January 2021 - Market at a Glance

M A R K E T AT A G L A N C E JANUARY 2021

3 5 0 8 W 3 6 T H LO O P | K E N N E W I C K , WA |

| MLS# 251099

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

2012 2013 2014 2015 2016 2017 2018 2019

$205,885 $211,354 $216,270 $227,280 $247,639 $270,189 $299,658 $324,085

2020

$348,375

2021

$356,094 2021 is YTD

Y E A R LY R E S I D E N T I A L SALES:

3 2 4 4

3 3 2 8

3 9 8 5

4 2 0 4

4 1 8 4

4 2 2 7

4 3 2 7

4 7 9 4

Yearly Residential Sales

YTD Sales

2021

2020

2019

2018

2017

2016

2015

2014

2013

303

Homes built prior to 1990 2013 2014 2015 2016

$149,718 $155,412 $165,564 $181,285

2017

$198,426 $226,907

2018 2019

$248,214 $267,296

2020 2021

$275,919

2021 is YTD

Homes built between 1990 and 2009 2013 2014 2015 2016 2017

$220,202 $227,094 $236,707 $253,765 $258,939 $269,889 $279,727

2018

$290,953 $299,294

2019

$290,819

2020 2021

$327,478

$286,683

$348,339 $355,368 2021 is YTD

Homes built after 2010 - RESALE ONLY 2013 2014 2015 2016 2017

$260,900 $263,900 $282,500 $295,200 $313,700 $346,100

2018

$368,082

2019

$402,311

2020

$391,165

2021

2021 is YTD

NEW CONSTRUCTION 2013 2014 2015 2016 2017 2018 2019 2020 2021

$265,500 $279,400 $290,000 $315,000

$300,235

$332,500 $380,600 $365,355 $385,120 $397,001 2021 is YTD

LAST 12 MONTHS

Pasco 1294 25%

Kennewick 1785 35%

Outlying Areas 293 6% West Richland 377 7%

Richland 1356 27%

NEW VS. RESALES Last 6 months (July 2020 - January 2021)

Kennewick 217 26%

Pasco 270 40%

New Construction 824 27%

Resale 2226 73%

Richland 256 29% W. Richland 81 5%

9 0 8

New Construction

6 3 9

5 1 9

2 1 7

Kennewick

2 7 0

Pasco

2 5 6

Richland

Resale

81

1 6 0

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

Mar 427 375 459 426 480

Apr 499 419 479 439 474

May 548 451 526 490 458

Jun 587 548 559 497 468

Jul 618 626 600 563 477

Aug 648 648 643 662 439

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

Mar 414 395 395 397 391

Apr 389 350 356 402 324

May 382 429 426 450 445

Jun 385 377 384 425 464

Jul 386 405 402 424 466

Aug 405 376 369 417 503

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

Mar 335 336 348 276 382

Apr 337 337 358 313 328

May 377 372 355 325 314

Jun 366 412 386 441 430

Jul 366 363 409 415 506

Aug 380 419 411 428 423

INVENTORY:

PRICE BREAKDOWN

213 76% $0 - $99,999 14 5%

$350,000+

9

,99

74 $2

00

-

13 5%

5 2%

$125,000 - $149,999 10 4%

,0 50 $2

9

99,99 0 - $2

,00 $275

,999 24 $300,000 - $3

$325,000 -

7 2%

9 99 4, 22 99 - $ 9,9 00 $24 ,0 00 00 $2 25,0 $2

$349,999

$100,000 - $124,999 1 0%

3 7 1% 5 2% 2%

$150,000 - $174,999 0 0% $175,000 - $199,999

4 1%

$350,000+ Breakdown $350k $374k

$375k $399k

18

30

$550k $574k

$575k $599k

6

6

Total Active = 282

$400k $424k

29 $600k $624k

4

$425k $449k

25 $625k $649k

5

$450k $474k

$475k $499k

$500k $544k

$524k $549k

15

11

8

4

$675k $699k

$700k +

4

41

$650k$674k

7

CURRENT LISTING INVENTORY

7 1

New Construction Re-Sale

4 8 3 7

3 2

3 3

3 3 2 0 9

Kennewick

Pasco

Richland

West Richland

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

1 8

3 6

9

2 7

1 1

01 5 0

3 8

700+

6

675-699

4 3

625-649

4 0

600-624

2 9

3

8 0

4

575-599

3 0

2

550-574

3

525-549

3 3

500-524

300-324

8 6

475-499

6 4

7 3

1 0 6

650-674

2

450-474

1 2 9

7 1

275-299

250-274

225-249

150-174

125-149

100-124

0-99

1 2

7 7

1 1 4

2 9

200-224

5 7

3

175-199

8

6 7

1 0 6

1

1 5 0

425-449

1

1

400-424

1

375-399

1 2

1

350-374

2 0 0

325-349

1

SOLDS

$350,000+ Breakdown

Total Closings = 303 145 48%

Count, Absorption Rate

50 $3 ,00 0+

$0 - $99,999

3 1%

0 - $274

2 1%

,99

,000

$125,000 - $149,999

9 24 9

$275

4 1%

-$

36 12%

$100,000 - $124,999

$1 75 ,00 $2 000 $1 ,0 99 00 ,99 9 -$ 22 4, 99 9

00

0 $3

$250,00

9 9,99

-

,0 25 $2

0

00 0,

9 99 4, 2 $3

,999

$325,000 - $349,999

- $29

30 10%

$150,000 - $174,999

25 8%

17 6%

17 6%

16 5%

4 1%

4 1%

Total Under Contract = 387

189 49%

00

0

$425,000-$449,999

11

$450,000-$474,999

8

$475,000-$499,999

8

$500,000-$524,999

6

$525,000-$549,999

4

$550,000-$574,999

5

$575,000-$599,999

4

$600,000-$624,999

3

$625,000-$649,999

0

$650,000-$674,999

4

$675,000-$699,999

1

$700,000+

6

31

$400,000-$424,999

21

$425,000-$449,999

22

$450,000-$474,999

4

$475,000-$499,999

19

$0 - $99,999

$500,000-$524,999

8

10 3%

$525,000-$549,999

10

$550,000-$574,999

6

-$

0

- $1 99

$575,000-$599,999

8

22 4, 99

$600,000-$624,999

5

$625,000-$649,999

6

$650,000-$674,999

5

$675,000-$699,999

2

$700,000+

11

2 0% ,99

9

$125,000 - $149,999

1 0%

9

$150,000 - $174,999

9

20 5%

,00

,99

5,0

18

$100,000 - $124,999

9 24

36 9%

,0 0

-$

42 11%

- $274,999 $250,000

00 $3

$1 75

$2 00

00

- $2 99, 999

99

,0 25 $2

0

,00

-

$400,000-$424,999

$375,000-$399,999

Count, Absorption Rate

$325,000 - $349,999

,9 24 $3

37

31

+

$27

35 9%

$375,000-$399,999

$350,000-$374,999

$3 50

0

30

$350,000+ Breakdown

UNDER CONTRACTS

,0 0

$350,000-$374,999

23 6%

18 5%

8 2%

3 1%

M A R K E T S T AT 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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