The Blog ofWashington First

Washington May 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.

May Residential Highlights

Southwest Washington saw some mixed activity this May, with some measures falling just short of last May. Pending sales, at 904,increased 2.3% compared with May 2018 and 3.1% compared with April 2019.

Closed sales, at 795, fell 0.7% short of the 801 closings recorded last year in May 2018, despite a 17.6% increase over the 676 closings recorded last month in April 2019.

New listings, at 1,272, similarly fell 0.8% short of May 2018 (1,282) but had a 11.6% increase over April 2019 when 1,140 new listings were offered.

Inventory decreased slightly in May to 2.3 months, and total market time decreased to 49 days.

Average and Median Sale Prices

Comparing 2019 to 2018 through May, the average sale price has increased 3.8% from $385,600 to $400,100. In the same comparison, the median sale price has increased 4.1% from $350,000 to $364,400.

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: