Record Low Inventory Spurs Rapid Home Sales
For Tri-Cities Homeowners, there’s never been a better time to sell.
The Tri-Cities is experiencing historically low inventory that continues to drive home sales at a record pace. The number of available homes for sale in Pasco, Kennewick, Richland, & West Richland is less than half of normal!
The result is that single-family residential homes are averaging a blazing fast 9 days on the market! So far this year, 60% of all the homes listed are already sold or pending.
Record Low Inventory
According to statistics from the Tri-City Association of Realtors, the months of inventory available, or “absorption rate” is at an all time low. Typically 5 months of inventory is considered stable, and is about where the Tri-Cities has centered for most of the past 10 years. 2015, however saw a sharp drop in this rate bringing us to January’s low mark of 1.72 months of inventory.
Tri-Cities residential real estate absorption rate data from October 2010–January 2016. Absorption rate is the amount of time it takes for current inventory to sell based on the number of homes sold in the previous 12 months. January 2016 had a rate of 1.72 months, less than half of the 10 year average of 4.78.
(Based on information from the Pacific Regional Multiple Listing Service for the period October 2010 through January 2016)
Do I have your attention yet? How about this statistic: 38% of all Tri-City homes for sale since January 1st went under contract in 7 days or less!
Don’t wait for the peak of the market in summer to sell your home. Take advantage of the current low inventory and do it as soon as possible. The facts show there’s simply never been a better time to sell your home in the Tri-Cities.
Real Estate is about People
Listing your home with a professional REALTOR® is the best way to ensure a smooth sale and get top dollar for your home. Don’t rely on a machine to spit out a guess-timate Zestimate™.
What’s your home worth? Call or email me today and I’ll provide you with a professional analysis of your home’s value. Our personal attention and customized marketing plan will ensure you have a stress-free experience and get the best price possible for your home.
Jason Mohr
Broker / REALTOR®
509-713-2540 • jason@mohrteamre.com
Zestimate is a trademark of Zillow Corporation.