Monday Market in Vancouver, Washington
Monday Market Snapshot 2008/12/15
More inventory. That's what the Multiple Listing System (MLS)
reported recently. Our Clark County inventory moved from an inventory rate of 13.7 to 16.9 during November. The inventory is calculated by dividing the number of homes for sale by the average days it take to sell a home and reflects how long it would take to sell all the homes on the market at current rate of sales (if no more homes were added to the market). That increase in inventory does suggest continued downward pressure on prices.
This is probably a good time to point out that the numbers I track are not from the same population that the Regional MLS tracks. I have a narrower focus and may not reflect the same numbers in their reports. For example, the numbers I track show 3522 homes for sale in Vancouver, the RMLS reflects 4557 for Clark County. Trends will likely be the same though.
The ratio of homes for sale compared to homes with accepted contracts tightened slightly to just under 8 to 1. That's a few weeks more current than the RMLS's reporting of inventory. I don't track time on market because what I see 83% of the the time is that a home priced for the market will have offers accepted generally within 30 days. I think the rest of the market time is used up just trying to guess what the market value is.
With interest rates at record lows and home prices under pressure, what's the good news? Time to invest!!! Call me and let's talk about securing your financial future today.
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