Are you curious about how the Tri-Cities real estate market and how the existing construction market is performing? In this blog post, we dive into key insights and trends observed over the past 12 months and the last full month. Here’s what you can expect to learn:
- How fast the market is moving for existing construction homes
- Trends in listing prices, sold prices, and price per square foot
- Changes in buyer and seller market conditions
- What it means for buyers and sellers in the current market
Market Speed Trends
Over the past 12 months, the existing construction market has been highly active, averaging 6.91 listings per day. However, in the last full month, the daily listing count slowed to 4.32 listings per day, indicating a possible seasonal slowdown or reduced inventory.
Days on Market (DOM)
The average DOM for existing homes decreased from 52 days over the past 12 months to 38 days in the last full month. This suggests faster sales and potentially higher buyer demand.
Price Trends
| Time Period | Average Listing Price | Average Sold Price | Sold-to-Listing Price Ratio |
|---|---|---|---|
| Past 12 Months | $506,331 | $477,328 | 94.3% |
| December 2024 | $505,286 | $454,592 | 90.0% |
While listing prices remained stable, the ratio of sold-to-listing price dropped from 94.3% to 90.0%, indicating increased price negotiations in recent sales.
Price Per Square Foot
The average price per square foot for existing homes slightly decreased from $241.17 over the past 12 months to $238.91 in the last full month. This aligns with the trend of lower final sale prices.
Buyer and Seller Score Trends
| Time Period | Buyer Score | Seller Score |
|---|---|---|
| Past 12 Months | 3.5 | 6.5 |
| December 2024 | 1.7 | 8.3 |
The seller score increased from 6.5 to 8.3 in the last month, reflecting stronger seller conditions. Meanwhile, the buyer score dropped from 3.5 to 1.7, indicating reduced leverage for buyers.
Conclusions
- The existing construction market remains highly active, though listing activity slowed in the last month.
- Days on market have decreased, suggesting faster sales and potentially higher buyer demand.
- Despite stable listing prices, lower sold-to-listing price ratios and reduced price per square foot indicate increased price negotiations.
If you’re looking to buy or sell an existing home, now might be a great time to take action. Contact us at ryan@kenmoreteam.com or call 509.987.4544 to learn more about how we can help you navigate the market.