Real Estate Trends in Southwest Washington: ending March 2024

by Ken And Susan Rosengren

Real Estate Trends in Southwest Washington: ending March 2024

The latest real estate data for Southwest Washington shows distinct trends between Clark and Cowlitz Counties, necessitating separate analyses. This summary reflects changes in residential real estate, comparing the past 12 months (2/1/22-1/31/23) to the preceding year

Key Residential Trends:

New Listings: March saw a significant uptick in new listings. With 743 new properties listed, there's been a 6.0% increase from March 2023 and a 23.4% rise from February 2024.

Pending Sales: Pending sales also grew, with 626 agreements in March, marking a 7.0% increase from March 2023 and 10.0% from February 2024.

Closed Sales: There were 494 closed sales in March, up 4.4% from March 2023 and a notable 22.9% from February 2024.

Inventory and Market Time: The inventory dropped to just 2.1 months' worth, while the total market time climbed to 103 days.

Year-to-Date Comparison:

Comparing the first quarter of 2024 with the same period in 2023, the market showed modest growth:

New Listings: Increased by 11.4% to 1,905.

Pending Sales: Rose slightly by 2.8% to 1,603.

Closed Sales: Grew marginally by 0.7% to 1,225.

Sale Prices:

Average Sale Price: Increased by 2.1% from $555,600 to $567,100.

Median Sale Price: Rose by 3.0% from $500,000 to $515,000.

This data underlines a generally healthy real estate market in Southwest Washington, with gradual increases in sales and pricing, suggesting a stable growth trajectory. For detailed charts and further analysis, particularly regarding Cowlitz County, refer to pages 8-9 of the full report.