Tri-Cities Real Estate: A Seller's Market

Posted on Jul 3, 2009 by Cari McGee in Tri-Cities Market

I’m glad I waited to do a bunch of stat recaps until now. In the midst of every month, as the Tri-Cities real estate market began to turn, the evidence was there, but it was more difficult to see. Now, from the vantage point of three months in the books (March, April and May since June is not wrapped up yet for my perusal), we can trace the acceleration that the market saw beginning with spring.

For example, March saw 203 Tri-Cities homes sell, with 1076 houses on the market. Have a look:

April’s home inventory went down, but sales went up.

And in May, home inventory went to its lowest level in years (it hadn’t been below 1000 since September, 2002!) and sales increased again.

“Great, Cari, what does this all mean??”

Simply this – it’s a seller’s market in the Tri-Cities. When supply decreases and demand increases, we see one of the most fundamental economic laws take effect – prices rise. If you have something other people want, a buyer will pay for the privilege of obtaining what you own.