In December 2023, there were 313 new listings in Southwest Washington, which is a 14.7% decrease from the 367 listed in December 2022, and a decrease of 31.2% from the 455 listed in November 2023.
382 pending sales last month show a 2.4% increase from the 373 offers accepted in December 2022, and an increase of 3.8% from the 368 offers accepted the previous month in November 2023.
Closed sale count of 381 this past December was a decrease of 15.5% from the 451 closings last year in December 2022, and an increase of 15.5% from the 330 closings last month in November 2023.
Inventory decreased to 2.7 months in December 2023. Total market time increased to 57 days, with the average home sale price of $597,000, and a median home sale price of $520,000.
Reflecting on the past month, Megan Storie, experienced broker at Cano Real Estate, observed that December provided only marginal relief for the housing market in Clark County. Despite a slight stabilization and intermittent decreases in mortgage rates, the overall affordability of homes has not rebounded due to other economic factors. Megan Storie remarked, “There are many prospective buyers in the market, and we anticipate a surge in sales once there is even a slight improvement in mortgage rates.”
Adding valuable insights for potential homebuyers navigating these challenging market conditions, Megan noted an additional hurdle. “Along with the affordability challenges faced by buyers, a considerable number of sellers are wanting to move, but aren’t willing to give up the advantage of having historically low interest rates. This has resulted in a shortage of available inventory.”
Looking ahead, Megan projects a potential decrease in mortgage rates, but notes that economic forecasts indicate that they are unlikely to dip below 6% for the majority of 2024. Despite this, she emphasized that the current scenario presents a favorable opportunity for those in pursuit of their dream home. “Now is the perfect time to buy if you find your ideal property,” Megan concluded, underscoring the strategic advantage for buyers in the present real estate landscape.
For more information or to discuss your plans to buy or sell a home in Clark County, Washington, contact our team today!