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Big Bear’s Real Estate Blog: Tri-Cities Real Estate Market Showing Signs of Life!

(Photo by Scott Olson/Getty Images)

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
Residential Listings
Total Sold Average Sold Price Median Sold Price Under Contract
2011
Jan 954 161 194.4 175 223
Feb 979 170 201.8 179 279
Mar 1021 243 193.8 169.5 312
Apr 1128 255 192.5 171.0 314
May 1202 253 204.3 177.2 307
Jun 1238 288 203.2 177.1 343
Jul 1383 275 209.3 185.0 285
Aug 1388 257 203.4 179.9 293
Sep 1306 259 200.0 179.1 295
Oct 1234 232 201.0 180.0 299
Nov 1170 229 181.1 167.0 237

 



Check back next week for Bear’s Real Estate Blog. And if you have a real estate question you can email me at barrylong@townsquaremedia.com I do hold a Washington Real Estate License and I am affiliated with Everstar Realty in Kennewick.

For your next home search CLICK HERE!

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