Lewis County Real Estate Market Report May 2018
This month’s spotlight will focus on the famous egg town, Winlock.
If you missed last month’s post about the total number of home for sale (spoiler: record low), you can read it here: Lewis County Real Estate Market Report April 2018
Median Sales Price
If you purchased a home in Winlock around January of 2015, you’ve gained about $65,000 worth of equity since then! Essentially, you’ve made about $1585 every month since your purchase just for living in your home. This is one of the major reasons why Realtors harp on the benefit of home ownership! If you are a renter, you are paying your landlord’s mortgage and they are ones enjoying the increase of equity!
Homes for Sale vs Median Days on Market
What do you see in these two graphs? They are almost identical! As the homes available on the market begin to dwindle, so do the days each home is on the market! When the amount of homes increase, the days on market for each home also increases. This is because the buyer pool has more options to choose from and less competition when there are many homes available. In this current market of scarcity, the buyers that win offers are the ones who act fast and come in strong.
Pending Sales and Median Percent of Last List Price
Even though there are fewer homes for sale, the pending sales is up! How is this possible? Pending sales are not included in the active homes for sale calculations. This is a dangerous graph, because it shows that more homes are pending than for sale. If the trend continues, eventually there will be no more homes left! Likewise, the 2nd graph shows that buyers are starting to pay the asking price of the home rather than negotiate, and possibly lose out on their dream house. If you are not getting showings or full price offers within 5-6 weeks (market average) upon listing, the house has not been positioned correctly.
If you have any questions about these statistics or how to leverage your house for top $$$, you can contact me HERE.