Tri-Cities, June 2012
The Tri-Cities had 325 new properties go under contract in May 2012, 5.2% less than June 2011. As of the end of June 2012, active inventory was 1,408, a 13.7% increase from June 2011. There were 271 closings in June 2012, 5.9% lower than June 2011. Months of Inventory was 5.2, compared to 4.3 in June 2011. The average price of homes sold this year is $201,102 up $1,683 from the same time in 2011.
Our closed sales activity has remained extraordinarily consistent with 2011. In fact, the difference is only 10. Closed sales for 2011 were 1370, and closed sales for the same time in 2012 are 1380. However, under contract activity (offers made by buyers and accepted by sellers) are up 13% compared to this time last year. This information again points to the challenges we’re having with the lending side of the business. Underwriters are under pressure to minimize their company’s risk which in turn makes the lender’s and Realtor’s job more difficult and adds stress to buyers and sellers.
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