In November 2023, there were 455 new listings in Southwest Washington, which is a 7.9% decrease from the 494 listed in November 2022, and a decrease of 24.3% from the 601 listed in October 2023.
368 pending sales last month show a 14.2% decrease from the 429 offers accepted in November 2022, and a decrease of 15.0% from the 433 offers accepted the previous month in October 2023.
Closed sale count of 330 this past November was a decrease of 28.3% from the 460 closings last year in November 2022, and a decrease of 25.8% from the 445 closings last month in October 2023.
Inventory increased to 3.7 months in November 2023. Total market time also increased to 52 days, with the average home sale price of $574,700, and a median home sale price of $500,000.
Real Estate Broker Steve Dobbs provided some context to what is currently happening in the local market.
“There isn’t anyone in the Real Estate or Mortgage industries who would tell you that we haven’t had a tough second half of 2023. Rates have been high and inventory of available homes has been extremely low! However, as we finish the last quarter of the year, we are seeing improvements.
“Interest rates have steadily declined in the last few weeks, bringing several buyers back to the market. We are successfully negotiating credits for buyers to help pay either closing costs or to buy points and bring their interest rates down. One of my go-to lenders is incentivizing loans by also offering a 1-year, 1% rate buy down for most buyers. Between rates dropping, closing credits and lender incentives, buyers are finding that purchasing makes sense. Buyers are facing less competition for available homes as many consumers are “waiting on the couch” for markets to change. For those waiting, they will face increased home values and a more competitive market as home seekers re-enter the race for homes in the first quarter of 2024.
“Sellers are finding that listing their home now is advantageous; only serious buyers are looking at homes. In Spring and Summer months, many people ‘shop’ or ‘view’ homes but have no real intent on purchasing. The buyers looking in the current market are ready and able to purchase. Sellers can be assured that those viewing their homes are willing to buy a home now and not wait for further market swings or competition. We have seen Sellers receive multiple offers due to decreased inventory, but not to the point of 2020/2021. However, with low inventory, quality homes are still moving quickly.
“Selling or Buying in the current market is obviously a personal decision. However, having the facts and understanding the benefits of purchasing/selling now versus waiting, is a great place to start. I am happy to discuss the options!“
For more information or to discuss your plans to buy or sell a home in Clark County, Washington, contact our team today!