The Blog ofWashington First

Washington August 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.

August Residential Highlights

Southwest Washington saw strong closings this August. At 856, closings rose 4.9% compared with last year in August 2018 and 3.0% compared with last month in July 2019 (831). This was the strongest August for closings since 2005, when there were 932 recorded.

Pending sales, at 871, increased 7.3% from the 812 offers accepted in August 2018 but fell 5.7% short of the 924 accepted last month in July 2019.

New listings, at 1,074, fell 0.8% short of August 2018 (1,083) and 7.4% short of July 2019 (1,160).

Inventory decreased just slightly in August to 2.3 months, with total market time increasing by five days to end at 47 days.

Average and Median Sale Prices

Comparing 2019 to 2018 through August, the average sale price has increased 3.2% from $392,200 to $404,700. In the same comparison, the median sale price has increased 4.2% from $355,000 to $369,900.

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: