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.
- **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.
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.
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.
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.