June house prices up 19% as supply remains tight
Published 12:32 pm Friday, July 9, 2021
LONG BEACH — Fifty-eight houses and condos were available to buy in Pacific County at the end of June, only slightly less than the 60 in the Northwest Multiple Listing Service’s May database, but fewer than half as many as in June 2020.
Looking only at single-family houses, 55 sales closed countywide in June, up nearly 20% from a year earlier. The median price rose about 15% or $35,000 year-over-year to $270,000.
“Median” means half sold for more and half for less. All selling prices in this report are medians unless otherwise specified. Multiple Listing Service numbers do not include some properties, such as those for sale by owner, but offer the most-timely snapshot of local real estate conditions.
Thirty-eight houses sold in south county in June for $282,450, compared to 41 houses sold for $325,000 this May, and 36 at $237,500 in June 2020. The year-over-year price increase was 19%. There were 54 pending sales in south county in June, down 8.5% from 59 pending in June 2020. There were 49 new listings in the peninsula-Chinook-Naselle area this June, down from 58 that were added to the market a year earlier. There were 44% fewer active listings in south county this June than in June 2020.
Elsewhere in the county, 13 houses sold in Raymond in June for $265,000, compared to six at $213,000 in June 2020 and two for $202,000 this May. The year-over-year increase in Raymond price selling prices was 24.4%, or $52,000. Only four houses remained unsold in Raymond in June, compared to 12 in June 2020. Eight sales were pending in Raymond as June ended, down from 10 the prior year.
A single South Bend house sold in June for $550,000, a big increase over the one that sold the previous June for $82,500. Five additional sales were pending in South Bend in June — up from two last June — leaving two houses for sale in NWMLS database.
Three modestly priced houses sold in the Tokeland area in June for $135,000, compared to last year when one house went for $355,000. Two additional house sales were pending in the Tokeland area in June, leaving two other houses on the market.
Five condos sold for a median of $165,000, all in south county. This median was a sharp decline from a year earlier, reflecting sales of moderately priced units, compared to one or more expensive ones in June 2020. Eleven condo sales were pending in June, up from eight the year before, and seven remained on the market, down from 19 last June.
There was less than a one-month inventory of housing on the county in June, 0.97 months — meaning that at the current rate of sales all listings would be gone in a month unless others were added. The peninsula supply of houses was 1.11 months, and 1.4 months for condos. There was a two-month supply in South Bend, a 0.31-month supply in Raymond, and about three weeks-worth in Tokeland.
Despite ongoing supply shortages and price gains, Pacific County remains Western Washington’s most affordable housing market. The median price for all houses and condos in the 26-county NWMLS area, which also includes a few eastern counties, was $589,000 in June. Pacific was the only western county below $300,000, with an overall June median including condos of $264,500 — up $27,000 or 11.4% from June 2020.
The mean average June selling price in the county in June was $290,687, less than half the $730,280 mean in the entire NWMLS area.