Cowlitz County home prices dipped slightly in August as more homes were listed on the market, helping to ease some pressure on the tight housing supply. Yet supply still isn’t keeping pace with demand and the market is still tilted heavily in the seller’s favor.
Median home prices dropped to $216,000 in August, down from $231,000 the previous month, according to a new report from Northwest Multiple Listing Services.
Real estate agents caution against drawing any conclusions from one of month change though, noting that the market is still hotter than it was a year ago. Last month’s prices are still 3.85 percent higher than the same time last year when median prices were $208,000.
“There was an ever-so-slight ease in pressure (in August), but until we see this for a couple months, there’s no trend here,” said Sheri Evald, a broker with Keller-Williams in Longview.
About 212 homes were added to the market in August, for a total of 327 active listings. That’s up from 295 the same time last year.
If the market were to continue at its current pace, it would take 2.18 months to sell through the county’s current inventory. In a balanced market, it would take about six months to sell through the inventory.
Even with slightly lower median prices last month, the number of homes sold barely budged month over month with just five extra homes sold in August compared to July. A total of 148 homes were sold last month.
Typically the housing market cools down in the fall and winter, but realtors say the busy market could continue longer than expected this year.
“There is no ‘typical’ in this market anymore,” Evald said.