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Pasco Real Estate- Busting at the Seams and a Bust for Sellers

By in Pasco Real Estate with 4 Comments

The Tri-City Herald (along with the Associated Press) reported some pretty cool stats about Pasco and the surrounding environs in Franklin County.  It’s the fastest growing area in the state of Washington.  Awesome!

That’s just one part of the story, though.  Maybe some of those people are renting and not buying because the absorption rates tell a different story.

The absorption rate is a number real estate agents and brokers use to determine the health of a market.  The number tells us how long it would take for the existing inventory of homes to sell if no new ones came on the market.  Under 3 months indicates a seller’s market, from 4-6 months, it’s pretty balanced, 7+ months, hang in there, it’s gonna take a while, and the buyers can often call the shots.

In Pasco, a house selling for our area’s average price ($181,700, according to the Tri-City Association of Realtors) would be in the absorption rate of 8.59 months.  Euuw!  You could conceive and give birth to a baby by the time you sell your house.  Side note for the gentlemen – the 9 months of pregnancy, FEEELS like 15 to the pregnant person. 

My point is that’s an awfully long time for a house to sit on the market, and in the fastest growing area in Washington, what’s the deal?  You’d think they’d be snapped up, especially in that price range.  In Kennewick and Richland, the houses in that price range have an absorption rate of 3.2 and 3.82 months, respectively.

Here is the scoop – Pasco has more homes available in that price range, so supply is high, even if demand keeps pace.  Kennewick and Richland don’t have that many houses in that price range, so when one comes up, it’s gone within a couple months.

So, if you’re a $175,000 – $199,999 buyer looking for a deal, try Pasco first.

And, Pasco sellers, if you’ve been trying to sell your house at $180,000 for the last few months, reduce your price to $174,900.  That puts you in an entirely different absorption rate (4.8 months) and you might get that house sold more quickly.

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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!

4 Comments

  1. […] because Pasco as a whole is growing like gangbusters. Cari wrote earlier this year about how Pasco is the fastest growing area in Washington. A lot of that growth is happening in the Road 68 – Road 100 area … right next to Broadmoor […]

  2. […] Pasco economy. The area around the stadium has grown like gangbusters, and is the main reason why Pasco is the fastest-growing city in all of […]

  3. […] is the fastest-growing city in Washington, which is generally good news for residents: lots of new businesses, stores, job opportunities, […]

  4. […] Pasco Real Estate- Busting at the Seams and a Bust for Sellers […]

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