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June’s Real Estate Stats – Half Way Through and the Tide is Turning

By in Tri-Cities Housing Market with 0 Comments

I feel like a broken record.  I’ve been saying to the sellers I represent, and to others to whom I’ve presented marketing proposals, that the inventory is increasing, demand is staying steady, and that means prices are going down.

When I say inventory is increasing, I mean more houses are coming on the market.  Interestingly, inventory is actually returning to pre-2008 levels – which might actually be called “normal”.  But if something stops being one way for almost three years, but then returns to how it was before, can you call it normal anymore??

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As you can see, we usually increase our inventory in the summer…in ’07, June was up 8% to January levels, in ’08, June was up 11% to January levels…even last year, which was an anomaly due to the tax credit,  June’s inventory was up 6% to January’s count.  This June, there are 35% more houses available than there were in January.

However, the amount of homes actually being sold is staying relatively steady.  June ’11 saw 16% more homes sell than May, which is consistent with ’09 and ’07 figures. 2010 is again an aberration, and ’08 was off because the economy was just about to turn downward.

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When supply increases and demand stays steady, lower prices result.  If supply increases and demand decreases, prices lower significantly.  It’ll be interesting to see what the rest of the year brings.

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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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