LONG BEACH — Pacific County’s residential housing market has been heating up as summer slides toward autumn but is constrained by lack of supply, real estate agents say. This translates into some houses selling the day they are listed or receiving multiple offers.
August sales data was not available as the September CRBJ went to press, but in July there were about half as many homes available to buy compared to a year earlier, according to the Northwest Multiple Listing Service.
Looking back at the April through June period — the height of coronavirus restrictions — county sales about equaled the same quarter in 2019, according to the Center for Real Estate Research at the University of Washington.
Two-bedroom houses — somewhat over-represented in Pacific County because of its large inventory of small vacation cabins — fell 4.6% in median price to $177,100 in the second quarter, while the price of three-bedroom houses increased 8.6% to $247,500 and four-bedroom houses went up a whopping 62% to $425,000, UW reported.
The overall median home price — half sold for more and half for less — rose 5.4% to $228,400 compared to $216,700 in the second quarter of 2019, the real estate center said. This was about equal to the statewide increase.
Home-building permits increased nearly 8% in the county in the second quarter, compared to a 26.5% decline statewide.