Market at a Glance September 2022

Page 1

SEPTEMBER 2022 MARKET AT A GLANCE

89357 CALICO RD | KENNEWICK, WA

TABLE OF CONTENTS

YEARLY AVERAGES

RESIDENTIAL SALES SALES ACTIVITY

MONTH COMPARISONS

ABSORPTION RATES MARKET STATS

| MLS# 264492
YEARLY
12
INVENTORY

YEARLY

SALES PRICE COMPARISON

AVERAGES
2022 is YTD $474,853 $410,664 $348,375 $324,085 $299,658 $270,189 $247,639 $227,280 $216,270 2022 2021 2020 2019 2018 2017 2016 2015 2014

YEARLY

RESIDENTIAL SALES 3 2 4 4 3 3 2 8 Yearly Residential Sales YTD Sales 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 4 7 2 2 3 0 5 8 2014 2015 2016 2017 2018 2019 2020 2021 2022
Homes built prior to 1990 Homes built after 2010 - RESALE ONLY 2022 is YTD 2022 is YTD AVERAGE SALES $354,464 $312,485 $267,296 $248,214 $226,907 $198,426 $181,285 $165,564 $155,412 2022 2021 2020 2019 2018 2017 2016 2015 2014 $533,832 $471,174 $402,311 $368,082 $346,100 $313,700 $295,200 $282,500 $263,900 2022 2021 2020 2019 2018 2017 2016 2015 2014
Homes built between 1991 and 2009 Homes built after 2010 - NEW CONSTRUCTION 2022 is YTD 2022 is YTD SALES PRICE $456,600 $411,777 $348,339 $327,478 $299,294 $279,727 $258,939 $236,707 $227,094 $461,834 $411,777 $348,339 $327,478 $299,294 $279,727 $258,939 $236,707 $227,094 2022 2021 2020 2019 2018 2017 2016 2015 2014 $552,753 $453,654 $385,120 $365,355 $380,600 $332,500 $315,000 $290,000 $279,400 2022 2021 2020 2019 2018 2017 2016 2015 2014
LAST 12 MONTHS Outlying Areas 418 9% West Richland 380 8% Richland 1270 27% Kennewick 1631 34% Pasco 1022 22% SALES ACTIVITY

RESALES

NEW VS.
Last 6 months (March 2022 - August 2022) R e s a l e 1755 85% Kennewick 117 Pasco 76 Richland 165 W. Richland 31 N e w C o n s t r u c t i o n 389 15% 117 7 6 1 6 5 3 1 678 400 527 150 Ke nnewick Pasco Richland West Richland New Construction Re-Sale

COMPARISONS INVENTORY

12 MONTH
Jan Feb Mar Apr May JunJul Aug Sep Oct Nov Dec 2017 389348375 419 451548 626 648 674 614 537 468 2018 430 426 459 479 526 559 600 643647 626 599564 2019 494 437 426 439 490497 563 662694695 633 564 2020 526 498 480 474 458 468 477 439 442 408 359351 2021282 230 168161 155 197 250 328365384399338 2022270276298 313387 502593580 679 0 100 200 300 400 500 600 700 800

UNDER CONTRACTS

Jan Feb Mar Apr May JunJul Aug Sep Oct Nov Dec

2017255 308395350 429 377 405 376316357342 260

322316395356 426 384 402 369347340 260 234

328 249 397 402 450 425424 417 407 380308 247 2020 340 427 391324 445464466 503458452 338 259

387374 464 362 427 364391 418 385 408 359 266 2022 298 342375373374309339324 255

TOTAL SALES

Jan Feb Mar Apr May JunJul Aug Sep Oct Nov Dec

2018271262

319 406

379 415

472

418 430 408

2018
2019
2021
0 100 200 300 400 500 600
2017 211205 336337372 412 363 419 377360349369
348358355386 409 411
333 258 2019246246276 313325 441415 428
345359 2020295 308382328314430 506 423
496 427 409 2021 303310382390 409 452 436
361 403 2022 259275 372351381369332356329 0 100 200 300 400 500 600

PRICE BREAKDOWN

INVENTORY Total Active = 679 $0 -$99,999 5 1% $100,000 -$199,999 12 2% $200,000 -$299,999 37 5% $300,000 -$399,999 95 14% $400,000 -$499,999 120 18% 122 18% 130 19% 61 9% 43 6% 23 3% 31 5% $1,000,000+ $600,000 -$699,999 $500,000 $599,999 $900,000 $999,999$700,000$800,000-$899,999 -$799,999
CURRENT LISTING INVENTORY 6 7 5 5 1 2 5 2 3 1 5 7 1 0 5 1 1 7 3 3 Ke nnewick Pasco Richland West Richland New Construction Re-Sale
SOLDS Total Closings = 329 $0 -$99,999 4 1% $100,000 -$199,999 6 2% $200,000 -$299,999 38 11% $300,000 -$399,999 81 25% 78 24% 50 15% 32 10% 15 4% 15 5% 7 2% 3 1% $1,000,000+ $600,000$699,999$500,000$599,999 $900,000 $999,999 $800,000 $899,999 $700,000 - $799,999$400,000 $499,999
UNDER CONTRACTS Total Under Contract = 255 $0 -$99,999 4 2% $100,000 -$199,999 8 3% $200,000 -$299,999 27 11% $300,000 -$399,999 78 31% $400,000 -$499,999 62 24% 36 14% 14 5% 11 4% 5 2% 3 1% 7 3% $1,000,000+ $600,000$699,999$500,000$599,999 $900,000 $999,999$800,000 $899,999$700,000-$799,999
1111 12 Source: U.S. Census and Washington O ice of Financial Management Forecasting Division, July 2019 Population: 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 2000 Census 2010 Census 2019 Estimate Household: Kennewick, WA............................................... .......................... $62,203 Pasco, WA...................................................... ..................... .......... $66,735 Richland, WA................................................................................ $78,798 Kennewick, WA............................ ............................ .................. $58,277 Pasco, WA........................................................................... .......... $58,669 Richland, WA............................................................................... $69,063 Average Selling Price(January 2020)............................ $313,200 Active Listings(SFR, January 2020)........ ................................. 464 Average Apartment Rent(2 bed, 2 bath)............................. $964 Median Household Income.............. Average Household Spending........ Housing................................................... 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 Housing Utilities TransportationComposite Index 329 North Kellogg Street, Kennewick, WA 99336 | 509.783.8811 | rcsothebysrealty.com MARKET STATS

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