Tri-Cities, February 2012
The Tri-Cities had 334 new properties go under contract in February 2012, up 19.7% from February 2011. As of the end of February 2012, active inventory was 1162, an 18.7% increase from February 2011, but consistent with inventory levels for the 4th quarter of 2011. There were 167 closings in February 2012, compared to 170 in February 2011. Months of Inventory was 7.0, up from 5.8 in February 2011. The average price of homes sold February 2012 was $203,108 up $4,666 from the same time in 2011.
As we look at the market statistics, we still see consistent activity and excellent buyer traffic. Our biggest challenge is closing the properties. Lenders and underwriters continue to struggle closing transactions, forcing extensions on contracts, and in some cases, the cancellation of transactions. Great interest rates, increased inventory and affordable prices provide an excellent buying opportunity. Buyers just need to stay the course and be patient with their lenders to get their purchases closed.
For more information about homes for sale in Kennewick, Richland, West Richland, Pasco and the surrounding communities, please contact us.