Rising inventory and a slower sales pace have shifted conditions in Elm Springs, giving buyers more negotiating room while sellers face longer marketing times.
Price Trends
The median sale price in Elm Springs came in at $662,000, with an average sale price of $654,625, down 14.2% from the prior period's median of $771,500. Median price per square foot was $228.89, an 8.7% decline from the previous period's $250.62. List prices also softened, with a median list price of $730,000 and an average of $801,500, down 5.8% from the prior period.
Inventory & Supply
Active listings reached 42, more than double the prior period's 19, a 121.1% increase. Months of supply climbed to 83.8, up sharply from 19 months previously, a 341.1% jump. Combined with an absorption rate of 1.19% and a pending-to-active ratio of 2.4%, these figures point to a Buyer's Market.
Pace of Sales
The average days on market rose to 87, up from 72.63 in the prior period, a 19.8% increase; the median days on market was somewhat higher at 96.5, suggesting a mix of faster and slower sales. Four homes sold during the period, down 50% from eight previously, and the sell-through rate stood at 66.7%. Homes that did sell achieved a median sale-to-list ratio of 98%.
Property Snapshot
Sold homes had a median size of 2,873 square feet, averaging 4.44 bedrooms and 3.78 bathrooms, with a median year built of 2018. Sales activity spanned a range of price points, from a home under $450,000 with 34 days on market to one above $900,000 with 94 days on market. All recorded sales in this period were single-family houses, which carried a months-of-supply figure of 4 within that category.
At a Glance
- Median Sale Price: $662,000
- Average Days on Market: 87 days
- Active Listings: 42
- Months of Supply: 83.8
- Sell-Through Rate: 66.7%
- Median Sale-to-List: 98%
See the full interactive year-to-date market report: https://nwastats.com/market-report/elm-springs-benton-county-year-to-date-market-update/