Real estate sale pending sign

LONG BEACH — Thirty-nine houses and condos sold in Pacific County in November for a median of $353,000, up 1.15% over the 31 that sold for $349,000 in November 2023, according to Northwest Multiple Listing Service.

Sales of an additional 42 dwellings were pending as the month ended, 31% more than a year earlier. The remaining available supply of houses and condos for sale stood at 189, 33% more than the inventory of 142 available in November 2023, according to NWMLS. They represented about a five-month supply at the current rate of sales, indicating a market in which buyers and sellers have comparatively balanced bargaining power.

Twenty-two houses sold in south county — the peninsula, plus Chinook and Naselle — in November, compared to 23 a year earlier. Their median sale price was $354,000, down 11.5% compared to the 23 houses at a median of $400,000 in November 2023. In a relatively small real estate market, the mix of houses sold can result in substantial changes in the median price from one month or year to the next. Median means half sold for more and half for less.

Twenty-eight house sales were pending in south county as the month ended, six more than the year before. South county’s remaining for-sale inventory was 129, 50% more than the year before, representing a six-month supply.

Six south county condos sold at a median of $310,000 in November, up from one for $42,000 a year earlier. An additional four sales were pending — the same as in 2023 — and the remaining available inventory was 21, 91% more than the 11 that were for sale a year before.

In north county, eight houses sold in Raymond for a median of $375,000, up from six for $307,500 in November 2023. Eight additional sales were pending, compared to three a year earlier. Raymond’s available inventory as the month ended was 26, down from 27 in November 2023.

Three South Bend houses sold for a median of $395,000 and one sale was pending. Five houses remained on the market, same as the year before.

Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington, sees reasons for optimism in the recent developments in the Washington State Legislature intended to promote the production of more housing and thereby lower prices. Among some of the new laws coming into effect in the next couple of years will be an increase to density in residential areas and the promotion of accessory dwelling units (ADUs).

“It will take time for these new laws to actually produce new housing,” said Bourassa, “but the expectation is that they will help in an important way to moderate the cost of homeownership.”