In The News

Found 32 blog entries about In The News.

The Tri Cities Association of Realtors® June 2011 market report was made available today. Things might seem bleak given the number of homes on the market(1) versus the number of homes sold(2) when comparing to last year's June. However, our homes appear to be increasing in value(3) and the really good news is our market might be headed for an upturn in sales given the number of homes under contract(4). Of course, remembering this time last year the First Time Home Buyer Credit was available, but having said that, June's sales are the lowest in 4 years. Given the rest of the United States' real estate markets, we are thankful to be in the Tri Cites as for the most part our homes are either maintaining their value but most often increasing in value. Plus,

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Tri Cities Ranked "Top 10 Real Estate Markets to Watch in 2011"
Recently Inman News compiled a report of the "Top 10 Real Estate Markets to Watch in 2011". Among the areas listed on the report is our very own Tri Cities Washington Real Estate Market. In order for a city to make it onto the Top 10 list those compiling the report looked at unemployment rates, 1-year forecasted job growth, median household income, home sales, building permits issued, population, foreclosures as well as other statistics.

The unemployment rate in Tri Cities Washington compared to other areas is fairly low, as of December 2010 the unemployment rate was at 7.8%, almost 2% below the national average. Over the next year the Tri Cities is expected to see 1.1% employment growth, a

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Tri Cities Washington The Next 2020 "Boom Town" According To Inman Real Estate News
Recently, Tri Cities Washington Real Estate is among the top 10 places in United States to experience growth in the next decade. Among the 10 metro areas in the United States, Tri Cities Washington's Kennewick, Richland, (West) and Pasco were number two (#2) on the list of "Top 2020 Real Estate Boom Towns" among potentially thousands of other candidates. Here is the top 10 list from Inman News:

Rank Metro Area Pop. 2010 Pop. 2020 (projected) % change
1 Raleigh-Cary, N.C. 1,140,057 1,546,556 35.7%
2 Kennewick-Pasco-Richland, Washington 255,485 345,779 35.3%
3 Austin-Round Rock, Texas 1,729,845
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Little ol’ Tri Cities Washington isn’t as quaint as those living here might think it is. Dating back to the early 1900s the Tri Cities has been recognized for many great accomplishments and earned a place on many different Top 10 or Top 20 lists around the nation.

The most recent accomplishment or Top 20 list that the Tri Cities has made its way on to is the American Cowboy Magazine’s Top 20 list of the best places in the west for a cowboy. The magazine looked at places where there are still beautiful pieces of untainted land, untouched by the metro areas. Places where cowboys could hang their hats with plenty of room to stretch out. The Tri Cities own Kennewick Washington made it onto the list as one of four cities in the Northwest. The article

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The real estate forecast is looking great for the Tri Cities Washington area according to Veros Real Estate Solutions, a Santa Ana, California based technology firm. Veros has predicted that 40% of the major metro areas across the nation are expected to see home prices going up.  This forecast issued by Veros utilizes over 50 factors to enable them to produce trustworthy predictions about market trends. Some of the factors used to predict these market trends include unemployment and housing inventory levels.

One of the projected top five strongest markets is our very own Tri Cities Washington. The Tri Cities – Kennewick, Pasco, and Richland – has been predicted to see a 3.4% increase in home prices. According to Eric Fox, Vero’s vice president of

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What follows is a letter submitted by the Tri Cities Home Builders Association's Reneé Dahlgren to the Pasco City Counsel and the Franklin County Commissioners in opposition to the proposed Pasco School District impact fees. We too are opposed to the idea and HBA's letter sums up our thoughts exactly.

On behalf of the Home Builders Association of Tri-Cities (HBA), I would like to submit our opposition to proposed traffic impact fees suggested by the Pasco School District's Superintendent in the December 2nd article in the Tri-City Herald. First, we fully understand the need for the Pasco School District to find ways to fund their capital projects. Our members don't just build in this community – they live and play here too, and their children attend…
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Over the past several years since the recession hit, Tri Cities Washington has almost seemed as if it’s been in a bubble. This is not to say that the Tri Cities are invincible but the area is undeniably maintaining our strong economy. When compared to this time last year when home sales have gone up nearly 15% to 4,516 sales so far this year compared to the 3,918 home sales at this time last year. Not only are home sales up in the Tri City area but so are single family building permits that are issued. For the third year in a row single family building permits issued in the Tri Cities as of October of this year have increased by about 10%.

Not only are the Tri Cities Washington doing well in the area of Real Estate but the area has also been recognized

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Recently Garner Economics released a new study on the top metropolitan areas to have experienced employment growth since before the recession. Across the nation about half of the 370+ metropolitan areas are having a difficult time getting their employment back up like it was before the recession began. The Tri City Washington area is not one of those metro areas to be having trouble bouncing back, in fact they are actually ranked number one out of the 372 metro areas. Compared to five years ago the Tri Cities’ employment has increased by 5.4% from its peak employment rate before the recession. This past September employment was up to 102,200 up 5,500 from the previous September.

According to some of our Tri City Development Council representatives,

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New home sales are not doing too well nationwide but in Tri Cities Washington things are continuing to look up. During the month of September the amount of new homes sold in the Tri Cities was 80, an 8 percent increase from the previous month’s new homes sold. When compared to the new home sales throughout the nation which only rose 6.6 percent up from the 297,000 new homes sold in August, the Tri Cities is doing well. The average price of these new homes nationwide during the month of September was $257,500 a little higher than the Tri Cities average sale price of $252, 034.

Not only is the Tri Cities doing well in new homes sold from month to month, but they are also being recognized nationally on several “Top 10” lists. Just recently the Tri Cities

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California based think tank company Milken Institute has released a report this week on the Top US Metro Areas that managed to create and sustain jobs in light of the national recession. The Kennewick-Richland-Pasco area is ranked number five on this list of 13 metro areas for the second year in a row. During the last 12 months the Tri City Washington area’s job increased by 4.5 percent, this is the highest percentage growth in the nation. This large increase in jobs is due mostly to the stimulus money coming in for Hanford.

President and CEO of the Tri City Development Council, Carl Adrian says that it is a great thing to have our area out there on a list such as this one because it allows for the planning of ideas for creating broad-based prosperity

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