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Local Home Prices Increasing
Good Balance Between Supply and Demand
Hau Kuiang
Hau Kuiang / Reporter
Last updated: Tuesday, July 10th, 2007 05:11:32 AM

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Housing Market

KENNEWICK -- One of the companies benefitting greatly from the growth of the Tri-Cities, is Windermere Real Estate.

    When broker and co-owner, Dave Retter, began fourteen years ago, he had three agents.

    There are now 95.

"Tri-cities is very healthy. We've been on a ten year expansion, where we've seen an average sales price increase of five percent a year for the last ten years," said Retter.

    That means steady and consistent growth. No giant bubbles, and no subsequent bursting of that balloon.

    From 1998 to 2007, the average sales price went from almost 119-thousand dollars, to a little more than 186-thousand.

"July is off to a great start. June was great. A lot of closings happen in june. A lot of homes went under contract in june. In the Tri-Cities, as long as we don't have snow on the ground, we have good months in december and january as well," said Retter.

    The best months typically run from March to October.

    Last month, the median price of a home in the Tri-Cities was 174-thousand dollars -- the highest ever for a single month.

    Homes that go for much more than that are also being sold.

    In May, two Windermere properties over seven hundred thousand dollars were sold.

    Four between 550-thousand and 575-thousand, and three between 350 to 375-thousand.

    Whether you're in the market for a home, or looking to sell.

    Keep these points in mind.

"There's enough inventory out there, and enough different locations. Become very well aware of all the locations. And that's the beauty of the Tri-Cities right now. We'll have people looking in South Kennewick, and end up living in West Richland," said Retter. "The market may not be soft, if you're home is not selling. You may not be have found the right price point. So you might be asking a little too much."




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