M A R K E T AT A G L A N C E NOVEMBER 2021
3 3 0 5 S O R E N T O C O U R T | PA S C O , W A |
| MLS# 257785
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
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 $406,962
2021 is YTD
YTD Sales
4 3 1 6
2021
2018
Yearly Residential Sales
4 7 9 4
2020
4 2 2 7
4 3 2 7
2019
4 1 8 4
2017
2014
4 2 0 4
2016
3 3 2 8
3 9 8 5
2015
3 2 4 4
2013
Y E A R LY R E S I D E N T I A L SALES:
Homes built prior to 1990 2013 2014 2015
$149,718 $155,412 $165,564 $181,285
2016
$198,426
2017
$226,907
2018
$248,214
2019
$267,296
2020
$311,174
2021
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 $408,519 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
$467,354
2021
2021 is YTD
NEW CONSTRUCTION 2013 2014 2015 2016 2017 2018 2019 2020 2021
$265,500 $279,400 $290,000 $315,000 $332,500 $380,600 $365,355 $385,120 $447,381 2021 is YTD
LAST 12 MONTHS
Pasco 1372 27%
Kennewick 1662 33%
Outlying Areas 353 7%
West Richland 428 8%
Richland 1273 25%
NEW VS. RESALES Last 6 months (May 2021 - November 2021)
Kennewick 150 26%
Pasco 226 40%
New Construction 612 21%
Resale 2313 79%
Richland 162 29% W. Richland 74 5%
9 1 5
New Construction Re-Sale
6 6 6
5 5 5
177 1 5 0
Kennewick
2 2 6
1 6 2
Pasco
Richland
74
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 499 419 479 439 474 161
May 548 451 526 490 458 155
Jun 587 548 559 497 468 197
Jul 618 626 600 563 477 250
Aug 648 648 643 662 439 328
Sep 635 674 647 694 442 365
Oct 567 614 626 695 408 384
Nov 503 537 599 633 359 399
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 389 350 356 402 324 362
May 382 429 426 450 445 427
Jun 385 377 384 425 464 364
Jul 386 405 402 424 466 391
Aug 405 376 369 417 503 418
Sep 365 316 347 407 458 385
Oct 374 357 340 380 452 408
Nov 269 342 260 308 338 359
Dec 227 260 234 247 259
Sep 394 377 319 379 472 430
Oct 378 360 406 415 496 408
Nov 350 349 333 345 427 361
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 337 337 358 313 328 390
May 377 372 355 325 314 409
Jun 366 412 386 441 430 452
Jul 366 363 409 415 506 436
Aug 380 419 411 428 423 418
INVENTORY:
PRICE BREAKDOWN Total Active = 399
44 11%
67 17%
$600,000 - $699
,999
16 4%
93 23%
00
-$
7
9 ,9 99
9
0 0,
0 $7
$ 0-
,00
00 $8
,9
00 - $9
$900,0
$500,000 - $599,999
899
12 3%
99
99,999
$1,000,000+
17 4%
$0 - $99,999 11 3%
$400,000 - $499,999 76 19%
$100,000 - $199,999 19 5% $200,000 - $299,999 11 3% $300,000 - $399,999 33 8%
CURRENT LISTING INVENTORY New Construction
8 6
6 4
Re-Sale
7 4 5 9
3 4
3 6
3 2
1 4
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 0
Months Inventory Absorbtion Percentage
1
1
4 4
6 4
7
3 6 7
4 0
3 2 9
1000+
5 3
900-999
2
800-899
2
700-799
2
600-699
400-499
1 3 1
300-399
100-199
0-99
1 0 0
1 4 5
1 9 2
200-299
1
1
500-599
3 0 3
1
SOLDS
Total Closings = 361
Count, Absorption Rate
42 12%
80 22%
9
$5
99 9,
00
49
,00
-$
0-
0
$5
0 ,0
99
00
,99
$4
9
23 6%
$6
00
9 $6
9,9
99
18 5%
,0
00
,99 $799
4 1% 2 1%
6 2%
9
,000 $700 $800,000 - $899,999 $900,000 - $999 $1,000,0,999 00+
0 0% $0 - $99,999
7 2%
$300,000 - $399,999
115 32%
$100,000 - $199,999
16 4%
$200,000 - $299,999
48 13%
UNDER CONTRACTS
53 15%
Total Under Contract = 359
99, 999 - $5 $ 50 0,0
00
$400,000 - $499,999 69 19%
Count, Absorption Rate
27 8%
$6
$ 0-
69
9 9,9
,00
00
$
0-$
,00 700
13 4%
9
799,9
9 2%
99
4 1%
$800,000 - $899,999 $900,000 - $9 99,999 $1,000,0 00+
5 1% $0 - $99,999 3 1% $100,000 - $199,999 14 4%
$300,000 - $399,999 123 34%
$200,000 - $299,999 39 11%
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
rcsothebysrealty.com
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