I went to a continuing real estate education class last week up in Bellevue, WA. It’s a gorgeous city with a great mall (can you say Burberry, Apple and Nordstrom? I am still lusting after the purse I saw in the Michael Kors store. Good thing it isn’t local, or otherwise I wouldn’t get any work done. I’d just go and sit in the store to visit my purse all the live-long day. But I digress…). It also has a lot of high-end real estate. Agents were tossing around “million-three” and “two-six” (as in two million, six hundred thousand!) or “reasonably priced at seven seventy-five.” :-O
How does that compare to Tri-Cities real estate? Our average sales price is in the 180’s! As in, one hundred, eighty thousand-dollar range!
March’s real estate market stats paint a pretty bleak picture for the small portion of our market which is our upper-end.
In the Tri-Cities, we have 73 homes (out of about 1,000 listed) available at prices from $500,000 and up. In March, two of those sold and one went into escrow. So, at a rate of one per month, we are looking at six years to exhaust the supply of upper-end homes. And that’s if nothing new came on the market. Six years! Yikes! That’s a buyer’s market on the most extreme end!
You can click here to download the full March 2010 Tri-Cities Real Estate Market statistics. (PDF, 3mb)