May 2023 Market Update: The average price in Lewis County is finally responding to market indicators and the results might shock you.
Lewis County WA Housing May 2023 Market Update
Hey its your favorite local Realtor, Eren Millam w/ Premiere Property Group. I specialize in all things Lewis County because it’s where I live, work, & play. I’ve been in the industry almost a decade, much of that time spent setting the bar for customer service, social & digital marketing, and shattering pricing records. I do 1-2 videos a week covering the market, reacting to real estate gurus, educating and informing you to make the best financial decisions when it comes to real estate. If you’d like to learn more about me, upcoming events in the area, or check out my weekly blog, you can visit my website, LewisCountyHomes.com.
Lewis County WA Average Sales Price
The average sales price in Lewis County went up almost 9 thousand dollars! That’s right, a huge jump to put our average sales price above $420,000. I know it sounds crazy, but this is the new reality. Remember in May of 2013 when our average was $147,000? Well in May of 2018, just 5 years later, it ballooned nearly $100,000 to $245,000. Prices were high back then, but if you did happen to purchase a home, it very nearly doubled in value in the subsequent 5 years.
Summer Market Chaos
Now I’m not saying that will happen, but the market did just drop about 10% from it’s June peak and appears to be growing again. The one caveat I’ll add it, is May of 2022, the market average was $407,000. So what we saw was a summer market chaos before the interest rates started getting too out of hand. So from May of 2022 to May of 2023, the market is up 3.4%. Experts typically make their forecasts based on a 4% appreciation.
Real Estate Market Indicators
Let’s take a look at some more stats and see if you think we’ll have a hot real estate summer or a mild market. The number one question I get, is why are prices holding steady and increasing rather than dropping. Demand is still outperforming supply. Take a look at this graph. Inventory is still going down from last year’s frenzy.
Now take a look at this graph. Pending sales had been going down since August of last year, but has nearly doubled from it’s low in December. While I have already been reporting this, the numbers seemed to get extreme this month for a clearer picture of our local market.
Average Days on Market
With that information, you’d assume the average days on market would be going down right? You’d be correct!
Average Percent of Last Original Price
You might also assume that demand is causing higher offers. Correct again! In January, homes could expect a 10% reduction in their original asking price. Now, we’re back up to 97% – great news for sellers.
Showings Per Listing
Now, you might also ask, is there any other way to see if demand is actually up? I am so good to you guys, here you go! Activity did seem really slow at the end of last year and the first few months of this year as the average home saw less than 2 total showings. Now, the average has MORE than double just in the last few months.
While this data does support a stronger market, an average of 4 showings per listing is quite pathetic if you ask me. My current average is nearly double the market average and my latest listing had 12 showings before I got too many offers and I had to start declining appointments. Now you know why I end my videos with “Never Settle”.
May 2023 Market Update Video
If this was helpful to you in any way, consider giving it a like so more people who have the same question can see it and consider subscribing to my channel so you don’t miss any need to know information about our current market. Again, I’m Eren Millam with Premiere Property Group, and remember, never settle for less than extraordinary!
If you’re thinking of buying or selling your home in the west Lewis County area, contact me today! I’d love to hear from you! Eren Millam – Managing Broker Premiere Property Group, LLC WA License No. 26933
Chehalis, WA 98532 | Centralia, WA 98531 | Adna, WA 98522 | Boistfort, WA 98538 | Napavine, WA 98565 | Onalaska, WA 98570 | Rochester, WA 98579 | Toledo, WA 98591 | Vader, WA 98593 | Winlock, WA 98596
Call/Text: (360) 219-3616 | Email: Eren@LewisCountyHomes.com
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