Clark County Home Sales
Our clients are always asking "How's the market doing?" And we are constantly checking see what's going on every month. Especially now that some COVID-19 restrictions are easing in Washington state, it's important to see how they are impacting the real estate market.
Good News and Bad News:
First, the Bad News: As the green graph and box show on the chart below, Active Residential Listings over the past year have been declining. But the red box shows listings jumping by over 300 homes in January 2021. Still, 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 .6 to .8 months in January. Even though this is an improvement, five to seven months is "balanced", so this still clearly points to a Seller's market.
We are hoping that, as more of the vaccine becomes available, and the infection rate drops, we will see more homes coming on the market.
Now, the Good News: 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. This summer we sold a home for $30,000 over asking with no contingencies. No financing, appraisal, or inspections. Unheard of in a normal market.
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 extremely low interest rates, prices will likely continue to rise for the near future.
Tips For Surviving a Seller's Market
Sellers: If you are thinking about selling, now is a great time! Some 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.