M A R K E T AT A G L A N C E JUNE 2020
3 4 8 1 6 S H AW KS T R E E P R S E | K E N N E W I C K ,
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
WA | M L S # 24 6 3 3 8
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 $330,519 2020 is YTD
Homes built prior to 1990 2012 2013 2014 2015 2016
$150,300 $148,500 $154,900 $164,300 $180,300
2017
$198,000
2018
$224,900
2019
$252,631
2020
$264,739
2020 is YTD
Homes built between 1990 and 2009 2012 2013 2014 2015 2016
$216,800 $224,055 $236,965 $253,765 $253,765 $269,889 $269,889
2017
$290,953 $290,953
2018
$290,819 $290,819
2019 2020
$286,683 $286,683 $342,814 $331,422
2020 is YTD
Homes built after 2010 - RESALE ONLY 2012 2013 2014 2015 2016 2017
$224,700 $260,900 $263,900 $282,500 $295,200 $313,700
2018
$346,100
2019
$368,082
2020
$414,170
2020 is YTD
NEW CONSTRUCTION 2012 2013 2014 2015 2016 2017 2018 2019 2020
$249,900 $265,500 $279,400 $290,000
$300,235
$315,000 $332,500 $380,600 $365,355 $374,385
2020 is YTD
4 1 9 7
3 9 8 1
4 1 7 3
4 2 2 1
4 3 3 0
TYTD Sales
2020
2019
2018
2017
2016
2 0 1 7
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 1823 35%
Outlying Areas 336 6%
Kennewick 1393 27%
West Richland 377 7%
Richland 1276 25%
NEW VS. RESALES Last 6 months (December 2019 - June 2020)
Kennewick 175, 26%
Resale 1738, 73%
Pasco 263, 40%
New Construction 657, 27%
Richland 169, 29% W. Richland 50, 5%
7 0 7
New Construction Resale
4 6 9
4 2 8
1 7 5
Kennewick
2 6 3
Pasco
1 6 9
Richland
50
1 3 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 831 482 348 426 437 498
Mar 807 427 375 459 426 480
Apr 794 499 419 479 439 474
May 800 548 451 526 490 458
Jun 760 587 548 559 497 468
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 397 391 431 417 457 447
Jun 372 367 387 378 443 469
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
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 228 238 205 262 246 288
Mar 304 335 336 348 276 352
Apr 342 337 337 358 313 288
May 370 377 372 355 325 290
Jun 398 366 412 386 441 394
Jul 436 366 363 409 415
Aug 367 380 419 411 428
I N V E N T O R Y:
PRICE BREAKDOWN
290, 62%
$0 - $99,999
$350,000+
24, 5%
$100,000 - $124,99
$375k $399k
26
43
$550k $574k
$575k $599k
16
17
Total Active = 468
$400k $424k
25 $600k $624k
13
99
21, 5%
$350,000+ Breakdown $350k $374k
4,9 $27 0-
$425k $449k
30 $625k $649k
8
$125,000 - $149,999
0
10, 2%
0,0
$25
$324 ,000 $300
30, 6%
$275,000 - $299,999
,999
-$ 0 $3 25 ,0 0
39, 8%
9 99 4, 22 -$ 9 ,99 00 49 ,0 $2 00 0$2 ,00 25 $2
34 9
,9 9
9
6, 1%
$150,000 - $174,999
3, 1%
11, 2%
$175,000 - $199,999
10, 2%
16, 4%
8, 2%
$450k $474k
$475k $499k
$500k $544k
$524k $549k
21
22
17
16
$675k $699k
$700k +
9
19
$650k$674k
8
CURRENT LISTING INVENTORY
9 1 0 9
New Construction
9 9
Re-Sale
99 7 0
6 4 4 8
Kennewick
4 5
Pasco
3 2
Richland
2 2
West Richland
A B S O R P T I O N R AT E S : Months of Remaining Inventory JUNE CLOSED SALES
Months Inventory
0
Absorbtion
0
3 0 0
1
5
2 9
8
1 3
3
3
1
4 4
700+
4 1
675-699
2
650-674
2 5
2
0
625-649
2
4
600-624
4 3
2
575-599
4 6
2
550-574
5 7
7
2
525-549
350-374
325-349
300-324
275-299
250-274
225-249
200-224
175-199
150-174
125-149
6 3
2
500-524
2
475-499
9 1
9 5
450-474
1
425-449
7 9
1 2 3
1
2 9
100-124
0-99
3 8
3
1 0 0
1 4 1
1 4 6
400-424
1
375-399
1
1 0 0
1
1 1
1
3
3 2 9
SOLDS
$350,000+ Breakdown
Total Closings = 394 Count, Absorption Rate $35
$3 25 ,0 0
0
41, 10%
142, 36%
00+ 0,0
43, 11%
-$
34 9
,9 9
$0 - $99,999
9
10, 3%
39
$375,000-$399,999
22
$400,000-$424,999
12
$425,000-$449,999
17
$450,000-$474,999
12
$475,000-$499,999
5
$500,000-$524,999
6
$525,000-$549,999
9
$550,000-$574,999
4
$575,000-$599,999
2
$600,000-$624,999
0
$625,000-$649,999
3
$650,000-$674,999
2
$675,000-$699,999
2
$700,000+
7
$300,000 - $324,999
9
19 9
,9 9
$125,000 - $149,999
9
99 4, 22
3, 1%
9
$150,000 - $174,999
2, 0%
9,99
$250
-$
6, 1%
-$
- $24
,000
0
0
,000
43, 11%
$100,000 - $124,999
,0 0
0 ,0
4,99
9
$1 75
- $27
-
9 ,9
00 $2
0 ,0
99 $2
$225
0
75 $2
9
16, 4% 11, 3% 31, 8%
46, 12%
$350,000+ Breakdown
UNDER CONTRACTS Total Under Contract = 469
$350
Count, Absorption Rate
,000
179, 38%
+
57, 12%
00
- $3 49
24 $300,000 - $3
,99
$0 - $99,999
,999
4, 1% $100,000 - $124,999
9
-$
$1 99
22 4, 99
,99
9
$125,000 - $149,999
4, 1%
9
$150,000 - $174,999
17, 4% 17, 4%
9
,000
0-
,99
$250
0
5, 1% ,00
249
45, 9%
,0 0
-$
55, 12%
$2 00
$1 75
00
- $27
-
,9 99 $2
99
0 25, $2
7 $2
0 00 5,
$350,000-$374,999
27
$375,000-$399,999
38
$400,000-$424,999
26
$425,000-$449,999
11
$450,000-$474,999
11
$475,000-$499,999
17
$500,000-$524,999
2
$525,000-$549,999
9
$550,000-$574,999
6
$575,000-$599,999
5
$600,000-$624,999
4
$625,000-$649,999
5
$650,000-$674,999
4
$675,000-$699,999
4
$700,000+
10
9
4,99
$3 25, 0
36, 8%
$350,000-$374,999
48, 10%
2, 0%
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
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