2008 Year-end Real Estate Stats

By in Tri-Cities Housing Market with 0 Comments
Published on January 16, 2009 / Last updated on January 16, 2009

For the first time since 1999 (and perhaps even longer than that, but the stats only go back that far on the chart), the average sales price of a home in the Tri-Cities area has dropped over the year previous.

Now, before any local sellers read this and start wringing their hands, let me assure you – it does not necessarily mean that the value of your home has dropped. The average sales price, or ASP, is a reflection of the direction of the market, not of the value of the homes in that market.

For example –

Let’s say fifteen homes sold in the month of December, five at $175,000, five at $200,000 and five at $225,000. The average sales price would be $200,000.

However, say fifteen homes sold in the month of December, broken down as follows – seven sold at $175,000, five sold at $200,000, and three sold at $225,000. The average sales price in that scenario would be $193,333. Fifteen houses still sold that month. The houses priced at $225,000 were still worth $225,000, the buyers were just not there for those houses because the direction of the market was trending down.

So, when you see that the ASP for 2008 was $191.6, and for 2007 it was $193.2, don’t worry that it means your house is worth less this year than last year. It simply means more people bought homes that were priced lower than homes that were priced higher.

real estate stats

Download the full Tri-City Real Estate stats for December, 2008. (712k PDF)

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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