Understanding real estate trends in Canyon Lakes, a sought-after neighborhood in Kennewick, can empower buyers and sellers to make smarter decisions. By analyzing data from the past 12 months, current year-to-date (YTD) trends, and recent months, this report highlights the key factors shaping the market. Whether you’re planning to buy or sell, these insights provide a clear picture of Canyon Lakes’ real estate dynamics.
Key Market Trends
Trend 1: Balanced Inventory and Market Activity
- Over the past 12 months, Canyon Lakes averaged 1 new listing every 5.7 days, totaling 64 listings.
- In the last full month (December 2024), the market saw 1 listing every 10.3 days, with 3 total listings, marking a noticeable slowdown in new inventory.
- Year-to-date (January 2025), 4 new listings have come to market, maintaining a steady rate of 1 listing every 7 days.
- Conclusion: The steady but slower inflow of listings indicates a more balanced market where neither buyers nor sellers dominate.
Trend 2: Homes Selling Faster Recently
- Over the past 12 months, the average days on market (DOM) for all listings in Canyon Lakes was 90 days, with a median of 54 days.
- In the last full month (December 2024), the average DOM dropped to 31 days, with a median of 32 days, showing a significant improvement in market speed.
- Year-to-date (January 2025) data suggests a slight increase, with an average DOM of 84 days and a median of 52 days.
- Conclusion: While the average DOM has increased slightly in the new year, the market remains faster compared to long-term trends, suggesting heightened buyer activity.
Price Analysis
Trend 3: Listing Prices Show Growth
- Over the past 12 months, the average original listing price was $648,372, with a median of $598,900.
- In December 2024, the average listing price was $556,333, showing a slight dip, with the median at $480,000.
- Year-to-date (January 2025), the average listing price rebounded to $813,500, with a median of $687,000.
- Conclusion: Listing prices in January 2025 are significantly higher, indicating increased seller confidence or a shift toward premium properties.
Trend 4: Buyers Paying Closer to Listing Prices
- Over the past 12 months, the average final sold price was $618,721, reflecting a 4.6% reduction from the original listing price.
- In December 2024, the average sold price was $520,500, with a minimal gap between listing and final prices.
- Year-to-date (January 2025), the average final sold price is $476,333, with a similar trend of minimal negotiation.
- Conclusion: Buyers in Canyon Lakes are paying closer to asking prices, signaling strong demand and limited negotiation room.
Trend 5: Consistent Price Per Square Foot
- Over the past 12 months, the average price per square foot was $218.88, with a median of $222.79.
- In December 2024, this increased slightly to $230.89, with a median of $242.07.
- Year-to-date (January 2025) data shows the average at $244.09, indicating a continued upward trend.
- Conclusion: The steady increase in price per square foot suggests a stable and healthy market for sellers.
Buyer and Seller Dynamics
Trend 6: A Balanced Buyer-Seller Dynamic
- Over the past 12 months, Canyon Lakes had a buyer score of 4.6 and a seller score of 5.4, reflecting a relatively balanced market.
- In December 2024, the buyer score dropped to 2.1, while the seller score increased to 7.9, highlighting a strong seller’s market.
- Year-to-date (January 2025) scores remain balanced, with a buyer score of 4.6 and a seller score of 5.4.
- Conclusion: While December showed a stronger seller advantage, the market in January appears to be returning to a balanced state.
Summary of Key Insights
- Market Activity: New listings slowed down in December but rebounded slightly in January, maintaining a balanced inventory.
- Sales Speed: Homes are selling faster, with a significant improvement in December and steady performance in January.
- Pricing Trends: Listing and sold prices are increasing, with buyers paying closer to asking prices, reflecting strong demand.
- Buyer-Seller Dynamics: December favored sellers, but the market is shifting back to balance in the new year.
Final Thoughts
Canyon Lakes’ real estate market showcases a blend of stability and growth, with steady prices and quicker sales. Sellers have benefited from strong demand and minimal price reductions, while buyers face increasing competition but can still find value in the market.
If you’re considering buying or selling in Canyon Lakes, now is the time to act. Reach out to ryan@kenmoreteam.com or call 509.987.4544 for expert guidance tailored to your needs. Staying informed with local expertise ensures you make the best decisions in this dynamic market.