For Existing Construction, Single-Family, 1-Story Homes
The Pasco real estate market has shown steady activity over the past year, with changes in total listings, pricing, and market dynamics. By analyzing trends from the past 12 months and the most recent data, we can see how the market is shifting and what buyers and sellers should expect.
How Have Total Listings Changed Over the Past 12 Months?
- Past 12 Months: 352 total listings, averaging 1 per day.
- January 2025: 34 new listings, averaging 1.1 per day.
- February 2025 (to date): 7 new listings, averaging 0.25 per day.
Total listings have declined in recent months, with February seeing a sharp drop compared to both January and the past year’s average. Fewer homes coming to market means tighter inventory, which could lead to increased competition among buyers.
Market Trends
Homes Are Selling Faster
- Past 12 Months: Average days on market was 38, with a median of 20.
- January 2025: Average of 46 days, median of 31.
- February 2025 (to date): Average of 22 days, median of 22.
Homes are selling significantly faster than in previous months, with February seeing a lower time on market compared to January. This suggests strong buyer demand and a competitive market.
Pricing Trends
- Past 12 Months:
- Average listing price: $441,365
- Average final sale price: $432,106
- January 2025:
- Average listing price: $469,000
- Average final sale price: $414,627
- February 2025 (to date):
- Average listing price: $662,386
- Average final sale price: $500,000
February’s listing prices have surged compared to previous months, with a notable increase in final sale prices as well. While prices are rising, it remains to be seen if buyers will continue to meet these higher asking prices.
Buyer and Seller Market Shifts
- Past 12 Months: Buyer score: 2.6, seller score: 7.4.
- February 2025 (to date): Buyer score: 3.9, seller score: 6.1.
The seller’s market remains, but conditions are shifting slightly toward balance. Buyers may have more negotiating power compared to earlier months, though competition remains strong.
What This Means for Buyers and Sellers
For Sellers:
- Rising prices and fast sales indicate strong demand.
- Pricing competitively is key to attracting buyers in a market where inventory is tightening.
For Buyers:
- Inventory is low, so acting quickly is essential.
- More negotiating power than previous months, but competition remains high.
Final Thoughts
Pasco’s real estate market continues to be active, with strong sales, rising prices, and fewer new listings entering the market. While it remains a seller’s market, buyers are gaining some leverage.