Tri-Cities Real Estate News & Views

Tri Cities Washington Home Building Permits Up

Homebuilding in Tri Cities Washington has gone up a substantial amount in the first quarter compared to the same time last year. In the first quarter this year there have been 500 permits issued for single family homes where as, in the first quarter last year there were only 169. This year the total value of permits issued is about $112 million which is the best it’s been since 2005 when there were 528 issues. During the fourth quarter last year fall there were 295 permits issued with a combined total of $68 million. Permits issued during the first quarter this year were expected to be high but the 500 issued exceeded expectations. A big part of the reason for the increase in permits for single family homes are the lower interest rates and the federal tax incentives like the first time home buyer credit that ends this month.

Tri Cities construction have been seeing an increase in the number of homes they are building because of the increased issued permits. Joe Hill, project manager for Aho Construction, stated that in the first three months they have 50 housing starts in Pasco Washington, 20% more than the same time last year. On average Aho homes tend to sell for about $180,000; buyers tend to be first time home buyers or retirees looking to retire. The area in Pasco between Rd 68 and Rd 100 is popular building spot for builders because it is fairly inexpensive to level the land due to the lack of any hills. The area is popular for home buyers because of the new high school that Pasco recently added.

Posted by Joe and Colleen Lane, Tri City Real Estate Agents. Call or email us today with your real estate needs! 509.438.9344