Cano Real Estate Broker Destiney Evans anticipates how the Clark County real estate market will perform in the months of October, November, December and January

Ken Vance, editor
Clark County Today

As the Clark County real estate market enters the “slow months’’ of October, November, December and January, Cano Real Estate Broker Destiney Evans offers some seasonal thoughts for those looking to buy or sell a home.

“As we move into the end of the year here in 2023, the housing market is facing the lowest available inventory we have ever seen,’’ Evans told Clark County Today. “This isn’t only happening in Clark County but nationwide. While current homeowners are wanting to keep their low interest rates from 2020 and 2021, the buyers in today’s market still need homes.’’

Evans pointed out the high rental prices in Clark County are encouraging many in the area to seek home ownership.

“Rent prices are continuously rising and some buyers are paying more in rent than they would on their mortgage,’’ Evans said. “Even though pending sales are down 18.7 percent compared to last year, we are starting to see a few multiple offer situations on active listings.

“So overall, is it a good time to buy or sell? Actually, the answer is yes,’’ Evans said. “While inventory still remains low, as it has over the past few years, now is an exceptional time to list your home. Buyers today are putting their best foot forward making sure they are pre-approved and ready to write on a property they love. Moving forward through the ‘slow months’ in real estate (October, November, December, & January) we can assume to see more buyers looking for a place to call home regardless of the low supply.’’

According to the August 2023 market report from the Regional Multiple Listing Service (RMLS), there were 716 new listings in Southwest Washington, which is an 11.9 percent decrease from the 813 listed in August 2022, and a decrease of 6.6 percent from the 767 listed in July 2023.

The 551 pending sales last month show an 18.7 percent decrease from the 678 offers accepted in August 2022, and a decrease of 15.2 percent from the 650 offers accepted the previous month in July 2023.

Closed sale count of 596 this past August was a decrease of 16.5 percent from the 714 closings last year in August 2022, and an increase of 8.2 percent from the 551 closings last month in July 2023.

Inventory remained steady at 1.9 months in August 2023. Total market time increased to 35 days, with the average home sale price of $603,000, and a median home sale price of $538,400.

For more information on buying or selling, contact Destiney Evans, Cano Real Estate broker, at (504) 218-9861 or destiney@canorealestate.com, destiney.canorealestate.com.