180-Day Snapshot – October 2024 through March 2025
This report offers a detailed look at Pasco’s new construction, single-family home market over the past 180 days. The analysis covers inventory activity, home sales, price trends, days on market, and overall market leverage for buyers and sellers.
Using the previous 12 months as a baseline, this six-month period reveals how the market has shifted as we move into the spring season.
Key Market Metrics – 180 Days
| Metric | Value |
|---|---|
| Total Listings | 163 |
| Listings Per Day | 0.91 |
| Homes Sold | 223 |
| Sales Per Day | 1.24 |
| Average Original List Price | $633,615 |
| Median Original List Price | $486,302 |
| Average Final Sales Price | $532,869 |
| Median Final Sales Price | $449,690 |
| Average Days on Market | 79 |
| Median Days on Market | 96 |
| Average Price per Sq. Ft. | $281.97 |
| Median Price per Sq. Ft. | $281.41 |
| Buyer Score | 4.23 |
| Seller Score | 5.77 |
Inventory and Listing Activity
Pasco saw 163 new construction listings come to market over the past six months—equating to roughly 0.91 new listings per day. This is a 32 percent drop from the 365-day rate of 1.35 listings/day, signaling a slowing of new inventory being introduced.
Insight: Builders appear to be scaling back listing volume, potentially in response to seasonal slowdowns or increased caution around pricing and absorption rates.
Sales Volume and Absorption Rate
Sales activity remained strong, with 223 homes sold, or about 1.24 homes per day. This nearly matches the 12-month sales pace (1.25/day), even though fewer homes were listed.
Insight: The high absorption rate suggests demand stayed strong even as listing activity slowed, helping prevent significant inventory buildup.
Pricing Trends
- Average list price rose to $633,615, a notable increase from the 365-day average of $562,107.
- Average final sale price declined slightly to $532,869, compared to the 12-month average of $538,006.
- The gap between list and sale price widened significantly: homes sold at ~16 percent below their original list price on average.
Interpretation: Sellers may have overestimated what buyers would pay, resulting in greater price reductions. This shift suggests the market cooled from its previous seller-dominant state and became more price-sensitive.
Days on Market (DOM)
- Average DOM increased to 79 days, up from 68 in the prior 12-month period.
- Median DOM rose to 96 days, from 87 previously.
Insight: Homes took longer to sell, and the rise in both average and median DOM confirms a slight slowdown in transaction speed. Sellers need to be patient and strategic with pricing to move inventory.
Price per Square Foot
- Average price per sq. ft.: $281.97
- Median price per sq. ft.: $281.41
These are both up from the 12-month average of $276.67.
Interpretation: Even as homes sold for less overall, they maintained or improved their price efficiency on a per-square-foot basis, likely reflecting more compact or efficiently designed new homes in the current batch of inventory.
Buyer and Seller Market Scores
Using the integrated scoring algorithm, we see a clear shift toward balance:
| Score Type | Value | Description |
|---|---|---|
| Buyer Score | 4.23 | Buyers gained some leverage |
| Seller Score | 5.77 | Sellers still retain moderate advantage |
Interpretation: While sellers still hold the upper hand, buyers are no longer facing the same pressure as they were a year ago. Pricing corrections and increased time on market have tipped some leverage back toward buyers.
Market Summary
| Category | 365-Day Avg. | 180-Day Value | Trend |
|---|---|---|---|
| Listings/Day | 1.35 | 0.91 | Slowing inventory |
| Sales/Day | 1.25 | 1.24 | Steady demand |
| Avg. DOM | 68 | 79 | Homes taking longer to sell |
| Price vs. List | -4.29% | -15.89% | Sellers reducing prices |
| Avg. Price/Sq. Ft. | $276.67 | $281.97 | Value-per-foot increasing |
| Buyer Score | 2.80 | 4.23 | Buyer conditions improving |
| Seller Score | 7.20 | 5.77 | Seller advantage softening |
Final Takeaways
Over the past six months, Pasco’s new construction market has cooled slightly, but remains stable overall. Sales are keeping pace with available inventory, though homes are taking longer to sell and list-to-sale price gaps have widened. Builders and sellers should focus on accurate, market-sensitive pricing to keep listings competitive.
Buyers: You now have a bit more room to negotiate and time to make decisions. However, prices per square foot remain strong, so act strategically.
Sellers: It’s still a good time to list, especially if your pricing reflects current market realities. Homes are selling—just not as quickly or at the same margins as a year ago.