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.
August Residential Highlights
August brought some cooling to Southwest Washington, with closings managing a gain compared with July. At 816, closings fell 3.9% short of August 2017 (849) but ended 3.4% ahead of July 2018 (789).
New listings (1,083) were 3.7% cooler than last year in August 2017 (1,125) and 5.6% cooler compared with last month in July 2018 (1,147).
Pending sales fared similarly, ending 8.8% under the 890 accepted offers from August 2017 and 2.1% under the 829 accepted offers from July 2018.
Inventory held steady in August at 2.3 months, and total market time increased to 45 days during the same period.
Average and Median Sale Prices
Comparing the first eight months of 2018 to the same in 2017, the average sale price has risen 9.2% from $359,000 to $392,200. In the same comparison, the median sale price has risen 9.3% from $324,900 to $355,000.
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: