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.

November Residential Highlights

Southwest Washington saw anuptick in closings this November,both compared to October and lastNovember. At 705, closings fared28.4% better than in November2015 (549) and 8.8% better than lastmonth in October 2016 (648). Thiswas the strongest November forclosings in the area on the RMLS™record!

New listings (588) ended 16.7%ahead of last year in November 2015(504) despite ending 23.5% coolerthan last month in October 2016(769). Pending sales (612) fell oneshort of the 613 offers accepted lastyear in November 2015 (-0.2%).

Total market time rose by oneday this November, ending at 50days. In the same period, inventorydecreased to 1.9 months.

Year to Date Summary

Activity is ahead so far in 2016compared to 2015. Closed sales(8,089) are up 5.4%, pending sales(8,603) are up 3.4%, and new listings(10,518) are up 3.3% for the yearthus far.

Average and Median Sale Prices

Comparing 2016 to 2015 throughNovember of each year, the averagesale price rose 10.2% from $297,500to $327,800. In the same comparison,the median sale price rose 9.4%from $265,000 to $290,000.

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: