99
$1 75
$375,000-$399,999
23
$400,000-$424,999
7
$425,000-$449,999
14
$450,000-$474,999
10
$475,000-$499,999
9
$500,000-$524,999
8
$525,000-$549,999
6
$550,000-$574,999
3
$575,000-$599,999
5
$600,000-$624,999
2
$625,000-$649,999
1
$650,000-$674,999
0
,99 27 4
99 4, 22
-$
19 9
-$
,9 9
0, 0%
9
$150,000 - $174,999
13, 4%
7, 2%
$675,000-$699,999
3
$700,000+
6
9
,00 0
-$
$125,000 - $149,999
0
$2 50
2, 0%
,0 0
0 ,0
999 49, - $2
45, 13%
$100,000 - $124,999 0
00 $2
9
9,9 $29
00 5,0 $22
42, 12%
28
9 $0 - $99,999
0 5,0 $27
$350,000-$374,999
17, 5% 32, 9%
12
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
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329 N Kellogg St, Kennewick, WA 99336
(509) 783 8811
rcsothebysrealty.com
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