Staying informed about the latest real estate trends is key to making the best buying or selling decisions. By analyzing data from the past 12 months and comparing it with the most recent market activity, we can see how Panoramic Heights in Kennewick is performing. Whether you are looking to buy or sell, these insights will help you navigate the market with confidence.
Market Trends in Panoramic Heights
Trend 1: Stable Market Activity with Moderate Inventory
- Over the past 12 months, 136 new listings came to market, averaging 1 listing every 2.7 days.
- In January 2025, 11 new listings hit the market, translating to 1 listing every 2.6 days.
- Compared to December 2024, which had 7 new listings, the market has shown a steady flow of new properties.
- Conclusion: Inventory remains relatively stable, offering opportunities for both buyers and sellers.
Trend 2: Homes Selling at a Steady Pace
- The past 12 months saw an average days on market (DOM) of 55, with a median of 42 days.
- In January 2025, the average DOM was 24, with a median of just 7 days.
- This marks a significant improvement from December 2024, where the average DOM was 36 days.
- Conclusion: Homes in Panoramic Heights are selling faster, reflecting strong buyer interest and demand.
Pricing Trends
Trend 3: Listing Prices Holding Strong
- Over the past 12 months, the average original listing price was $524,495, and the median price was $499,900.
- In January 2025, the average listing price was $489,600, with a median of $445,000.
- This is a slight drop from December 2024, where the average listing price was $497,257.
- Conclusion: Listing prices remain strong, though slight fluctuations indicate sellers may need to adjust pricing expectations.
Trend 4: Sold Prices Remaining Competitive
- The past 12 months saw an average final sold price of $511,762, with a median of $489,500.
- In January 2025, the average final sold price was $488,691, with a median of $445,000.
- Compared to December 2024, where the average final price was $491,514, prices have remained relatively stable.
- Conclusion: Consistent sold prices indicate continued demand and a balanced market.
Trend 5: Price Per Square Foot Shows Growth
- Over the past 12 months, the average price per square foot was $241.71.
- In January 2025, the average price per square foot was $254.69.
- Compared to December 2024, where the average was $246.30 per square foot, this represents a steady upward trend.
- Conclusion: The rising price per square foot suggests continued buyer interest and strong market performance.
Buyer and Seller Market Conditions
Trend 6: A Seller’s Market with Strong Demand
- Over the past 12 months, the buyer’s score was 3.4, and the seller’s score was 6.6, indicating a moderate seller’s market.
- In January 2025, the buyer’s score was 3.3, while the seller’s score was 6.7.
- Compared to December 2024, when the buyer’s score was 1.7, buyers now have slightly more opportunity.
- Conclusion: While it remains a seller’s market, buyers have seen small improvements in market conditions.
Key Takeaways for Buyers and Sellers
For Sellers:
- Homes in Panoramic Heights are selling quickly, and final prices remain close to listing prices.
- Listing at a competitive price and preparing the home for sale will help attract serious buyers.
For Buyers:
- Inventory levels are stable, but homes are selling faster, so being prepared to act quickly is crucial.
- While prices remain steady, small shifts in the market could create better buying opportunities.
Final Thoughts
The Panoramic Heights real estate market continues to show strong seller advantages, with steady pricing and fast sales. However, there are early signs of slight shifts that could benefit buyers in the coming months.
If you’re looking to buy or sell in Panoramic Heights, now is the time to make informed decisions. Partnering with a local real estate expert can help you navigate the market effectively.
For expert assistance, contact ryan@kenmoreteam.com or call 509.987.4544. Staying informed and working with professionals will ensure you make the best decisions in today’s competitive market.