M A R K E T AT A G L A N C E NOVEMBER 2020
1 3 6 H I L LV I E W D R | R I C H L A N D , W A |
| MLS# 249818
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
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
$202,542 $205,885 $211,354 $216,270 $227,280 $247,639 $270,189 $299,658 $324,085 $347,118 2020 is YTD
Yearly Residential Sales
4 2 2 1
4 3 3 0
4 3 8 4
2019
2020
4 1 7 3
2018
4 1 9 7
2017
2015
3 3 1 3
2014
2013
2012
2 7 9 7
3 2 7 7
3 9 8 1
2016
Y E A R LY R E S I D E N T I A L SALES:
YTD Sales
Homes built prior to 1990 2012
$150,343
2013
$149,718
2014 2015 2016
$155,412 $165,564 $181,285
2017
$198,426
2018
$226,907
2019
$248,214
2020
$265,980
2020 is YTD
Homes built between 1990 and 2009 2012
$220,283
2013
$220,202
2014 2015 2016
$227,094 $ 2 3 6 , 7 $0 27 5 3 , 7 6 5 $ 2 5 8 ,$923699 , 8 8 9
2017
$ 2 7 9 ,$722970 , 9 5 3
2018
$ $2 29 99 0, 2, 89 149
2019
$ 2 8 6 , 6$ 83 32 7 , 4 7 8
2020
$ 3$4374, 2 5 ,2831 4
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
$399,036
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 $383,367
2020 is YTD
LAST 12 MONTHS
Pasco 1264 25%
Kennewick 1792 36%
Outlying Areas 273 5% West Richland 367 7%
Richland 1334 27%
NEW VS. RESALES Last 6 months (May 2020 - November 2020)
Kennewick 223 26%
Pasco 221 40%
New Construction 757 25%
Resale 2314 75%
Richland 234 29% W. Richland 79 5%
8 7 5
New Construction
6 5 9
5 3 8
2 2 3
Kennewick
2 2 1
Pasco
2 3 4
Richland
Resale
79
1 5 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 769 618 626 600 563 477
Aug 752 648 648 643 662 439
Sep 786 635 674 647 694 442
Oct 758 567 614 626 695 408
Nov 645 503 537 599 633 359
Dec 641 465 468 564 564
UNDER CONTRACTS 550 450 350 250 150 50 -50 2015 2016 2017 2018 2019 2020
Jan 258 283 255 322 328 340
Feb 323 351 308 316 249 427
Mar 435 414 395 395 397 391
Apr 422 389 350 356 402 324
May 403 382 429 426 450 445
Jun 362 385 377 384 425 464
Jul 358 386 405 402 424 466
Aug 342 405 376 369 417 503
Sep 339 365 316 347 407 458
Oct 303 374 357 340 380 452
Nov 335 269 342 260 308 338
Dec 205 227 260 234 247
Sep 342 394 377 319 379 472
Oct 343 378 360 406 415 496
Nov 235 350 349 333 345 427
Dec 351 330 369 258 359
TOTAL SALES 600 500 400 300 200 100 0 2015 2016 2017 2018 2019 2020
Jan 195 214 211 271 246 295
Feb 228 238 205 262 246 308
Mar 304 335 336 348 276 382
Apr 342 337 337 358 313 328
May 370 377 372 355 325 314
Jun 398 366 412 386 441 430
Jul 436 366 363 409 415 506
Aug 367 380 419 411 428 423
I N V E N T O R Y:
PRICE BREAKDOWN
251 70% $0 - $99,999
$350,000+
17 5%
99,999 00 - $2 999 74, 2 $ 00 0,0 5 2 $ $275,0
$300,000 - $324,999
00 $32 5,0
6 2%
9 99 4, 22 -$ 9 00 ,99 ,0 49 00 $2 0$2 ,00 25 $2
- $3 49, 999
$100,000 - $124,999
22 6%
13 4%
10 3%
$125,000 - $149,999
5 1%
$150,000 - $174,999
1 0%
8 9 2% 3%
9 2%
$450k $474k
$475k $499k
$500k $544k
$524k $549k
19
18
4
15
$675k $699k
$700k +
4
44
$175,000 - $199,999
8 2%
$350,000+ Breakdown $350k $374k
$375k $399k
26
34
$550k $574k
$575k $599k
8
8
Total Active = 359
$400k $424k
28 $600k $624k
4
$425k $449k
28 $625k $649k
7
$650k$674k
4
CURRENT LISTING INVENTORY 6 6
6 4
6 4
New Construction Re-Sale
3 7
4 4
4 5
2 6 1 3
Kennewick
Pasco
Richland
West Richland
A B S O R P T I O N R AT E S : Months of Remaining Inventory NOVEMBER CLOSED SALES
Months Inventory Absorbtion
1
4
1
0 0
1 1 1
1
1
2
4 0
4 4
5 6
700+
5 3
2
3
675-699
5 7
1 0 0
600-624
3 2
575-599
5 0
550-574
5 7
3
525-549
5 9
7 9
650-674
2
2
475-499
2
450-474
2
425-449
8 3
1 1 4
400-424
6 1
1
375-399
2
350-374
1 0 4
325-349
300-324
1 4 6
1 7 5
500-524
1
275-299
1 9 3
250-274
1 2 3
225-249
1 0 6
200-224
3 6
175-199
5 7
125-149
0-99
2 3
6 7
100-124
4 2 7
1
150-174
1
2 0 0
625-649
1
SOLDS
Total Closings = 427
$350,000+ Breakdown 185 43%
$350,000-$374,999
25
$375,000-$399,999
29
$400,000-$424,999
24
$425,000-$449,999
22
$450,000-$474,999
16
$475,000-$499,999
10
$500,000-$524,999
11
$525,000-$549,999
7
$550,000-$574,999
8
$575,000-$599,999
8
$600,000-$624,999
8
$625,000-$649,999
2
$150,000 - $174,999
$650,000-$674,999
2
4 1%
$675,000-$699,999
4
$700,000+
9
Count, Absorption Rate
50 $3 ,00 0+
$0 - $99,999
49 12%
7 2%
$325,0
00 - $3 49,999
2 0%
9 ,9
99 00 $250,0
00
$125,000 - $149,999
9 24
5,0
4 1%
-$
9
$27
$100,000 - $124,999
0
49 12%
- $2 99, 999
,00
00 $3
$1 $2 75,0 00 00 -$ ,0 19 00 9,9 -$ 99 22 4, 99 9
- $274,9
4,9 32
0 ,0 25 $2
$ 0-
99
51 12%
17 4%
27 6%
27 6%
5 1%
$350,000+ Breakdown
UNDER CONTRACTS Total Under Contract = 338
150 44%
$350,000-$374,999
33
$375,000-$399,999
25
$400,000-$424,999
12
$425,000-$449,999
14
$450,000-$474,999
9
$475,000-$499,999
10
$0 - $99,999
$500,000-$524,999
9
9 3%
$525,000-$549,999
6
$550,000-$574,999
6
3 1%
$575,000-$599,999
4
$125,000 - $149,999
$600,000-$624,999
3
$625,000-$649,999
1
$650,000-$674,999
5
$675,000-$699,999
5
$700,000+
8
Count, Absorption Rate
$3 50
,0 0
0
$325,00
0 - $349
99
$100,000 - $124,999
-$ 0 ,0 0
0
-$
99 4, 22
19 9
,99
9
1 0%
9
$24 9,9
$2 75
,0 0
-$
00
29 9
,9 9
0 $3
,999
9
$1 75
5,0 $22
28 8%
-
,9 24 $3
00 ,0 00 $2
0
0 0,0
,999
$150,000 - $174,999
99
$250,000 - $2 74
39 12%
+
4 1%
28 8%
9 3% 27 8%
23 7%
17 5%
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
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