Big Bear’s Real Estate Blog: Tri-Cities Real Estate Market Showing Signs of Life!
When the housing bubble burst in 2008 it seemed that everyone was in a panic and that their homes would be worth nothing and it was possible that a huge segment of homes owners were going to be faced with foreclosure and new buyers would be faced with high interest rates. Lets fast forward to January 2012.
People in the fall of 2011 were pleasantly surprised by the availability of home mortgages and historically low interest rates. 15 year loans were as low as 3.15% and FHA 30 year mortgages were as low as 3.75 percent.
The Tri-Cities showed fantastic resiliency in the fact that our area showed stable home prices and a steady number of new home building permits. For 2011 there were 1335 permits issued compared to 1550 for 2010. The Homebuilders Association calls that "sustainable".
The cool part was the Tri-Cities sold just about 2865 homes which is an average year. In 2011 there were only 355 foreclosures compared to 750 in 2010. The average sales price of a home also went up from $205,000 in 2010 to $207,000 in 2011.
Realtors are forecasting that home prices will increase 3 to 5% in 2012 which means that the Tri-Cities is a healthy real estate market.
Here are the housing statistics from the Tri Cities Association Of Realtors
|Date||Total Number Active
|Total Sold||Average Sold Price||Median Sold Price||Under Contract|
Check back next week for Bear's Real Estate Blog. And if you have a real estate question you can email me at firstname.lastname@example.org I do hold a Washington Real Estate License and I am affiliated with Everstar Realty in Kennewick.
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