A decrease in rates will lead to seller’s getting off the fence and a strong demand from buyers according to Cano Real Estate Owner/Broker Nathan Cano
Ken Vance, editor
Clark County Today
Even in a “tough’’ month for the housing industry, Clark County buyers and sellers have an opportunity to react to the current real estate market.
Nathan Cano, owner/broker of Cano Real Estate, recently offered his assessment of the real estate market in Clark County and Southwest Washington.
“October was a tough month for housing in Clark County, with mortgage rates peaking making home affordability the worst it’s ever been,’’ Cano told Clark County Today. “There are a lot of buyers in the market and as soon as we see a little improvement in mortgage rates we anticipate sales to improve.’’
Cano also had advice for sellers facing the current dynamics in the market.
“In addition to the affordability issues for buyers, many sellers who want to move are locked in at historically low interest rates and aren’t willing to give that up at this point,’’ Cano said. “This has led to a lack of inventory in the marketplace. As we look forward we anticipate a decrease in mortgage rates which will lead to seller’s getting off the fence and strong demand from buyers. We are recommending that our clients take advantage of the market right now with the intent to refinance when rates come back down in the coming months.”
According to the Regional Market Listing Service (RMLS) of Southwest Washington, in October 2023,there were 601 new listings in Southwest Washington, which is a 5.5 percent decrease from the 636 listed in October 2022, and a decrease of 4.8 percent from the 631 listed in September 2023.
The 433 pending sales last month show a 9.8 percent decrease from the 480 offers accepted in October 2022, and a decrease of 2.7 percent from the 445 offers accepted the previous month in September 2023.
The closed sale count of 445 this past October was a decrease of 17.0 percent from the 536 closings last year in October 2022, and a decrease of 6.5 percent from the 476 closings last month in September 2023.
Inventory increased to 2.8 months in October 2023. Total market time also increased to 41 days, with the average home sale price of $595,600, and a median home sale price of $530,000.
- Area real estate professional sees improvements in ‘tough’ marketCano Real Estate’s Steve Dobbs provides some insight into the Southwest Washington market.
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