Southwest Washington Real Estate Analysis: Monthly Sales Report & Market Trends

In the ever-evolving landscape of real estate, staying updated with the latest market trends is crucial. This real estate update gives insights into Southwest Washington's housing market.

**Residential Highlights:**

- **New Listings**: August saw a noticeable shift in the real estate market. New listings in the month were at 716, marking an 11.9% drop compared to August 2022's 813 listings. There was a 6.6% decrease from July 2023, which had 767 new listings.

- **Pending Sales**: Reflecting the broader market trends, pending sales came in at 551, an 18.7% decrease from the 678 offers in August 2022 and 15.2% down from July 2023's 650 offers.

- **Closed Sales**: The housing market insights reveal that closed sales stood at 596, which is 16.5% lower than the 714 closings in August 2022. Interestingly, there was an 8.2% increase from the 551 closings in July 2023, showcasing the unpredictable nature of the real estate market.

- **Inventory Levels and Time on Market**: With property prices and buyer interests fluctuating, the inventory held steady at 1.9 months. Total market time increased, landing at 35 days.

**Year-to-Date Comparison**:

When comparing the first eight months of 2023 to the same period in 2022, here are the housing market insights:

- New listings were at 5,616, showing a decrease of 27.3%.

- Pending sales were 24.6% less, with 4,418 sales.

- Closed sales were down by 30.6%, with numbers at 4,059.

**Price Points**:

The real estate analysis shows a subtle shift in property prices. The average sale price from February 1, 2022, to January 31, 2023, was $582,800, a slight dip of 0.9% from the previous 12-month period. The median sale price followed suit, marginally decreasing by 0.1% to $525,000.

**Market Forecast**:

Given the current market trends and year-to-date comparison, potential buyers and sellers should keep a close eye on Southwest Washington's real estate market. With fluctuating mortgage interest rates, the market's direction can be influenced considerably.

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