The market for 1-story homes with basements in Canyon Lakes, Kennewick, has shown unique trends compared to other home styles. These homes offer added space and functionality, making them an appealing choice for buyers. Let’s take a closer look at the latest market activity, pricing trends, and what buyers and sellers need to know.
Market Activity: Listings & Sales Trends
Past 12 Months:
- 14 total listings, averaging one new listing every 26 days.
- 10 homes sold, meaning a sale occurred approximately every 36.5 days.
- Homes spent an average of 78 days on the market, with a median of 61 days, making them slower to sell than standard 1-story homes.
Recent Trends:
- In February 2025, 2 new listings were recorded, while 1 home sold.
- In March 2025 (so far), 1 new listing has been recorded, with no sales yet.
- Homes in this segment take longer to sell, meaning buyers have more time to negotiate.
Pricing Trends: Are Home Values Holding Steady?
Listing Prices:
- Over the past year, the average original listing price was $725,071, with a median of $700,000.
- The lowest original listing price was $599,000, while the highest reached $899,900.
- February 2025 listings had an average price of $748,500, slightly higher than the yearly trend.
Final Sale Prices:
- The average final sale price over the past year was $690,312, with a median of $675,000.
- The highest recorded final sale price was $849,000, while the lowest was $615,000.
- Homes in this category are selling for about 95.2% of their original listing price, indicating strong demand despite longer days on market.
Price Per Square Foot:
- Over the past year, the average price per square foot was $259.74.
- The median price per square foot was $265.88, showing slightly higher values compared to other home styles.
- If demand continues to rise, the price per square foot could increase into the summer months.
Buyer & Seller Market Conditions
The market strength for buyers and sellers is measured using Buyer and Seller Scores:
- Over the past 12 months, the Buyer Score was 5.8, while the Seller Score was 4.2, indicating a balanced market with a slight buyer advantage.
- Recently, in February 2025, the Buyer Score rose to 6.4, while the Seller Score dropped to 3.6, reinforcing favorable conditions for buyers.
- March’s Buyer Score is 6.2, showing buyers continue to have the upper hand.
This means that buyers have more negotiating power in this segment, as homes take longer to sell and price adjustments are common.
Key Takeaways for Buyers & Sellers
For Buyers:
- Longer selling times mean you can negotiate more effectively.
- Sellers are pricing competitively, making this a good opportunity to find a deal.
- If you’re looking for extra space, these homes offer great value for the price per square foot.
For Sellers:
- The market is favoring buyers, so pricing strategically is crucial.
- Homes are selling at about 95.2% of their list price, meaning flexibility in negotiations is key.
- Proper home staging and marketing can help attract serious buyers more quickly.
Final Thoughts
The 1-story home with basement market in Canyon Lakes has shifted toward a buyer’s market, with longer days on market and increased negotiation leverage for buyers. However, pricing remains strong, meaning well-prepared sellers can still achieve competitive offers. Buyers looking for spacious homes with added functionality should consider this segment as a great opportunity.
For expert guidance, reach out to a trusted Realtor at the Kenmore Team for real estate insights and assistance in navigating this market.