The Rental Market:
For those of you who are planning on renting for a while before you buy, it could be tough.  Apartment complexes are about 98% full with waiting lists.  Rental homes are being rented nearly as soon as they are available.  What to do?  Register with Property Managers to be notified of available properties BEFORE they are offered to the general public.  Good luck!  Let me know if you need assistance.

Homes For Sale/July 2010 Results:
  • Includes Stick Built Homes Sold in Kennewick, Pasco, Richland, Burbank, Benton City, West Richland, and Findley combined.
  • Existing Home Sales: for the month of July 2010, 164 homes sold, down 30% from July 2009, and almost 13% lower than July 2008!!  Most of the homes purchased during the Housing Stimulus Program have now closed.  It took an average of 104 days to sell an existing home and the median home price was $184,240 up over both 2009 and 2008 values.
  • New Stick-Built Home Sales:  For the month of July 2010, New Home Sales were 62 units, down 27% July 2009 and down 28% from July 2008. The median purchase price has jumped to $238,836 up 10% over 2009 and 5% over 2008 prices. 
  • General Observations:   The Housing Stimulus Program probably brought future buyers into the market early, lowering sales now a bit.  We still have 291 existing homes with accepted offers and 228 new homes with accepted offers.  Inventories have crept up slightly with existing homes at 6.8 months of inventory and new homes with 8.82 months of inventory. With mortgage interest at their lowest levels in 4 decades, refinancing will increase, but home purchases should continue.  For an analysis of your home/neighborhood, contact Rosann Ferris.

Note: The results are based on data from July 2008, July 2009, and July 2010 and were taken from the Tri-City Assocation of REALTORS' Multiple Listing Service (MLS) data base.
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