Rising inventory and a slower absorption rate have pushed the Elm Springs market into buyer's market territory even as homes continue to sell close to asking price.
Price Trends
The median sale price in Elm Springs sits at $622,807.50, down 4.2% from the prior period, while the median list price of $632,747.50 is down a more modest 1.5%. Price per square foot came in at $240.62, essentially flat versus the previous period. Homes are still selling right around asking, with a median sale-to-list ratio of 100%.
Inventory and Supply
Active listings jumped to 42, up 121.1% from 19 in the prior period, while new listings doubled. Months of supply rose sharply to 10.5, up from 3.9, and the absorption rate of 9.54% places the market in buyer's market conditions. Sell-through for the period stands at 57.1%, with a pending-to-active ratio of 45.2%.
Pace of Sales
Homes sold in an average of 39.94 days, a marked improvement from 73.77 days in the prior period, a 45.9% drop that signals quicker transactions despite the added supply. The median days on market came in at 0, reflecting a number of very fast sales pulling that figure down. Sold counts totaled 32 for the period against total sales volume of $20,371,317.
Price Range and Property Highlights
Sales activity concentrated in the $450K–$750K bands, which together accounted for 25 of the 32 sales recorded, while listings above $900K moved more slowly with average days on market of 96 or more in some tiers. All recorded sales were single-family houses, with a median size of 2,633.5 square feet, an average of 3.83 bedrooms and 3.25 bathrooms, and a median year built of 2025, pointing to a strong presence of new construction in current inventory.
At a Glance
- Median Sale Price: $622,808
- Average Days on Market: 39.94 days
- Months of Supply: 10.5
- Total Sales Volume: $20,371,317
- Median Sale-to-List Ratio: 100%
- Active Listings: 42
See the full interactive year-to-date market report: https://nwastats.com/market-report/elm-springs-washington-county-year-to-date-market-update/