LIVE TRI-CITIES YEAR IN REVIEW
MARKET REVIEW Our 2018 Tri-Cities real estate market was another incredible year for sales and appreciation. Inventory levels remained at record lows, which when combined with another solid year of number of homes sold, led to an increase in our average sales price of 11% over the previous year. ($297,497 from $268,060) The low supply of homes on the market will continue to be the focus of 2019. National research indicates homeowners are staying in their current home for 10 years, which is an all time high. The lack of inventory nationally has been a big contributor to the rise in the number of years homeowners stay in the same home. The good news for the Tri-Cities is the spring market is around the corner! We historically see our existing inventory numbers go up as the weather warms and this year should be no exception. In addition to existing homes, we are fortunate to have great inventory coming in new homes and neighborhoods. 5.3 Our office has 23 new neighborhoods with homes currently being built or that will be built in 2019. These new neighborhoods will offer a variety of locations and price points for you when considering your next move. With the upward trend in available homes to purchase we should also see appreciation rates returning to more consistent and normal increases, in the 3-5% range annually. Finally, we are seeing fluctuation in interest rates for the first time in a few years. Rates will continue their up and down movement throughout the year and will ultimately rise slightly as the National economy continues to grow.
5.2
4.9
5.0
2019 Q4
2019 Q3
2019 Q2
2019 Q1
January - Today Actual Interest Rates
Where Are They Going In 2019?
Freddie Mac
YEAR IN REVIEW 2016
PRICE RANGE
2017
2018
#Sold
% of Market
#Sold
% of Market
#Sold
% of Market
$0 - $49,999
59
1%
54
1%
30
1%
$50-$99,999
132
3%
104
2%
82
2%
$100 - $149,999
474
11%
277
6%
135
3%
$150 - $199,999
1016
23%
787
18%
457
10%
$200 - $249,999
942
22%
961
22%
997
23%
$250 - $299,999
705
16%
798
18%
890
20%
$300 - $349,999
418
10%
524
12%
670
15%
$350 - $399,999
290
7%
360
8%
435
10%
$400 - $449,999
146
3%
232
5%
272
6%
$450 - $499,999
66
2%
115
3%
167
4%
$500,000+
129
3%
160
4%
259
6%
TOTAL SOLD AVG DAYS ON MARKET
AVG SALES PRICE
4377
4372
4394
38
31
34
$245,674
$268,060
$297,497 Information gathered from Pacific Regional MLS
5-YEAR INVENTORY HISTORY 1200
1000 2018 800
2017 2016 2015
600
2014 400
200 Jan
July
December
MORTGAGE RATES 30-Year Fixed Rates
DECADE
LOWEST RATE
HIGHEST RATE
RATES…
1970s
7.23% (1972)
12.90% (1979)
Rose during “The Great Inflation”
1980s
9.03% (1987)
18.63% (1981)
Fell after historical peak in 1981
1990s
6.49% (1998)
10.67% (1990)
Held relatively flat amidst stable economy
2000s
4.71% (2009)
8.64% (2000)
Fell to low single digits after 2006-2008 crisis
2010s
3.31% (2012)
5.21% (2010)
Holding at historical lows www.ValuePenguin.com
READY TO SELL? Retter & Company | Sotheby’s International Realty utilizes the traditional methods of marketing, with cutting edge technology, and the power of the Sotheby’s International Realty brand to provide an all inclusive, well-balanced marketing plan. Our Comprehensive Marketing Plan: Professional photography and videography High quality 3D Matterport Virtual Tour Print advertisements and weekly Tri-City Herald ads Internet presence on local, national, and international sites Unmatched social media exposure Professional yard and street signage We take pride in using our expertise, resources, and global connections to perfectly unite extraordinary homes in all price ranges with extraordinary buyers who will cherish them as we do. We are here to serve and care for the clients and community we live in.
RICHLAND
7
244
PASCO
WEST RICHLAND
240
182
182
KENNEWICK 6
6
Goose Ridge Estates at Badger Mt. South
7
329 N Kellogg St, Kennewick, WA 99336
509.783.8811
rcsothebysrealty.com