January's Snapshot numbers suggest the local market is firming up, if not turning around.
This month's snapshot-graphic by RMLS for Southwest Washington highlights key-item measurements for our local real estate market:
Last month's graphic (see: December 2022's Clark County Real Estate Snapshot) suggested we still have a Seller's Market, and this month's numbers suggest greater movement in that direction.
Prices for the Average and Median have moved up. We know one month does not necessarily indicate a trend, it certainly suggests however that a "free-fall" drop in prices is not currently happening.
Although the "Inventory in Months" went up to 2.5 months, when we remove the New Construction element (which often contains a large number of "Proposed" homes, that are clearly not move-in-ready); the number for Existing Homes shrank to 0.6 months!!!
Another reference point to consider is that the number of Active Listings has also lower this month, which is indicative of a market that is more favorable to the Seller.
This is a quick look at the local real estate market we serve. If you would like a more information feel free to contact us directly. Also, we have a link to the more detailed: RMLS SW Washington Market Action Report.
Comments(2)