Home sales slow in June, but peninsula prices are up

Published 4:37 pm Sunday, July 7, 2024

LONG BEACH — The number of Pacific County houses and condos available to buy continued to swell in June as completed and pending sales declined, according to statistics provided by Northwest Multiple Listing Service.

There were 224 houses for sale in the county as the month ended, 30% more than at the same point in 2023. The glut of available condos — all in south county — grew to 26 for sale, 86% more than a year earlier.

Thirty-five house sales were completed countywide in June, 24% fewer than in June 2023. Another 37 house sales were pending, a 35% drop.

As usual, most sales were in south county with 26 this June, down from 34. Another 21 were pending, down from 44, a 52% decrease. One condo was sold, the same as the year before. Three condo sales were pending, also the same number as in June 2023.

There were 84 new listings for houses in the county in June — 61 of those in south county — up from 76 and 58 the prior June. Eight condos were newly listed, an increase from six in June 2023.

At the current pace of sales, it would take 6.4 months to sell all the houses currently listed in the county, assuming there were no new listings. It would take more than two years to sell the current available inventory of condos.

Prices

The 26 houses that sold in south county — the peninsula plus Chinook and Naselle — went for a median of about 4% more than the 34 that sold a year before; $337,500, up from $328,500. One condo went for $519,500.

Sales were slow in the north this June, with two completed sales in Raymond, compared to eight the prior June. However, there was a surge of 12 pending sales, up from eight in June 2023. The two concluded sales were for an average of $314,950, compared to a median of $282,000 the year before, a gain of 12%. Raymond has an expanding inventory of houses for sales — currently 36, 50% more than the prior June, equating to an 18-month supply.

In South Bend, the county’s third biggest real estate market, there were three sales for a median of $289,000 this June, compared to two at an average of $317,500 the year before. Another three sales were pending. There are eight ongoing NWMLS listings in South Bend, up from five the before.

One house sold in Bay Center for $504,000. One sold in the Tokeland area for $310,000, compared to one for $580,837 in June 2023. Two Menlo houses sold for an average of $270,250.

Looking at longer-term countywide price trends, the median for houses this June was $310,000, compared to $327,250 in June 2023, and $279,500 in June 2022. Median means half sold for more and half for less. Not all home sales are included in NWMLS statistics, but their listings represent most transactions.

NWMLS market recap

Washington counties covered by NWMLS continue to follow seasonal trends with respect to inventory levels yet divert from typical patterns with regard to transaction volume.

“With the 30-year fixed mortgage rate currently at 6.86% (as of late June 2024), the purchasing power of prospective buyers remains constrained relative to a few years ago. Year-over-year for-sale inventory levels have increased dramatically relative to June 2023 (up 35.7%).

“Year-over-year closed sales transactions decreased by 3.1%, signaling that despite recent decreases in interest rates, buyers may be slightly less active when compared to June 2023. Higher levels of for-sale inventory should have an impact in stabilizing price levels over the summer months,” according to NWMLS’s monthly analysis of its entire 26-county area, which are mainly in western Washington.