Tri-Cities Real Estate Market Update: February 2020

It’s not a surprise that there’s a lot of red on this month’s Tri-Cities housing market update — that’s to be expected at this time of year. But there are two surprising things:

1.) How red some of those numbers are, and
2.) Two of the active listing counts are actually green

That 23% drop in sold homes (last month) is unusually large for a single month. By comparison, a year ago that number was 7%. As you can see, much of the drop in homes sold happened in Pasco, which went from 115 to just 71 homes sold.

The 8% drop in active listings across the area isn’t odd; a year ago at this time, we saw a 13% drop there. And in fact, it’s a bit unusual to see even those small increases in inventory in Pasco and Richland. Last February, none of the cities we track saw an increase in active listings.

Here are a couple other things to know about this month’s numbers:

• Tri-Cities active listings have dropped for four straight months. (Again, not unusual.) Kennewick’s actives have done the same.
• The 291 homes sold across the area is the lowest monthly count since last April (286).
• The 71 homes sold in Pasco is the lowest since last March (65).

Get in touch if you ever have questions about the housing market here in the Tri-Cities, or even in your specific neighborhood. We’ll be keeping a close eye on the market to help our clients make the best decisions for their buying or selling situations!

(*Remember that days on market can sometimes be skewed by how new construction homes are processed in the MLS.)