Year in Review 2018 #LIVETriCities

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