In August 2023, there were 716 new listings in Southwest Washington, which is a 11.9% decrease from the 813 listed in August 2022, and a decrease of 6.6% from the 767 listed in July 2023.
551 pending sales last month show a 18.7% decrease from the 678 offers accepted in August 2022, and a decrease of 15.2% 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% from the 714 closings last year in August 2022, and an increase of 8.2% 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.
Real Estate Broker Destiney Evans provided some insight into these stats and what this actually means to for current homeowners and those looking to buy.
“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. This isn’t only happening in Clark County but nationwide. While current homeowners are wanting to keep their low interest rates from 2020 & 2021, the buyer’s in today’s market still need homes. Rent prices are continuously rising and some buyers are paying more in rent than they would on their mortgage. Even though pending sales are down 18.7% 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. 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.”
For more information or to discuss your plans to buy or sell a home in Clark County, Washington, contact our team today!