M A R K E T AT A G L A N C E MARCH 2020
2 4 9 0 FA L C O N C R E S T L O O P | R I C H L A N D , W A
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
| MLS# 244014
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 $326,551
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
$252,631
2019
$243,382
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 $342,814
2020 is YTD
Homes built after 2010 - RESALE ONLY
Sales Price
2012 2013 2014 2015
$224,700 $260,900 $263,900 $282,500
2016
$295,200 $313,700
2017
$346,100
2018
$368,082
2019 2020
$394,894
2020 is YTD
NEW CONSTRUCTION
Sales Price
2012 2013 2014 2015 2016 2017 2018 2019 2020
$249,900 $265,500 $279,400
$300,235
$290,000 $315,000 $332,500 $380,600 $365,355 $356,801
2020 is YTD
Y E A R LY R E S I D E N T I A L SALES:
2 7 3 4
2 7 9 7
3 2 7 7
3 3 1 3
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
2015
2014
2013
2012
2011
9 5 3
LAST 12 MONTHS
Pasco 1402 27%
Kennewick 1787 35%
Outlying Areas 335 7% West Richland 351 7%
Richland 1239 24%
NEW VS. RESALES Last 6 months (September 2019 - March 2020)
Kennewick 175, 26%
Resale 1841, 73% Pasco 289, 40%
New Construction 666, 27%
Richland 154, 29% W. Richland 48, 5%
7 6 7
New Construction Resale
4 6 4
4 5 7
1 7 5
Kennewick
2 8 9
1 5 4
Pasco
Richland
48
1 5 3
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
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
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
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
May 370 377 372 355 325
Jun 398 366 412 386 441
Jul 436 366 363 409 415
Aug 367 380 419 411 428
I N V E N T O R Y:
PRICE BREAKDOWN
274, 57% $0 - $99,999
$350,000+
23, 5%
,99
10, 2%
9,99 - $29
$250,000
,000
$150,000 - $174,999
9
$275
99 4, 22
9 - $274,99
9
32 4, 99 -$ 0
2, 0%
-$
,0 0
$125,000 - $149,999
0
$3 00
0 ,0
999 49, - $2
41, 9%
00
16, 3%
5,0 $22
44, 9%
$100,000 - $124,999 9
0
,0 25 $3
9
00 $2
0-
49 $3
17, 4% 18, 4%
5, 1%
19, 4%
$175,000 - $199,999
11, 2%
$350,000+ Breakdown $350k $374k
$375k $399k
32
33
$550k $574k
$575k $599k
12
12
Total Active = 480
$400k $424k
26 $600k $624k
3
$425k $449k
38 $625k $649k
8
$450k $474k
$475k $499k
$500k $544k
$524k $549k
27
17
12
14
$675k $699k
$700k +
$650k$674k
4
14
22
CURRENT LISTING INVENTORY 1 3 1
New Construction Re-Sale
1 0 2
4 7
Kennewick
7 0
5 6
4 6
Pasco
27
Richland
2 3
West Richland
A B S O R P T I O N R AT E S : Months of Remaining Inventory MARCH CLOSED SALES
Months Inventory Absorbtion
0
1
11
1
3
1
675-699
0
7
2 7
0
650-674
3 2
3
625-649
2
4
3
600-624
2 1
5 5
575-599
5
550-574
5 7
3
3 3 8
700+
2 3
525-549
6 7
2
500-524
8 0
2
475-499
1
450-474
7 6
1
425-449
6 4
1
350-374
2
325-349
300-324
275-299
250-274
8 9
1 2 5
400-424
1 1 4 1
225-249
7 9
9 4
200-224
100-124
150-174
3 3
125-149
2 7
1 1
1 0 0
3
0-99
4
1
175-199
2 0 0
2 9 3
375-399
1
SOLDS
Total Closings = 352
$350,000+ Breakdown Count, Absorption Rate $35 00 0,0 +
30, 8% $3 25 ,0
00
35, 10%
140, 40%
-$
34 9
$0 - $99,999 ,99
7, 2%
9
$324,999 $300,000 -
-$
19 9
-$
,9 9
$150,000 - $174,999
7, 2%
9
$25
2, 1%
9
9,99
15, 4% 11, 3%
9
41, 12%
31, 9%
UNDER CONTRACTS
,000
$30
0,00
0-$
139, 35%
+
0
35, 9%
Count, Absorption Rate
$350
$3 25 ,0 0
-$
34 9
324,9 9
,9 9
$375,000-$399,999
28
$400,000-$424,999
14
$425,000-$449,999
21
$450,000-$474,999
6
$475,000-$499,999
11
$500,000-$524,999
5
$525,000-$549,999
7
$550,000-$574,999
0
$575,000-$599,999
4
$600,000-$624,999
2
$625,000-$649,999
1
$650,000-$674,999
1
$675,000-$699,999
3
$700,000+
6
$350,000+ Breakdown
Total Under Contract = 395
37, 9%
31
$125,000 - $149,999
99 4, 22
00
0
- $24
0,0
2, 0%
,0 0
0
31, 9%
$100,000 - $124,999
0 ,0
5,0
,000
- $2 74, 999
$1 75 00 $2
00
29
$225
7 $2
-$
9 99 9,
$350,000-$374,999
9
$350,000-$374,999
34
$375,000-$399,999
24
$400,000-$424,999
11
$425,000-$449,999
14
$450,000-$474,999
11
$475,000-$499,999
11
$500,000-$524,999
5
$525,000-$549,999
12
$550,000-$574,999
3
$575,000-$599,999
4
$600,000-$624,999
0
$625,000-$649,999
3
$650,000-$674,999
2
$675,000-$699,999
1
$700,000+
4
9
$0 - $99,999
7, 2%
,999 299 0-$
$100,000 - $124,999 $1 75
9 ,99 $2 74 0-
0-
$1 99
$125,000 - $149,999 ,99
0, 0%
9
99 4, 22
$150,000 - $174,999
19, 5%
4, 1%
9
- $24
,00
1, 0%
,0 0
-$
,000 9,99
$2 50
$225
44, 11%
00 ,0 00 $2
5,00 $27
9
22, 6% 48, 12% 39, 10%
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