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PROSSER INSIDER
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The Guide To Our Local Real Estate Market May 2024
Navigating Our Local Real Estate Landscape
Main Takeaways from This Report:
Stability, Sustainability, and Growth Ahead: While the rapid growth of previous years has moderated, the market remains stable and poised for continued growth This suggests a healthy real estate environment in our local market.
Diverse Market Dynamics: The answer to “how’s the market” truly depends on what part of the market you are looking at. The following report shows how diverse our market is depending on which city, price range, or even home type (resale vs new construction) you’re looking at
Opportunities for Buyers and Sellers: Depending on the city and property type, there are opportunities for both buyers and sellers Sellers may find advantages in certain areas with low inventory, while buyers may benefit from negotiating power in others with higher inventory levels.
Importance of Data-Driven Decisions: At Windermere, we believe knowledge is power, and in understanding the complexities of our local market, we can better help you navigate it to a more optimized outcome
Insider Highlights
STEADY GROWTH AND STABILIZATION
AVERAGE SALE PRICES
RESALE VS NEW CONSTRUCTION
MONTHS OF INVENTORY
MARKET SNAPSHOT
Questions You May Want to Dive Deeper Into with Your Windermere Realtor:
How do current market conditions align with my goals?
What are the best strategies for navigating the current market as a buyer or seller in light of recent trends and forecasts? What are the long-term implications of these market trends and how should I position myself for future opportunities?
Annual Home Appreciation in Benton County:
Let's dive into the numbers: In 2023, our homes appreciated by a steady 1.6%. While this may seem like a departure from the rapid growth of recent years, it's actually a positive indicator of the stability and resilience of our market.
Putting things into perspective: Since 2003, our home prices have appreciated by an impressive 184.4%, with an average annual growth rate of 4.5%. This steady, consistent growth speaks volumes about the appeal and strength of our local market.
Average Sale Prices Year to Date: A Look Back at Prosser's Real Estate Trends
Trends and Insights:
Steady Growth in 2024: While the average sale price in 2024 has dipped slightly compared to the previous year, it remains relatively high, suggesting continued demand and stability in our market. The slight decrease in average sale price indicates a potential moderation or adjustment in pricing following the rapid growth observed in previous years. This trend aligns with efforts to achieve a more sustainable and balanced market environment
Strong Appreciation in 2022: The significant increase in average sale price from 2021 to 2023 underscores the robust appreciation and heightened demand experienced in the market during that period.
2021 Surge: The substantial jump in average sale price from 2020 to 2021 reflects a surge in demand and appreciation, likely influenced by various factors such as low inventory levels, low mortgage rates, and shifting buyer preferences.
As we move forward in 2024, these insights into historical trends can inform our understanding of current market conditions and guide our expectations for the months ahead. By staying informed and adaptable, we can navigate the ups and downs of the real estate landscape with confidence and clarity.
$366,429 $421,582 $455,442 $399,434
2021 2022 2023 2024
New Construction vs. Resale Homes
Trends and Insights:
Stable Demand for Resale Homes: Over the past few years, resale homes have consistently dominated the market in terms of sheer volume. This indicates stable demand for existing homes, which may offer a variety of amenities, established neighborhoods, and potentially lower price points compared to new construction.
Strong Appeal of New Construction: While resale homes remain popular, new construction properties have also maintained a significant presence in the market. The steady proportion of new construction sales suggests ongoing demand for modern amenities, customizable features, and the allure of owning a brand-new home
Balanced Market Dynamics: Our local real estate market appears to strike a balance between new construction and resale properties, catering to a diverse range of homebuyers' preferences and needs. This balance contributes to a vibrant and dynamic housing market that offers something for everyone.
In summary, whether you're drawn to the charm of a resale home or the allure of brand-new construction, the Prosser area offers a wealth of options to suit every lifestyle and budget. As we continue to navigate the ever-evolving real estate landscape, one thing remains certain: Our community's housing market is as diverse and resilient as ever.
2023 124 88 36 29% 2022 165 107 58 35% 2021 136 128 8 5.8% 2020 115 108 7 6.0% Year Total Sold Resale New Cons. % New Cons.
Months of inventory (MOI) provide valuable insights into the balance between supply and demand in our market.
A Buyer’s Market entails high inventory relative to the number of buyers, creating a good selection of homes for buyers. Sales are low relative to the number of listings, usually resulting in longer average days on the market for sellers
A Seller’s Market has low inventory in relation to the number of buyers, creating a poor inventory of homes for buyers to select from. Sales are high, with quick average days on the market for sellers, and can often result in multiple offer situations
Sellers advantage: 0-3 Balanced market: 3-6 Buyer’s advantage: 6+
1.8 1.2 Active|Pending|Sold Active|Pending|Sold 9 8 2 2 5 0 ResaleHomes NewConstructi o n P R O S S E R Buyer’s Market Seller’s Market Buyer’s Market Sellers Market 3.6 0.3 Active|Pending|Sold Active|Pending|Sold 9 5 0 0 0 0 ResaleHomes NewConstructi o n S U N N Y S I D E Buyers Market Seller’s Market Buyers Market Seller’s Market 1.89 0.9 Active|Pending|Sold Active|Pending|Sold 6 3 3 6 15 1 ResaleHomes NewConstructi o n G R A N D V I E W Buyer’s Market Sellers Market Buyer’s Market Sellers Market 0.7 0.6 Active|Pending|Sold Active|Pending|Sold 6 6 2 1 4 1 ResaleHomes NewConstructi o n B E N T O N C I T Y Buyer’s Market Seller’s Market Buyer’s Market Seller’s Market
Months of Inventory - May 2024
Price Range Active Pending Sold $0 - $299,999 1 0 0 $300,000 - $349,999 1 1 2 $350,000 - $399,999 0 1 0 $400,000 - $449,999 2 2 0 $450,000 - $499,999 0 3 0 $500,000 - $549,999 2 1 0 $550,000 - $599,999 1 0 0 $600,000 - $649,999 1 0 0 $650,000 - $699,999 1 0 0 $700,000 - $749,999 0 0 0 $750,000 - $799,999 0 0 0 $800,000 - $999,999 1 0 1 $1,000,000 + 0 0 0 Listing Price Breakdown
Building Trust Through Transparency: Understanding Prossers' Real Estate Market
In the ever-changing landscape of real estate, it's crucial to have a reliable source of information you can trust. Here in the Prosser area, we pride ourselves on delivering accurate, hard facts about our local market to keep you informed and empowered.
If you are already working with another Realtor, this is not a solicitation for your business
