By comparing the past 12 months of existing construction market data for Pasco and the overall Tri-Cities region, we can better understand the unique dynamics at play in this subset of the market. Since Pasco is part of the Tri-Cities, its trends often mirror the region, but key differences can highlight local opportunities for buyers and sellers. Below is a detailed analysis of key metrics, including listings, pricing, and market speeds.
Market Activity
1. Listings per Day
- Tri-Cities: Over the past 12 months, the Tri-Cities averaged 6.9 new listings per day, totaling 2,524 listings.
- Pasco: Pasco averaged 1.88 new listings per day, with 688 total listings.
- Conclusion: Pasco accounted for about 27% of total listings in the Tri-Cities. While it represents a smaller share, it remains a significant contributor to our inventory.
2. Days on Market (DOM)
- Tri-Cities:
- Average DOM: 52 days
- Median DOM: 29 days
- Pasco:
- Average DOM: 49 days
- Median DOM: 30 days
- Conclusion: Homes in Pasco sold slightly faster than the Tri-Cities average, suggesting strong demand and active buyer interest.
Pricing Trends
1. Listing Prices
- Tri-Cities:
- Average Listing Price: $507,832
- Median Listing Price: $450,000
- Pasco:
- Average Listing Price: $487,227
- Median Listing Price: $439,900
- Conclusion: Pasco’s listing prices were slightly lower than the overall Tri-Cities market, reflecting its position as a more affordable option within the region.
2. Sold Prices
- Tri-Cities:
- Average Sold Price: $478,361
- Median Sold Price: $435,000
- Pasco:
- Average Sold Price: $457,026
- Median Sold Price: $425,000
- Conclusion: Pasco’s sold prices were consistently lower than the Tri-Cities average, reinforcing its status as a more budget-friendly area for buyers.
3. Price per Square Foot
- Tri-Cities:
- Average Price per Square Foot: $242.90
- Median Price per Square Foot: $240.44
- Pasco:
- Average Price per Square Foot: $249.25
- Median Price per Square Foot: $248.83
- Conclusion: Despite lower overall prices, Pasco’s price per square foot was slightly higher than the Tri-Cities average, suggesting that homes in Pasco tend to be smaller.
Buyer and Seller Dynamics
Buyer and Seller Scores
- Tri-Cities:
- Buyer Score: 3.5
- Seller Score: 6.5
- Pasco:
- Buyer Score: 3.4
- Seller Score: 6.6
- Conclusion: Both markets leaned toward a seller’s market, but Pasco’s scores suggest slightly more balance, offering buyers a bit more negotiating power compared to the overall Tri-Cities.
Summary of Insights
- Inventory and Market Activity: Pasco contributed about 27% of the total Tri-Cities listings. While it offers fewer listings than the overall region, its activity level remains healthy.
- Sales Speed: Homes in Pasco sold slightly faster than in the broader Tri-Cities market, indicating strong buyer interest and competition.
- Pricing Trends: Listing and sold prices in Pasco were lower than the regional average, making it an appealing option for budget-conscious buyers. However, its higher price per square foot indicates smaller home sizes.
- Buyer-Seller Balance: Pasco showed similar buyer-seller dynamics to the Tri-Cities, with a moderate seller’s market. However, its slightly lower seller score suggests a marginally more favorable environment for buyers.
Final Thoughts
Pasco’s existing construction market offers excellent opportunities for both buyers and sellers. Buyers benefit from lower overall prices, while sellers enjoy relatively quick sales and minimal price reductions.
For personalized guidance in navigating the Pasco real estate market, contact ryan@kenmoreteam.com or call 509.987.4544. Staying informed about local trends ensures you make the best possible decisions when buying or selling a home.