Clark County Home Sales
In this hot seller’s market, we are constantly checking to see what is happening with sales. Plus, now that COVID-19 restrictions are easing in Washington state, it’s important to know how they are impacting the real estate market.
Good News For Sellers – Bad News For Buyers:
First, the Bad News For Buyers: As the green (2020) and red (2021) graphs show on the chart below, Active Residential Listings over the past year have been declining, compared to the previous year.
And, while new listings jumped from December, 2020 to January 2021, February showed a decline in new listings.
If you are in the market to buy a home, there is a scarcity of selection. The inventory – the time it takes to sell all homes actively listed – jumped from from .6 to .8 months in January, then dropped a bit from .8 to .7 months in February. This clearly points to a continuing Seller’s market, which is making it hard for buyers.
Now, the Good News For Sellers: If you are a homeowner, thinking about selling your home, now is the time to act. With such a low inventory, you expect a very quick sale, provided you price it correctly and have a realtor market it. We have been monitoring a particular area where the final Sales price varies from $10,000 to $30,000 over List price.
Clark County Home Sales
Meanwhile, the reality of a Seller’s market is that the Average Sale Price keeps rising. As the chart shows below, prices have risen regularly since January 2012. And with low inventory and historically low interest rates, prices will likely continue to rise for the near future.
Sellers: If you are thinking about selling, now is a great time! Many COVID restrictions have been eased – e.g. open houses are allowed again with certain restrictions. All showings continue under controlled environments, but houses keep getting shown and sold. Call us for the latest COVID guidelines and for a free consultation on your home’s value.
Buyers: Be super-prepared when you start looking. Have your financing and down payment in order, and be prepared to make an offer as soon as you see what you like. Waiting will likely mean the house will be gone. You might also find yourself in a bidding war. In that case, know your absolute limits, and don’t fall into the emotional trap of overpaying just to win. An inflated price will hurt you in the long run when it comes time to sell. You can start your home search here.