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Last updated on February 3rd, 2021 at 11:45 am
According to the Northwest Multiple Listing Service, the median price for houses and condos throughout Pacific County shot up more than 39% in September compared to a year earlier.
The countywide median was $236,500, up from $170,000 in September 2019. On the peninsula, the median rose to $259,000, up 30% from 12 months earlier. “Median” means half sold for more and half for less.
Rising prices are a change from recent months when prices remained stable despite a tight supply.
Reflecting a current intense interest in living on the south Washington coast coupled with a reluctance by residents to move during a pandemic, the housing supply tightened by 53%, total listings countywide in September 2019 was 207 has now gone down to 97.
There were 70 active listings on the peninsula, 56% fewer than the same time last year.
Looking just at single-family dwellings, prices increased 38.6% countywide and 34.6% on the peninsula, to $254,250 and $269,000 respectively.
Condominiums, which are predominantly located on the peninsula, sold for 51% more this September, going for a median of $153,000. Twelve listings for condos remained active in September, 40% fewer than 12 months earlier.
Overall in the county, there was an extraordinarily tight 1.39 months of housing inventory in September. This means that at the current pace of sales, all would sell in that time if more did not come on the market.
On just the peninsula, it was an even tighter 1.27 months. Raymond, the second-largest housing market in Long Beach, had two months of inventory and a median price of $179,000, a 22% increase.
Reference Source: Chinook Observer
