West Pasco Market: A Lot of Price Drops?

Much like the entire Tri-Cities real estate market, homes in West Pasco are seeing more price drops than usual at the moment.

Matt put together some data few days ago in response to a question in our Tri-Cities real estate subreddit and I thought I'd share that here, too, to help both buyers and sellers who are focusing on the West Pasco area.

West Pasco WA - Active Listings as of August 7

As of August 7, there were 128 homes for sale in West Pasco. Here are the price and days on market for that group:

Median list price: $464,997
Median days on market: 60

Average list price: $540,539
Average days on market: 93

55 of the 128 have had at least one price drop. That's 43%, which is pretty high. We don't monitor price drops every month, but when we do, we usually find that about 30-35% of Tri-Cities listings have a price drop.

Now let's look at homes that have sold in the past couple months in West Pasco.

West Pasco WA - Sold Homes since June 1

Since June 1, 117 homes have sold in West Pasco. Here are the price and days on market info for those:

Median list price: $424,900
Median sold price: $421,407
Median days on market: 22

Average list price: $472,877
Average sold price: $474,637
Average days on market: 43

It's interesting that when you look at the median prices, homeowners aren't quite getting what they listed for. But when you look at average prices, they're getting a little more. 

As far as price drops go, 51 of the 117 sold below list price (44%). But the numbers are very different when you look at the upper range of the market: In the $500K and up price range, 18 of 28 sold below list price (64%).

There are homes selling for more than the homeowner's original asking price, too: 26 of the 117 sold above list price (22%). And in the $500K and up price range, 8 of 28 sold above list price (29%).

Final Thoughts

Getting back to the original question on Reddit, the answer is yes -- West Pasco is seeing its share of price drops recently. That 43% of active listings stat I mentioned above is a bit higher than what we normally see around the Tri-Cities.

But I suspect many (most?) neighborhoods are seeing the same thing right now. There's a lot of inventory and high mortgage rates are keeping many buyers on the sidelines. So if you're selling your home now, or you will be soon, make sure your home is clean, the little things are fixed, and your price is right. This isn't the time to "test" a higher price to "see what happens." 

-Cari