By DON FENLEY

The Tri-Cities high-end housing market is navigating a classic high-price, low-velocity environment. So far there have been fewer sales. But those who have bought are paying more, and more of them are paying cash.

There were only two sales in the $1 million-plus bracket in March. The top sale was a $1,499,000 transaction in Roan Mountain. The property is a luxury craftsmanship, lodge-style estate on 15 acres. It includes a detached three-car garage with a vehicle lift and an interior RV hookup.

First-quarter sales also declined. It’s the second instance of a market segment that recorded a first quarter softness. New home sales were also off last year’s pace.

Against a backdrop of limited closings, the active listings pipeline is substantial. There are 96 properties priced at $1 million or above across the Tri-Cities region. It’s a supply level that far outpaces the current absorption rate.

The region’s top-end market posted 12 sales in the first quarter this year. This time last year there were 19 sales. While this year’s sales volume contracted, the average prices moved in the opposite direction. It rose to $1,361,017 from $1,291,342.

Washington County’s dominance narrowed in the high-end market this year, even though it was the region’s luxury sales leader in both periods. The county claimed five of 12 sales this year. Last year it had 10 of 19 sales.

The shift in financing is a meaningful story about who is active in this market segment. Last year, conventional financing accounted for 10 of 19 sales. This year the dynamic flipped with cash buyers claiming eight of 12 closings.

High-end homes sold this year were also smaller. The average finished square footage declined from 5,160 square feet to 4,647 square feet.

Last year’s sales averaged 102 days on market. This year the time on market increased 81% to 185 days.

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Categories: REAL ESTATE