Real estate market analysis reveals softening prices

Graphic courtesy Cano Real Estate
Graphic courtesy Cano Real Estate

Cano Real Estate’s Spenser Beck offers insight into Clark County’s recent home sales

Ken Vance, editor
Clark County Today

Real Estate Broker Spenser Beck says there is some good news for area residents seeking to purchase a home. Even though current inventory remains low, the Cano Real Estate team member says there are currently favorable buying opportunities available.

Spenser Beck, Cano Real Estate
Spenser Beck, Cano Real Estate

“In Clark County we are seeing inventory continue to decrease year over year due to the steady increase of interest rates over the last year,’’ Beck told Clark County Today. “This is causing homeowners to retain their lower interest rates. Even with pending sales decreasing 7.4% year over year, we did see an increase of 1.7% from June 2023 to July 2023. This is because prices have softened with the market to more favorable numbers for homebuyers. 

“This is also driving the increase of 2.8% closed sales from June 2023 to July 2023,’’ Beck added. “Homebuyers are realizing that this market is creating an opportunity to get into a home for a more favorable price before we see the next market shift.’’

Beck says there is also good news for those looking to sell their home.

“Sellers are also benefiting with the lower inventory to drive the hungry buyers to compete for their homes, driving multiple offer situations and the potential to receive offers over asking price for those homebuyers that need and want to purchase now,” Beck said.

According to the July 2023 market report from the Regional Multiple Listing Service (RMLS), there were 767 new listings in Southwest Washington, which is a 21.6% decrease from the 978 listed in July 2022, and a decrease of 12.4% from the 876 listed in June 2023.

The 650 pending sales last month show a 7.4% decrease from the 702 offers accepted in July 2022, and an increase of 1.7% from the 639 offers accepted the previous month in June 2023.

The closed sale count of 551 this past July was a decrease of 17.3% from the 666 closings last year in July 2022, and an increase of 2.8% from the 536 closings last month in June 2023.

Inventory increased to 1.9 months in July 2023. Total market time increased to 34 days, with the average home sale price of $592,900, and a median home sale price of $550,000.

For more information on buying or selling real estate, contact Spenser Beck at (360) 713-7580, spenser@canorealestate.com or visit spenser.canorealestate.com.


Also read:

Receive comment notifications
Notify of
guest

1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
buy viagra online where can i buy viagra
1
0
Would love your thoughts, please comment.x
()
x
buy viagra online where can i buy viagra
1
0
Would love your thoughts, please comment.x
()
x