M A R K E T AT A G L A N C E MARCH 2021
1 4 0 1 R O A D 7 9 | PA S C O , 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# 252091
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 $364,666
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
1000
Homes built prior to 1990 2013 2014 2015
$149,718 $155,412 $165,564 $181,285
2016 2017
$198,426 $226,907
2018 2019
$248,214 $267,296
2020 2021
$276,357 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 $361,197 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
$416,738
2021
2021 is YTD
NEW CONSTRUCTION 2013 2014 2015 2016 2017 2018 2019 2020 2021
$265,500 $279,400 $290,000 $300,235
$315,000 $332,500
$380,600 $365,355 $385,120 $405,404 2021 is YTD
LAST 12 MONTHS
Pasco 1313 26%
Kennewick 1767 34%
Outlying Areas 310 6% West Richland 398 8%
Richland 1341 26%
NEW VS. RESALES Last 6 months (September 2020 - March 2021)
Kennewick 182 26%
Resale 1999 71%
Pasco 316 40%
New Construction 819 29%
Richland 232 29% W. Richland 89 5%
8 0 4
New Construction Re-Sale
5 4 8
4 9 8
1 8 2
Kennewick
3 1 6
2 3 2
Pasco
Richland
149 89
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
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 351 308 316 249 427 374
Mar 414 395 395 397 391 464
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 238 205 262 246 308 310
Mar 335 336 348 276 382 382
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
136 81% $0 - $99,999 7 4% $350,000+
,999 $349 999 0 ,00 24, $325 - $3 ,999 0 0 99 0,0 $2 99 $30 0 ,9 0 4 0 , 27 75 $2 -$ 0 00 0, 5 $2
$2 00 $2 ,00 25 0,0 $2 00 24 ,99 -$ 9 24 9, 99 9
3 2%
3 2%
7 3 4% 2%
6 3%
0 0%
$100,000 - $124,999 1 0% $125,000 - $149,999 1 1% $150,000 - $174,999 0 0% $175,000 - $199,999
1 1%
$350,000+ Breakdown $350k $374k
$375k $399k
$400k $424k
$425k $449k
7
10
11
11
5
21
10
$550k $574k
$575k $599k
$600k $624k
$625k $649k
$650k$674k
$675k $699k
$700k +
2
4
1
36
Total Active = 168
0
4
$450k $474k
4
$475k $499k
$500k $544k
$524k $549k
10
CURRENT LISTING INVENTORY
3 8
New Construction Re-Sale
2 9
2 6 2 0
2 0
1 5
1 6
4
Kennewick
Pasco
Richland
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
0
4 0 0
1 1
1
2 5 0
5 5
7 7 1
3 3
2
6 0
1 1
3 5 6
700+
6 4
625-649
5 5
600-624
5 4
575-599
5 9
3
2
675-699
2
550-574
2
525-549
2
500-524
2
475-499
2
450-474
1 4 8
425-449
7 7
375-399
7 0
1 0 2
400-424
1
1
350-374
1 4 6
650-674
1
325-349
175-199
250-274
1 4
8 9
8 6
225-249
0 0
125-149
0
150-174
6 9
0
100-124
0-99
3 5
7
200-224
3
1
300-324
1
1 7 9
275-299
1
3 5 0
SOLDS
$350,000+ Breakdown
Total Closings = 382
207 54%
Count, Absorption Rate
$3 50
,0 0
0+
$0 - $99,999
9 2%
41 11%
$17 $2 5,000 00 $2 ,00 - $19 9,9 25 099 $2 ,0 24 00 , 99 -$ 9 24 9, 99 9
$100,000 - $124,999
0 0%
$ 0-
,99 274
$275,000 - $299,999
9
9 32 4, 99
4 1%
,00
31 8%
19 5%
25 7%
11 3%
$150,000 - $174,999
0 0%
2 0%
Total Under Contract = 464
260 56%
Count, Absorption Rate
,00
0+ $0 - $99,999
12 3%
99 4,9 - $27
9,999 0 - $29
$400,000-$424,999
31
$425,000-$449,999
22
$450,000-$474,999
15
$475,000-$499,999
11
$500,000-$524,999
7
$525,000-$549,999
12
$550,000-$574,999
10
$575,000-$599,999
5
$600,000-$624,999
6
$625,000-$649,999
6
$650,000-$674,999
3
$675,000-$699,999
5
$700,000+
5
30 6%
$350,000-$374,999
38
$375,000-$399,999
39
$400,000-$424,999
24
$425,000-$449,999
36
$450,000-$474,999
21
$475,000-$499,999
25
$500,000-$524,999
10
$525,000-$549,999
18
$550,000-$574,999
8
$575,000-$599,999
3
$600,000-$624,999
7
$625,000-$649,999
5
$650,000-$674,999
5
$675,000-$699,999
3
$700,000+
18
$150,000 - $174,999
9
$275,00
,000 $250
9 32 4, 99 -$ ,0 00
9 ,9
$3 00
8 2%
9 24
30 6%
27
$125,000 - $149,999
-$
35 8%
1 0%
$1 $2 75,0 00 00 -$ ,0 00 19 9,9 -$ 99 22 4, 99 9
0
44 10%
-
$100,000 - $124,999
99
0 ,0 25 $2
00
,0 25 $3
,9 49 $3
$375,000-$399,999
$350,000+ Breakdown
UNDER CONTRACTS
$3 50
42
$125,000 - $149,999
50 $2
$3 00
,0 0
0
-$
33 9%
00 5,0 $32
99 9,9 $34
$350,000-$374,999
22 5%
15 3%
5 1%
2 0%
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
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