Industry News Lennox in the Media Market Update

Washington’s Housing Market Pumps the Brakes in January

image courtesy of The Chronicle


The Chronicle | serving the greater Lewis County area

Washington’s housing market slowed down a bit in January but still managed to eclipse the sales mark from one year ago. According to Northwest Multiple Listing Service statistics, there were 7,820 pending sales in January compared to 7,724 in 2017, for a modest increase of 1.24 percent.

…In Lewis County in January, there were 88 new listings with 233 total active listings on the market. There were 128 sales pending and 78 closed sales with an average price of $204,667, and a median selling price of $195,350. That local housing market represented an 11.4 percent decrease in listings over last year and a 30.1 percent increase in pending sales. Overall, median sales prices have increased by 3.28 percent, and experts believe there is roughly a three-month supply of inventory.

In Thurston County in January, there were 411 new listings and 462 active listings. That market included 459 pending sales and 287 closed sales with an average price of $264,937 and a median price of $280,000. Those numbers represent a 27.81 percent decrease in listings from last year and a 3.97 percent decrease in pending sales. However, the market did show a 9.8 percent increase in median sale price. Experts believe there is just 1.61 months of housing inventory left.

“The month of March can’t come soon enough for home buyers,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, in the MLS report. “In March, the number of new listings will bump up substantially from the low number of new listings typical for winter months. Better selection will start in March as we enter the spring housing season.”

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