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.
February Residential Highlights
Closed sales made some gainsthis year compared to last inSouthwest Washington. Closings(480) ended 10.6% ahead of the434 closings recorded last year inFebruary 2016, although this wasalso a 2.4% decrease from lastmonth in January 2017 (492).
Pending sales, at 668, pushed14.0% ahead of the 586 offersaccepted last month in January 2017but fell 8.6% short of the 731 offersaccepted last year in February 2016.Similarly, new listings (668)increased 6.4% over January 2017(628) but fell 19.7% short of the 832new listings offered last year inFebruary 2016
Year to Date Summary
Inventory edged downward thisFebruary, landing at 2.0 months.In the same time, total market timeincreased by six days, ending at 68days.
Average and Median Sale Prices
Comparing the average price ofhomes sold in the twelve monthsending February 28th of this year($331,800) with the average priceof homes in the twelve monthsending February 2016 ($301,500)shows an increase of 10.0%. Thesame comparison of the medianshows an increase of 9.7% over thatsame period.
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: