The Blog ofWashington First

How’s the Market?

Below is an excerpt from the Regional Multiple Listing Service’s most recent “Market Action” report that comes out monthly and is e-mailed to all member Realtors. This is data specific to the Southwest Washington Area market.

October Residential Highlights

October brought more seasonal cooling to Southwest Washington, but numbers remain ahead compared to last year. Pending sales (743) fell 2.9% short of the 765 offers accepted last year in October 2015 and 8.6% of the 813 offers accepted last month in September 2016.

New listings, at 769 for October, decreased 6.1% compared to October 2015 (819) and 14.0% compared to September 2016 (894). Similarly, closed sales (648) ended 17.2% below October 2015 (783) and 16.0% below last month in September 2016 (771).

Inventory inched higher in October, ending at 2.3 months, with total market time increasing slightly to end at 49 days.

Year to Date Summary

Activity is ahead so far in 2016 compared to 2015. Closed sales (7,322) are up 3.6%, pending sales (8,039) are up 3.7%, and new listings (9,908) are up 2.6% for the year thus far.

Average and Median Sale Prices

Comparing 2016 to 2015 through October of each year, the average sale price rose 10.2% from $297,300 to $327,600. In the same comparison, the median sale price rose 9.4% from $265,000 to $289,900.

Area Report

Below is a table with data from the RMLS. Note that Appreciation is based on a comparison of the rolling average sale price for the last 12 months with the 12 months prior. Days on Market is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, DOM continues to accrue; however, it does not include the time that it was off the market: