Category Archives: Local Info & Statistics

Tri-cities local real estate housing statistics stats news information Richland Pasco Kennewick West Richland

Tri-Cities home and land sales Apr 2012 year-to-date

2012 year-to-date home & land sales for Tri-Cities

The numbers are in for Tri-Cities home and land sales for April 2012.  We pulled from sales in Richland, West Richland, Pasco, and Kennewick.  April sales currently register at 221 houses sold and 7 lots sold.  These numbers are likely to increase as the MLS listings are updated to “sold” status.  Stats are looking great for May sales, with 557 single family homes and 121 land sales currently under contract!  See more historical Tri-Cities stats at 1st Quarter 2012 Real Estate Stats

One of our listings is currently under contract and we’ve seen an increase in showings on all our listings.  Please let us know if you’re interested in knowing more about the current market or the value of your home! 

 

 

 

 

 

1st Quarter 2012 Real Estate Statistics

We’d like to report on the first quarter 2012 home sales in the Tri-Cities.  Generally statistics are given for the entire MLS, but we like to break it down for the majority of our clients, who are selling or buying single family homes within the Tri-Cities:  Richland, Pasco, Kennewick (we include West Richland too).   

1st Quarter single family home sales in Richland, West Richland, Pasco, & Kennewick

 
 The number of sales has remained steady throughout the winter and carried through to January and February.  We see the typical increase during March as warmer weather moves in and more houses hit the market.  The total sales for the first quarter were 535, plus 362 more under contract.  Keep in mind the numbers on these charts reflect only the 3 Tri-Cities plus West Richland, and only single family home sales. 
 
Historical single family sales for 1st quarter in Richland, West Richland, Pasco, & Kennewick
 How do these numbers measure up to historical sales?  We compared this quarter’s sales to the first quarter sales from the previous four years.  The difference between this year and last year was only 13 homes.  The previous year, 2010, was higher, but keep in mind many of those sales were the result of the tax credit to first-time and long-time homebuyers.   In general, the market has remained steady and houses that are competitively priced are selling. 
 
For more information on pricing your house to sell, see  Your Tri-Cities Castle–Pricing to Sell
 
We follow the market statistics closely so we can advise you on current sales trends.  When you list with us, we keep you informed with recent listings and sales in your neighborhood so you always have up-to-date information about your competition.  If you have any questions about statistics, market values, or sales trends in your area, don’t hesitate to give us a call! 
 
 
 
 
 
 
 

Building vs. Buying — Pasco Impact Fee Affects Real Estate

 
Pasco has passed an impact fee for new construction that may affect real estate in the area’s fastest growing city.  The fee has been a subject of controversy for Pasco.  It provides much needed revenue for the Pasco School District, but may negatively affect business and construction.  Pasco grew from a population of 32,066 to 59,781 in just one decade!  Much of the growth is new construction on what was once farmland.  Elementary schools are overflowing and land has been purchased and set aside, but more revenue is needed to build the additional schools. 

Current farmland to become new housing development

The impact fee has been approved by the Pasco City Council and will go into effect on April 16, 2012.   The fee will be charged for all new building permits.  The charge will be $4,700 for a single-family home and $4,525 per unit for multifamily construction.  This fee is anticipated to supply only a small portion ($3.6 million) of the approximate funding needed ($80.8 million) for the school district. 

Future Elementary school at Sandifer/Rd 60

 How will this affect real estate in Pasco?  There are both pros and cons.  If builders are unable to absorb the impact fee, it will be passed on to the consumer through an increase in lot and/or house prices, subsequently driving up the overall price of new construction.  Pasco has traditionally had the most affordable building prices, but more consumers may opt to build in Richland, West Richland, or Kennewick as the price gap narrows.  New construction remains the greatest competitor to the sale of existing homes in Pasco–the fee does not affect existing homes, so it may result in a more competitive market and could increase existing home sales. 

If you’re interested in learning more about the impact fee, building, or buying a home, please give us a call.  And if you haven’t seen it yet, take a minute to check out this fabulous 5 bedroom home in the Casa del Sol neighborhood in Pasco at 4910 Bilbao Drive.  

 

 

 

 

Tri-Cities School District Boundaries

If you are looking for a house for sale in a specific school or district in the Tri-Cities, you might be overwhelmed.  The boundaries can be confusing, especially if schools are full (such as White Bluffs or Badger Mountain, where new students are reassigned).  There are Richland residents whose homes fall within the Kennewick district boundaries, pockets of homes within a neighborhood that are assigned to a different school, and boundaries that are divided by population & demographics rather than proximity to schools.

Buyers and sellers should be aware of the school boundaries for their homes, even if they currently have no children attending.  The assigned schools can make the home more or less desirable, therefore affecting market value. 

How do you avoid surprises?  Click on our convenient new page: Tri-Cities Schools.  It will link directly to the district websites and boundary maps so you can keep up to date on the latest changes.  We can help you navigate the boundary confusion–our kids have attended Pasco and Kennewick schools, and we currently live in Richland.  Yet growth in the Tri-Cities means schools fill & boundaries change, so we recommend you verify all school information through the district before you buy or sell your home.

 

 

 

Tri-Cities, WA Local Destination – Howard Amon Park

 
Howard Amon Park Playground in the Winter - Richland, WA

Winter at Howard Amon Park Playgound in Richland, WA

It’s still winter in the Tri-Cities, but spring is soon on it’s way.  With 300+ days of sunshine, it’s no wonder Tri-Cities residents love our parks!  Howard Amon Park, located along the Columbia River in Richland, WA, is no exception.  Donated to the city by W.R. Amon and his son Howard in 1911, the 45.91 acre park has undergone many changes.  When the government siezed the town in 1943 to produce plutonium for the atomic bomb, the Manhattan Corps of Engineers laid out a new town, knocked down the park’s entrance marker, but retained the park.  Indirectly it became known as Riverside Park by the new residents who had never heard of Howard Amon.  In 1968, the park was restored to its original name acccording to this  1968 Tri-City Herald Article.

The park has a playground, a wading pool, tennis & basketball courts, swing benches, boat docks, and an outdoor stage  named “The Ellipsoid,”  known locally as “The Fingernail.”  The park includes a portion of the 26 continuous miles of paved walking/bike trails that meander through the Tri-Cities. 

From the park you can walk to the Allied Arts Gallery, the CREHST museum (Columbia River Exhibition of History, Science, and Technology), or The Parkway–home of many local restaurants & shops, Wednesday Famer’s Markets, 1st Friday local art night, and the Richland Player’s Theater.  Before you head back to the park, stop by Greenie’s, where you can rent kayaks, stand-up paddle boards, & bikes (including electric & tandem) to make your day even more enjoyable.  With so much abundant local flavor and fun, Howard Amon Park is one of the Tri-Cities’ unique destinations for local recreation!

Please call us if you need help finding a home in the Tri-Cities or surrounding areas, we’d love to help you out!

 

 

 

Gearing up for Spring Home Sales

We are still scraping ice and shoveling snow in the Tri-Cities, but at the same time we’re gearing up for spring home sales.  Why so soon?  Several friends have approached us with the possibility of listing their home, and the question always comes up–when is the best time to list?  The answer is whenever the time is right for you, but according to statistics, that may well be February. 

Residential Sales 2011 - Richland, W Richland, Pasco, Kennewick

 Referring to the 2011 monthly chart, you’ll notice a few spikes in residential sales.  The first spike was in March.  Sales increased by 72, from 160 in February to 232 in March.  Another spike came in June.  Keep in mind the typical 30 day closing period for a loan, which means the contracts to purchase those homes were made in February and May. 

There are several reasons for the spikes; the Feb/March jump includes those who put off buying or selling over the winter–once spring begins, they’re ready to roll.  Sellers may be hoping to beat the crowd to have more choices to buy or time to build a new home by the end of summer (when I worked for a builder, I saw increased traffic in February–the majority already had houses listed or under contract).  May/June sales include those who want a head start on relocating, giving them time to settle in their new location before fall.  Also families with kids often move during the summer break from school. 

The real estate market can also be driven by interest rates, tax incentives, and the local economy.  February and May obviously don’t work for every situation; you’ll be glad to note that sales remain steady year-round in the Tri-Cities.  If you have questions about when the time is right for you, give us a call.  Our next client’s home will be listing on the MLS this week, so check back in a few days to see the new addition to our featured listings! 

 

 

 

 

Pasco Riverfront Home Sells For Nearly $1 Million

Pasco Riverfront Home Sells

Tri-Cities real estate 2012 started out with a bang in January with the sale of a Pasco riverfront home listed at $1,190,000!  Homes truly located on the Columbia River aren’t listed for sale very often; when they are, they sell at a premium.  This .89 acre lot also happens to be located directly across from Columbia Park in Kennewick, making it a prime area for spectacular views of the Columbia River and the annual hydroplane races. 

 

What does this mean for the Tri-Cities real estate market?  If you refer to the 2011 statistics chart at Tri-Cities Home Sales-What’s Your Price Range?, you’ll note that zero listings (single family homes listed on the MLS) sold in the “over $900,000” price range last year.  This sale falls in that price range–a record breaker nearly $100,000 higher than the top price for 2011.  Total days-on-market?  90.  This sale may be a skewed statistic, or it may be a sign that buyers are taking advantage of our reasonable market values and historically low interest rates to buy the home of their dreams. 

Are you interested in a riverfront home, or any other specific area?  Let us know what you have in mind, and we can send you listings as they come on the market.  It doesn’t matter whether you’re just getting started on your first home, or ready to buy the home of your dreams, give us a call–we’d love to help you out!

 

 

 

 

What’s your Walkability? New features include this and more.

Have you heard the term walkability?  It’s exactly what it sounds like; in this case, the ability to walk from your home to desirable destinations.  We’d like to introduce you to this and other new tools.  You can even check the walkablility score of your current home.

Go to “Our Listings” in the main menu bar, then select any listing (it might help to pull up the site, www.kundehomes.com, in another window so you can try it while reading this).  Scroll down through the information until you get to the tabs labled “Map,” “Photos,” “Downloads,” “Schools,” “Financing,” and “Walkability.”

 “Map” is the fist tab.  Click  “map” in the upper right corner to choose streetmap or satellite view.  You can also check the boxes to show locations of schools, grocery stores, restaurants, banks, gas stations, golf, and hospitals. 

“Photos” is the 2nd tab.  It will show you a picture gallery of the home.

The “Downloads” tab will link to printable information, such as the flyer.

 The “Schools” tab shows the name, address, phone, and stats of schools within a 3 mile radius.

  The “Financing” tab contains calculators to help you estimate monthly mortgage payments and closing costs. 

“Walkability” is the final tab.  It rates the house between 1 and 100 based on walking distance to restaurants, coffee shops, grocery stores, shopping, schools, parks, and other destinations.  At the bottom you can enter your own address.  Our Richland home scored only 9 out of 100, putting us in the car-dependent category, but that’s okay–we have plenty of trails to walk (and run) on!

Everyone has different preferences for location, schools, and proximity to business.  Let us know what yours are. 

 

 

 

 

Tri-Cities Home Sales – What’s Your Price Range?

Those who follow our blog will notice that we like charts and graphs.  Why?  They take an otherwise meaningless list of statistics and organize it into a tidy picture that is immediately understood.  This chart shows the 2011 sales of residential single family homes in Richland, West Richland, Pasco, & Kennewick, divided by price range. 

How does this apply to you?  The first thing you’ll notice is that if you’re selling a house for under $350,000, you’ll have a far greater number of potential buyers (93% of the market).  In fact, more than HALF of the home sales in the Tri-Cities were priced between $100,000 and $200,000.  Fewer homes sold in the higher price ranges, but there were also fewer on the market.  Keep in mind there are higher priced custom built homes that don’t get listed on the MLS, so they aren’t included in the chart. 

The bottom line is that whether you’re in a lower price range with more competition, or a higher price range with fewer buyers (and custom built competition), you need to price your home competitively to attract potential buyers.  The best way to know your price range is to call us for a free market and neighborhood analysis; we’d be happy to tell you the current value of your home. 

 

 

 

 

2011 Real Estate Stats – Tri-Cities WA house sales

 

 The 2011 statistics are in for Tri-Cities house sales:  2713 single family residential homes sold in the area’s largest cities of Richland, West Richland, Pasco, and Kennewick.  An additional 289 sales from surrounding areas brings the grand total to 3002.   

 

 

 The sales are divided almost equally among the 3 cities if Richland and West Richland are combined.  Kennewick’s 966 sales make up 36% of the market, Pasco’s 882 sales make up 33%, and Richland along with West Richland’s 865 sales make up 31%. 

 

 The number of houses sold each month (in Richland, West Richland, Pasco, and Kennewick) remained steady throughout most of the year–starting with the low of 155 in January, peaking at 277 in June, and ending with 222 sales closed in December.  There has been much doom-and-gloom in the media about the depressed economy combined with Hanford layoffs, yet houses continue to sell.  Although there were fewer sales this year than last, the numbers show our housing market to be stable and steady!