Aug. 6, 2008 - RMLS Data Shows Continued Gradual Slowdown of Market Activity in June

REAL ESTATE MARKET

Compared to June of 2007, the Regional Multiple Listing Service's (RMLS) market report for the month of June 2008 showed a 33.9% drop in closed sales, a decline  of 36.8% in pending sales, and 13.7% less new listings.  There was a total of 5276 active residential listings during June, which, at the current sales absorption rate, would take an estimated 12.6 months for all these listings to sell.  

There were only 418 closed sales during the month of June, once more a very small number given the large number of active listings available for sale.  A large percentage of the buyers actively in the market are definitely looking for bargains, and many sales have been foreclosures or short-sales.  We continue to see most activity in the lower price ranges, with the average sale price during the month of June was $278,300, and the median price was $249,900.  While most listings are staying on the market for many months, the average time to sell the 418 homes that did sell was just 88 days.

When looking at the twelve-month period ending June, 2008, market data showed that the average sale price was down 3.6% ($295,600 vs. $306,600) and the median sale price droped 3.7% ($255,000 vs. $264,900). 

Carol Sundstrom, M.A.,ABR,e-Pro and Your Guide To Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties University Branch @ Salmon Creek, Vancouver, WA