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Clark County Real Estate Market Update for October 2023

Clark County Real Estate Market Update for October 2023
Clark County Real Estate Market Update for October 2023

In October 2023, there were 601 new listings in Southwest Washington, which is a 5.5% decrease from the 636 listed in October 2022, and a decrease of 4.8% from the 631 listed in September 2023.

433 pending sales last month show a 9.8% decrease from the 480 offers accepted in October 2022, and a decrease of 2.7% from the 445 offers accepted the previous month in September 2023.

Closed sale count of 445 this past October was a decrease of 17.0% from the 536 closings last year in October 2022, and a decrease of 6.5% 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.

Owner/Broker Nathan Cano says, “October was a tough month for housing in Clark County. With mortgage rates peaking making home affordability the worst it’s ever been. 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. 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. 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 to take advantage of the market right now with the intent to refinance when rates come back down in the coming months.

For more information or to discuss your plans to buy or sell a home in Clark County, Washington, contact our team today!

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