MARKET AT A GLANCE SEPTEMBER 2018
1492 MEADOW HILLS DRIVE, RICHLAND, WA
TABLE OF CONTENTS
01 03 05 07 09
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YEARLY AVERAGES SALES ACTIVITY 12 MONTH COMPARISONS INVENTORY MARKET STATS
YEARLY AVERAGES 2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
01
$190,300
$197,800
$202,500
$205,900
$209,900
$216,100
$227,100
$247,700
$270,200
$300,235
TRI CITIES YEARLY AVERAGE SALES COMPARISON Homes built prior to 1990 2010 2011 2012 2013 2014 2015 2016
$142,900 $145,700 $150,300 $148,500 $154,900 $164,300 $180,300
2017
$198,000
2018
$224,625
TRI CITIES YEARLY AVERAGE SALES COMPARISON Homes built after 1990 2010 2011 2012 2013 2014 2015 2016 2017 2018
$223,200 $227,900 $232,600 $236,600 $247,800 $257,700 $282,400 $303,500 $334,050
02
SALES ACTIVITY
Pasco 26%
Kennewick 35%
Outlying Areas 8% West Richland 6%
Richland 23%
03
NEW VS. RESALES Last 6 months (April - Sept. 2018)
Richland, 6%
Kennewick, 7%
New Construction 429 19%
Resale 1856 81%
Pasco, 5% West Richland, 1%
Total Sales: 2284 Re-sales New Construction
7 6 1 5 2 5
4 4 3 1 6 8
1 2 7 Ken new ick
Pasco
1 0 2 Richland
1 2 6
32
West Richland
04
12 MONTH COMPARISONS 12 MONTH INVENTORY COMPARISON
1400 1200 1000 800 600 400 200 0 2013 2014 2015 2016 2017 2018
05
Jan 1150 1029 837 538 389 430
Feb 1136 1019 831 482 348 426
Mar 1196 1020 807 427 375 459
Apr 1283 1057 794 499 419 479
May 1262 1086 800 548 451 526
Jun 1296 1121 760 587 548 559
Jul 1313 1200 769 618 626 600
Aug 1296 1187 752 648 648 643
Sep 1287 1101 786 635 674 647
Oct 1209 1044 758 567 614
Nov 1104 944 645 503 537
Dec 1016 839 641 465 468
12 MONTH SOLD COMPARISON 450
350
250
150
50
Jan
Fe b
Ma r
Apr
Ma y
Jun
Jul
Aug
Sep
Oc t
Nov
De c
2013
188
168
252
277
285
284
331
298
293
266
227
258
2014
159
173
249
287
287
305
325
319
301
325
252
266
2015
195
228
304
342
370
398
436
367
342
343
235
351
2016
214
238
335
337
377
366
366
380
394
378
350
330
2017
211
205
336
334
372
412
363
419
377
360
349
369
2018
271
262
348
358
355
386
409
411
319
12 MONTH UNDER CONTRACT COMPARISON 500 400 300 200 100 0
Jan
Feb
Mar
Apr
May
Ju n
Ju l
Aug
Sep
Oct
Nov
Dec
2013
227
250
290
304
313
293
316
243
227
244
188
154
2014
282
232
331
276
320
306
289
312
287
297
223
209
2015
249
271
443
413
397
372
362
347
331
310
323
205
2016
269
349
437
397
391
367
373
366
332
371
281
231
2017
256
299
390
357
431
387
414
386
329
364
343
325
2018
317
318
396
360
417
378
392
368
344
06
INVENTORY 51, 8%
$350,000+ Breakdown:
56, 9%
55, 9%
324, 50%
53, 8%
47, 7%
27, 4%
13, 2%
11, 2%
5, 1%
2, 0%
$350,000-$374,999
51
$375,000-$399,999
47
$400,000-$424,999
24
$425,000-$449,999
39
$450,000-$474,999
22
$475,000-$499,999
22
$500,000-$524,999
9
$525,000-$549,999
21
$550,000-$574,999
9
$575,000-$599,999
18
$600,000-$624,999
4
$625,000-$649,999
6
$650,000-$674,999
10
$675,000-$699,999
2
$700,000+
34
3, 0%
$0-$99,9 99 $150,000-$174,99 9 $225,000-$249,999 Total Active = 647
07
$100,000-$124,999 $175, 000-$199,999 $250, 000-$274,999
$125,000-$149,99 9 $200,000-$224, 999 $275,000-$299, 999
CURRENT LISTING INVENTORY
Re-sa les Ne w Construction
1 9 7 1 2 4
7 8
7 1
Kenne wic k
6 4
5 8
Pasco
3 7
Ric hland
1 8
West Richland
September Month’s of Remaining Inventory
Months of Inventory Absorption Rate
0
0
2 0
3
4 1
3 6
3 6
Price Range (thousands)
2 10 10
9
1 0
1 0
1 1
4 2 5
5 0
3 5 2 0
4 0
7 1 5
700+
4 6
5
3
675-699
3 4
6 8
2
650-674
3 8
2
625-649
300-324
275-299
250-274
225-249
200-224
175-199
150-174
125-149
100-124
0-99
3 1
3
600-624
3
8 1
575-599
1 0 5
550-574
9 7
525-549
1 0 0
1
500-524
3
1 2 0
1
475-499
7 7
1 5 6
450-474
1
1
425-449
1
400-424
1
375-399
1
1
350-374
3 0 0
325-349
3 5 6
08
MARKET STATS Population: 2000 Census 2010 Census 2018 Estimate Tri-Cities, MSA........................................................................................ 191,822 ............. 253,340 ................... 283,830 Benton County................................................................................ 142,475 ................ 175,177 .................... 193,500 Kennewick....................................................................................... 54,751 ................. 73,917 ..................... 80,280 Richland........................................................................................... 38,708 ............... 48,058 ....................... 54,150 West Richland................................................................................. 8,385 .................... 11,811 ....................... 14,660 Franklin County................................................................................ 49,347 ................. 78,163 ..................... 90,330 Pasco................................................................................................. 32,066 ................. 59,781 ...................... 71,680 Source: U.S. Census and Washington Office of Financial Management Forecasting Division, July 2017
Composite Index Housing Utilities Transportation Cost of Living: Tri-Cities, WA........................................................................ 97.0 ................. 100.1 ............... 98.9 ............................ 107.7 Yakima, WA.......................................................................... 93.9 .................. 79.3 ................ 81.9 ............................ 115.3 Spokane, WA...................................................................... 96.0 ................. 92.3 ................. 76.1 ........................... 112.3 Seattle, WA......................................................................... 149.0 ............... 194.2 .............. 123.8 ............................ 133.1 Portland, OR...................................................................... 129.3 ................. 179.0 ............... 78.4 ........................... 106.3 Boise, ID................................................................................ 92.5 .................... 87.9 ................ 86.2 ........................... 107.5
Household: Median Household Income.............. Kennewick, WA.......................................................................... $58,173 Pasco, WA...................................................................................... $61,515 Richland, WA............................................................................... $76,895 Average Household Spending........ Kennewick, WA.......................................................................... $55,154 Pasco, WA..................................................................................... $53,922 Richland, WA................................................................................ $67,352 Housing................................................... Average Selling Price(October 2016)............................ $282,700 Active Listings(SFR, October 2016)......................................... 458 Average Apartment Rent(2bed, 2 bath)............................. $866
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329 N Kellogg St, Kennewick, WA 99336
(509) 783 8811
rcsothebysrealty.com
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