Tri-Cities Real Estate Market Update: September 2020

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We can’t say this is a surprise: After setting a new record for homes sold last month, this month the inventory crunch got even worse! New homes just aren’t hitting the market as fast as homes are selling.

When we put this housing market update together on Monday, there were only 473 homes available across the cities/towns we track. We’ve been doing these reports since late 2018, and that’s the lowest inventory we’ve seen in any one month. I’m curious to see if the TCAR data later this month shows the same thing. (TCAR measures housing activity beyond just the six cities you see on our report above.)

As you can see, 473 homes is 11% lower than a month ago. But check this out: It’s 34% lower than the inventory we had one year ago. (We had 721 homes on the market in September 2019.) Let’s do a year-over-year comparison for each of the bigger cities in our area:

  • Tri-Cities area: 34% lower inventory year-over-year
  • Kennewick: 44% lower inventory year-over-year
  • Pasco: 37% lower inventory year-over-year
  • Richland: 23% lower inventory year-over-year
  • West Richland: 18% lower inventory year-over-year

Inventory was already low a year ago, and now it’s significantly worse.

What It Means for Tri-Cities Buyers & Sellers

If you’re thinking about selling, the market needs your home. There are a lot of buyers looking! Now’s not the time to get greedy — you still need to price your home correctly. And your home should be in good shape, too. If it’s not, be prepared to fix what needs to be fixed. And when hit the sweet spot in terms of both price and condition, chances are good that you’ll have a quick sale.

If you’re thinking about buying, you need to be pre-approved and know exactly what you can afford. You also need to be ready to move quickly when you find “the one.” In that extra day you spend thinking about it, chances are good that another buyer will come in and scoop up the home you wanted. And when you write an offer, be ready to write the strongest one you can because you may be competing against other buyers.

Please drop us a note if you ever have questions about the housing market here in the Tri-Cities, or even in your specific neighborhood/town/city.

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

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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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