Market Report for Southwest Washington has mixed news this summer of 2023.
As of July 20th, new listings are down over the week prior, pending sales are also down, but closed sales are up by nearly 30%. I know, it’s confusing.
The average sales price is up, but the median price is lower and the time on the market has dropped to 22 days, lower by 4.3%.
In my opinion, what’s more helpful, is taking a look at a longer time period as we analyze the market report for Southwest Washington, comparing it to 2022, during the same span. Like most industries, real estate is cyclical and certain months of the year often reflect a bit of slower activity.
Summer can be such a time. Family vacations and such, often put home buying and selling on the back burner for many. It’s easy to understand. My time outside has certainly increased by hours and hours. When I’m not busy with clients, I’m often in the garden, or enjoying the sights and sounds of nature from one of our decks.
Generally speaking though, the market in Southwest Washington for Summer 2023 has slowed down, most likely due to a lack of new inventory and the increase in interest rates for buyers. Sellers, this should be of special interest to you. While sales prices have softened a bit, it’s not too dramatic with the average sales price dropping 1.3% from $585,100 to $577,500. In the same comparison, the median sale price has decreased 1.0% from $525,000 to $520,000
Buyers, the inventory remains limited. Prices are still holding pretty strong, and there is plenty of competition in the more affordable price range. Homes in good condition, desirable locations, and priced fairly are selling quickly.
For example, last month, one of my listings in Washougal sold in one day for full price. It was a cash sale and the buyers let the seller remain in the house post sale for nearly a month – rent free! If you’d like to discuss how the market might impact your selling or buying decision, please contact me today. I’d love to help.