BIZ: Real estate report reveals low inventory causes property prices to continue to rise

Comparing 2021 to 2020 through August, the average sale price has increased 18.2 percent from $435,200 to $514,200

The Regional Multiple Listing Service (RMLS) released its Market Action Report for the August, 2021 reporting period. 

The residential review for Southwest Washington revealed that area real estate market property prices remain on the rise, thanks to a continued low inventory level. 

The Regional Multiple Listing Service (RMLS) released its Market Action Report for the August, 2021 reporting period.
Graphic courtesy Cano Real Estate.

There were 1,087 new listings last month, a 1.3 percent increase from the 1,073 listed in August 2020. However, the monthly listings represented a decrease of 10.4 percent from the 1,213 in July (2021).

Pending sales (1,008) decreased 7.9 percent from the 1,095 offers accepted in August 2020, and increased 4 percent from the 969 offers accepted in July 2021.

Closed sales (926) increased 12.8 percent from the 821 closings in August 2020, and decreased 6.7 percent from the 993 closings in July 2021. 

Inventory increased to 0.8 months in August and total market time increased to 18 days. 

In the year-to-date summary comparing the first eight months of 2021 to the same period in 2020, new listings (8,252) increased 9.8 percent, pending sales (7,175) increased 10.2 percent, and closed sales (6,721) increased 22.9 percent. 

Comparing 2021 to 2020 through August, the average sale price has increased 18.2 percent from $435,200 to $514,200. In the same comparison, the median sale price has increased 14.9 percent from $397,100 to $456,100. 

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