Low inventory means its a competitive market for buyers looking to purchase a home in Clark County
There is some positive news to report in the real estate industry in Clark County. If you’re considering selling your home, there’s a good chance you’re going to receive maximum value.
“In Clark County, inventory remains low as homeowners opt to retain their current homes due to the more favorable interest rates,’’ said Madison Thomas, a real estate broker with Cano Real Estate in Vancouver. “Despite a 5 percent decline in pending sales compared to the previous year, we are still experiencing multiple offers on available listings. This is creating an imbalance where we are still seeing more home buyers than sellers.’’
Obviously, the assessment Thomas provided to Clark County Today isn’t good news for buyers, who will likely have to compete with others to acquire the home they desire. However, it is good news for those looking to sell.
“However, there is some positive news,’’ Thomas told Clark County Today. “With low inventory we are experiencing, now is a great time to sell your home. This is bringing offers over asking price, which is more favorable to sellers.’’
According to the June 2023 market report from the Regional Multiple Listing Service (RMLS), there were 876 new listings in Southwest Washington, which is a 24.8 percent decrease from the 1,165 listed in June 2022, and an increase of 1.4 percent from the 864 listed in May 2023.
The 639 pending sales last month show a 5.2 percent decrease from the 674 offers accepted in June 2022, and an increase of 6.3 percent from the 601 offers accepted the previous month in May 2023.
The closed sale count of 536 this past June was a decrease of 31.3 percent from the 780 closings last year in June 2022, and a decrease of 0.6 percent from the 539 closings last month in May 2023.
Inventory increased to 1.8 months in June 2023. Total market time decreased to 33 days, with the average home sale price of $615,200, and a median home sale price of $551,900.
For more information on buying or selling in today’s market, Madison Thomas, of Cano Real Estate, can be reached at (360) 787-1572, or by email at madison@canorealestate.com. Also, visit madison.canorealestate.com.
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