MARKET AREA UPDATE · 2018-04-01 · MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q Year: 2017 Market Area (City, State): Tri Cities, Wa (Kennewick, Richland, Pasco) Provided by (Company

MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q

Year: 2017

Market Area (City, State): Tri Cities, Wa

(Kennewick, Richland, Pasco)

Provided by (Company / Companies): Tomlinson Real Estate Group

What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate)

*

Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: * Single Family

(detached) Condominiums / Townhomes

(attached)

**Sales Price (current)

Choose one: Average Median

$ 263,000

$ 232,000

**Sales Price (same time prior year)

Choose one: Average Median

$ 243,000

$ 204,000

Average Days on Market – list to contract (current)

# 38 Increase Decreasing Stable

# 54 Increase Decreasing Stable

Absorption – Months of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory

# .67

# 2.4

Absorption – Months of Inventory (same time prior year)

# .82

# 1.04 Active Listings

# 673

# 11

Closed ( total last 3 months)

# 1365

# 24

Expired Listings ( total last 3 months if available)

# 23

# 2

Change in Home Values %

Increase in past 3 months

Stable

Decreasing in past 3 months

%

Increase in past 3 months

Stable

Decreasing in past 3 months

Sold LP/SP Ratio (last 3 months)

% 98

% 92

**Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values

How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed

Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced

Overall Market Conditions: Active Stable Sluggish Flat Depressed

Unemployment Rate: % % 5.3 Average – Please check trend: Increasing Decreasing Same

Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.)

*

Is There a Charge for Rental Assistance: Yes No Outsourced Is Home/Condo Rental Information Available in Your MLS: Yes No

Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent 1500 Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent 1100

Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent 1000

REAL ESTATE MARKET DATA

GENERAL ECONOMY

RENTAL INFORMATION

MONTHLY REPORT | JUNE 2017PUBLISHED THE MONTH OF JULY 2017

T R I - C I T I E S R E A L E S T A T E

©2017 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office Is Independently Owned And Operated. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. Information deemed reliable but not guaranteed and should be independently verified.

MONTHLY REPORT | JUNE 2017T R I - C I T I E S R E A L E S T A T E

©Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office Is Independently Owned And Operated. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. Information deemed reliable but not guaranteed and should be independently verified.

Report last modified on Thursday, July 06, 2017 P A G E 2

The information in this report is compiled from a report given by the Tri-City Association of REALTOR®’s and to the best of our knowledge is accurate and current.

1744

1433

1325

1760

1298

1325 14

95

1341

1868 19

46

1872

387

303

319 43

2

278

261

290

308 40

2

389

400

0

500

1000

1500

2000

2500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

YEARLY RESIDENTIAL SALESJUNE 2017 YTDKENNEWICK, PASCO, RICHLAND & WEST RICHLAND

Red represents thru current report month for each year. Information pulled on 7-5-2017





YEARLY AVERAGE SALES PRICE COMPARISON

JUNE 2017 YTDKENNEWICK, PASCO, RICHLAND & WEST RICHLAND

Total shown in $Thousands. Information pulled on 7-5-2017

$186 $188 $186 $193 $201 $201 $205 $209 $220$243

$263

$0

$50

$100

$150

$200

$250

$300

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017








ALL HOMES BUILT PRIOR 2000

$154

$136

$140 $1

58

$156

$162

$166

$169 $178 $1

93 $209

$0

$50

$100

$150

$200

$250

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017



Total shown in $Thousands. Information pulled ON 7-5-2017

ALL HOMES BUILT AFTER 2000

$234

$230

$263

$267

$233

$240

$246 $2

54 $267 $2

90 $303

$0

$50

$100

$150

$200

$250

$300

$350

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017





AVERAGE NUMBER OF HOMES SOLD



TWELVE MONTH SALES BY AREAJULY 2016 THROUGH JUNE 2017KENNEWICK, PASCO, RICHLAND & WEST RICHLAND

TOTAL 4495

*Outlying areas consists of Benton City, Burbank, Connell, Eltopia, Finley, Grandview, Kahlotus, and Prosser. Information pulled on 7-5-2017

Kennewick,1601,36%

Pasco,1145,25%

Richland,1072,24%

West Richland,

309,7%

Outlying Areas*,368,8%

YEAR Total Homes Sold Per Year

Total Homes Sold Per Month

Total Homes Sold Per Day

2017 1872 312 10.402016 4193 349 11.642015 3977 331 11.042014 3318 277 9.222013 3186 266 8.852012 2779 232 7.732011 2751 229 7.542010 3175 265 8.702009 3244 270 8.892008 2876 240 7.882007 3517 293 9.64





ACTIVE LISTINGS BY PRICE RANGE


Information pulled on 7-5-2017

$0-$99,999,14,3%

$100,000-$149,999,7,

1%

$150,000-$199,999,21,4%

$200,000-$249,999,57,

10%

$250,000-$299,999,89

16%,

$300,000-$349,999,78,

14%

$350,000-$399,999,76,

14%

$400,000-$449,999,70,

13%

$450,000-$499,999,36,7%

$500,000-$599,999,38,7%

$600,000+,58,

11%

PRICE RANGE #

$0-$99,999 14$100,000-$149,999 7$150,000-$199,999 21$200,000-$249,999 57$250,000-$299,999 89$300,000-$349,999 78$350,000-$399,999 76$400,000-$449,999 70$450,000-$499,999 36$500,000-$599,999 38$600,000+ 58TOTAL 544

$0-$99,999,15,2%

$100,000-$149,999,

42,5%

$150,000-$199,999,123,16%

$200,000-$249,999,146,18%

$250,000-$299,999,166,21%

$300,000-$349,999,107,14%

$350,000-$399,999,76,

10%

$400,000-$449,999,41,5%

$450,000-$499,999,34,4%

$500,000-$599,999,31,4%

$600,000+,7,

1%





PENDING LISTINGS BY PRICE RANGE

JUNE 2017KENNEWICK, PASCO, RICHLAND & WEST RICHLAND


SOLD LISTINGS BY PRICE RANGE

JUNE 2017KENNEWICK, PASCO, RICHLAND & WEST RICHLANDInformation pulled on 7-5-2017

$0-$99,999,16,4%

$100,000-$149,999,18,4%

$150,000-$199,999,68,

17%

$200,000-$249,999,84,

21%

$250,000-$299,999,68,

17%

$300,000-$349,999,54,

14%

$350,000-$399,999,39,

10%

$400,000-$449,999,33,8%

$450,000-$499,999,11,3%

$500,000-$599,999,4,

1%

$600,000+,5,

1%

PRICE RANGE #

$0-$99,999 16$100,000-$149,999 18$150,000-$199,999 68$200,000-$249,999 84$250,000-$299,999 68$300,000-$349,999 54$350,000-$399,999 39$400,000-$449,999 33$450,000-$499,999 11$500,000-$599,999 4$600,000+ 5TOTAL 400

PRICE RANGE #$0-$99,999 15$100,000-$149,999 42$150,000-$199,999 123$200,000-$249,999 146$250,000-$299,999 166$300,000-$349,999 107$350,000-$399,999 76$400,000-$449,999 41$450,000-$499,999 34$500,000-$599,999 31$600,000+ 7TOTAL 791





ABSORPTION RATEJUNE 2017KENNEWICK, PASCO, RICHLAND & WEST RICHLANDDoes not included Active with Bump. Information pulled on 6-8-2017

$ # Listings # Pending Absorption Ratio Month of Supply

$0-99,999 14 15 .93 1

$100,000-$149,999 7 42 .16 1

$150,000-$199,999 21 123 .17 1

$200,000-$249,999 57 146 .39 1

$250,000-$299,999 89 166 .53 1

$300,000-$349,999 78 107 .72 1

$350,000-$399,999 76 76 1 1

$400,000-$449,999 70 41 1.70 2

$450,000-$499,999 36 34 1.05 1

$500,000-$549,999 15 14 1.07 1

$550,000-$599,999 27 17 1.58 2

$600,000-$699,999 23 6 3.83 4

$700,000-$799,999 13 4 3.25 3

$800,000-$899,999 4 0 0 -

$900,000-$999,999 9 0 0 -

$1,000,000 + 5 0 0 -

Totals 544 791 .68 1





SALES ACTIVITY:

JUNE 2017 KENNEWICK, PASCO, RICHLAND & WEST RICHLAND

NEW VS. RE-SALES

TRI-CITIES SALES ACTIVITY:


Total Sales = 1872New Home Sales Distribution


NEW VS. RE-SALE

Resale,1447,77%

Kennewick,141,8%

Pasco,156,8%

Richland,98,5%

West Richland,30,2%

NewConstruction

425,23%

31

88

132

76

715

2823

0

20

40

60

80

100

120

140

West Richland Richland Kennewick Pasco

Resale New Construction

Total Sales = 400




Report last modified on Thursday, July 06, 2017 P A G E 1 0


AVERAGE NUMBER OF NEW HOMES SOLD

JUNE 2017 YTDKENNEWICK, PASCO, RICHLAND & WEST RICHLANDTotal shown in $Thousands. Information pulled on 7-5-2017

CURRENT LISTING INVENTORY

JUNE 2017KENNEWICK, PASCO, RICHLAND & WEST RICHLAND

Total 544379 Resale165 New Construction


NEW VS. RE-SALES

17

122

148

92

14

49 50 52

0

20

40

60

80

100

120

140

160

West Richland Richland Kennewick Pasco

Resale New Construction

2 Story w/Basement,

2,0%

2 Story,94,

22%

1 Story w/ Bonus,30,7%

1 Story w/ Basement,12,3%1.5 or 1 1/2 Story,

11,3%

1 Story,275,65%

Other, 1, 0%2 Storyw/Basement2 Story

1 Story w/Bonus1 Story w/Basement1.5 or 1 1/2Story1 Story

Other

©2017 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office Is Independently Owned And Operated. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. Information deemed reliable but not guaranteed and should be independently verified.

The information in this report is compiled from a report given by the Tri-City Association of REALTOR®’s and to the best of

our knowledge is accurate and current.

Documents

MARKET AREA UPDATE · 2018-04-01 · MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q Year: 2017 Market Area (City, State): Tri Cities, Wa (Kennewick, Richland, Pasco) Provided by (Company