Cowlitz County Ends Summer With Increased Housing Inventory | Local company
The Cowlitz County housing market continued to see an increase in available listings in August, but the pace of change is slowing.
A report released Thursday by the North West Multiple Listing Service provided a monthly snapshot of how the housing market looks in Cowlitz and Washington counties.
There were 241 active listings for homes in Cowlitz County in August, more than double the listings the county saw this time last year. But that’s only a slight increase from July, when the county reported 237 active listings.
The local increase is in line with statewide trends over the past year, according to the report, which showed active listings statewide nearly doubled between August 2021 and last month. .
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A similar trend has emerged in housing inventory, which measures how long it would take to sell each home currently listed. Inventory depth in Cowlitz County remained around 1.8 months for July and August, the deepest depth the county has seen in at least two years.
The increase in inventories may have helped stabilize house prices in the short term. The average sale price for homes in Cowlitz County was $402,000 in August 2021 and last month, according to the Multiple Listings Service.
The median home sale last month was $376,000, up about $10,000 from the same time last year.
There were similar results in the data from Pacific Northwest Real Estate Group, an agency that focuses specifically on Southwest Washington. Weekly updates provided by the agency show that the average number of new property listings more than doubled between April and August.
Home sales prices, meanwhile, remained largely unchanged over the same period.
Washington real estate experts told the Northwest Multiple Listing Service that rising inventory is likely to fall over the next few months, as summer is historically a peak in home sales and demand.