Southwest Washington Real Estate Market Update - March 2024

The Southwest Washington real estate market has shown encouraging signs of activity as we move into the spring season. Here's a detailed look at the residential highlights for March 2024:

New Listings

In March 2024, the market saw 743 new listings, marking a 6.0% increase from the 701 listings in March 2023. This also represents a significant 23.4% increase from the 602 listings in February 2024. The rise in new listings indicates a growing confidence among sellers and a potentially expanding inventory for buyers.

Pending Sales

Pending sales have also seen a positive trend. There were 626 pending sales in March 2024, a 7.0% increase from the 585 offers accepted in March 2023. This number is also up by 10.0% from the 569 offers accepted in February 2024. This upward movement suggests a healthy demand in the market.

Closed Sales

The number of closed sales in March 2024 was 494, a 4.4% increase from the 473 closings in March 2023. Compared to February 2024, which had 402 closings, this is a significant 22.9% increase. The rise in closed sales reflects a robust market activity.

Inventory and Time on Market

Inventory levels have decreased to 2.1 months in March 2024, indicating a tighter market. Total market time has increased to 103 days, suggesting that properties are taking longer to sell. This could be due to various factors, including pricing strategies and property conditions.

Year-to-Date Summary

Comparing the first three months of 2024 to the same period in 2023, we see an overall positive trend. New listings have increased by 11.4% (1,905 listings in 2024 vs. 1,709 in 2023), pending sales have risen by 2.8% (1,603 in 2024 vs. 1,559 in 2023), and closed sales have seen a slight increase of 0.7% (1,225 in 2024 vs. 1,216 in 2023).

Average and Median Sale Prices

The average sale price has increased by 2.1% from $555,600 in 2023 to $567,100 in 2024. The median sale price has seen a 3.0% increase from $500,000 in 2023 to $515,000 in 2024. These price increases reflect a steady appreciation in property values in the region.

In conclusion, the Southwest Washington real estate market is exhibiting positive signs of growth and activity as we move further into 2024. For buyers, the increase in new listings provides more options, while sellers can take advantage of the appreciating property values. As always, working with a knowledgeable real estate professional can help navigate the market dynamics effectively.

Post a Comment