Sales activity is on an upward trend in Southwest Washington.
July’s housing inventory for SW Washington dropped to 7.3 months of inventory. That means that at the rate homes are selling, we will run out of homes on the market in 7.3 months (active listings/closed sales).
In July 2007 the inventory was 7.6 and in July 2008 the inventory was 12.7! The highest was 18.6 in February, 2009. So as you can see, our 7.3 months of inventory is a definite improvement.
When driving around you may notice that builders are starting to build again, but most of the houses are small and built on small lots.
Areas that seem to be holding their value based on the average sale price change in last 12 months are SE County at 5.6%, Cascade Park at 2%, West of I5 (near Ridgefield) at -4.2%, Battleground at -7.8% and Lincoln/Hazel Dell at -8.1%. The average sale price change for all of SW Washington is -14%.
The average days a home is on the market for all of SW Washington is 162 days. It should be noted that short sales increase this average. A seller that wants to sell their home without a 3rd party involved may sell in a shorter time if their home is priced right. Also, it’s not uncommon right now for homes to get more than one offer on them.
It’s a great time to buy a home; however, time is running out to get in on the $8000 income tax credit for first time buyers. For more info about the SW Washington market, contact me!
These residential statistics are based on monthly figures reported by RMLS™ of which I am a member.