The market for 2-story homes with basements in Canyon Lakes, Kennewick, has seen unique trends compared to other home styles. While these homes offer ample space and flexibility, they also tend to take longer to sell, creating opportunities for buyers while presenting challenges for sellers. Let’s analyze the latest data and market conditions.
Market Activity: Listings & Sales Trends
Past 12 Months:
- 4 total listings, averaging one new listing every 91 days.
- 3 homes sold, meaning a sale occurred approximately every 121 days.
- Homes spent an average of 225 days on the market, with a median of 210 days, making them the slowest-selling home type in Canyon Lakes.
Recent Trends:
- In February 2025, 1 new listing was recorded, while 1 home sold.
- In March 2025 (so far), no new listings or sales have been recorded.
- Homes in this segment tend to sit on the market longer, indicating a buyer’s market with more room for negotiation.
Pricing Trends: Are Home Values Holding Steady?
Listing Prices:
- Over the past year, the average original listing price was $829,950, with a median of $699,900.
- The lowest original listing price was $649,000, while the highest reached $1,050,000.
- February 2025 listings had an average price of $899,000, higher than the yearly trend.
Final Sale Prices:
- The average final sale price over the past year was $789,667, with a median of $699,900.
- The highest recorded final sale price was $950,000, while the lowest was $695,000.
- Homes in this category are selling for about 95.1% of their original listing price, meaning sellers are still securing strong closing values.
Price Per Square Foot:
- Over the past year, the average price per square foot was $242.11.
- The median price per square foot was $249.34, reflecting moderate pricing stability.
- If demand remains slow, price per square foot may decline slightly as sellers adjust to market conditions.
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 4.5, while the Seller Score was 5.5, indicating a balanced market.
- Recently, in February 2025, the Buyer Score increased to 6.0, while the Seller Score dropped to 4.0, reinforcing favorable conditions for buyers.
- March’s Buyer Score is 6.3, showing that buyers continue to gain leverage.
This suggests that buyers have more negotiating power in this segment due to longer market times and fewer competing offers.
Key Takeaways for Buyers & Sellers
For Buyers:
- Homes are taking significantly longer to sell, giving you more time to make decisions.
- Sellers are more open to negotiations, making this a prime opportunity for securing deals.
- If you need a spacious home with additional basement space, this is a great segment to consider.
For Sellers:
- The market is shifting toward buyers, meaning proper pricing and home preparation are critical.
- Homes are still selling at competitive prices, but expect longer days on market and possible price adjustments.
- Strategic staging and marketing can help reduce market times and attract serious buyers.
Final Thoughts
The 2-story home with basement market in Canyon Lakes is shifting toward a buyer’s market, with longer days on market and increased negotiation leverage for buyers. However, pricing remains relatively strong, meaning sellers who are patient can still achieve solid offers. Buyers looking for large homes with added functionality will find great opportunities in this segment.
For expert guidance, reach out to Ryan Rose at Kenmore Team for real estate insights and assistance in navigating this market.