Tri-Cities, April 2012
The Tri-Cities had 384 new properties go under contract in April 2012, up 22% from April 2011. As of the end of April 2012, active inventory was 1284, a 13.8% increase from April 2011. There were 231 closings in April 2012, compared to 255 in April 2011. Months of Inventory was 5.6, up from 4.4 in April 2011. The average price of homes sold April 2012 was $199,242, $3020 higher than the same time in 2011.
The number of homes for sale continues to increase as the weather warms up. Historically, more homes come on the market during the spring and summer than other times of the year. We have a good variety of new and resale homes for sale, and interest rates continue to be at all-time lows. There is good buyer activity in our market, offers are being made and accepted by the sellers. Our struggle continues with getting the loans closed. We are seeing continued pressure on the lending institutions by government regulations and oversight. Unfortunately, we see this trend continuing throughout the summer. Overall, with good market activity and contracts being written and accepted, patience is still needed in getting transactions to closing.