The Blog ofWashington First

Washington March Market Activity

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.

March Residential Highlights

New listings and pending sales had a strong month this March in the Southwest Washington region! There were 1,028 new listings, a 3.9% increase over March 2019 (989) and a 40.4% increase over February 2018 (732). This was the strongest March for new listings in the area since 2008, when 1,212 were brought to market!

Pending sales (846) rose 1.7% over March 2018 (832) and 33.4% over February 2019 (634). The prior March with more accepted offers was in 2016, when 874 were recorded.

Closed sales, at 639, fell 4.8% short of March 2018 (671) but still warmed 24.8% compared with last month in February 2019 when 512 closings were recorded.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve month sending March 31st of this year ($396,700) with the average price of homes in the twelve month sending March 2018 ($370,500)shows an increase of 7.1%. The same comparison of the median shows an increase of 7.1% over the same period, from $334,900 to $358,700.

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: