The December 2022 Real Estate Sales Action Still Suggest a Seller's Market in Vancouver Washington!
The Snapshot graphic below is provided by RMLS to show us many of the key home sales metrics for Vancouver, Clark County and Southwest Washington:
Even though the real estate market is "slower" than it was in early 2022; these statistics for one of the slowest months of the year show rather strong activity.
For example, a total market time of 52 days is relatively brisk (it is several days lower than December 2019) for this time of year. We also see Pending Sales exceeding New Listings; which tells us the Available Inventory is declining!
Also, the statistic shown at 1.9 months includes New Construction. When looking at only Pre-Owned Inventory, the number shrinks to 0.8 months worth!!! This low level is usually one of the key indicators of a Seller's Market.
As for the direction of Prices - yes, we are seeing Sales Prices declining moderately. However, Prices for New Listings are coming in higher as Sellers realize the Active Inventory is still extremely Low.
Thank you for visiting and reading our post. If you have any questions or, would like help with your real estate needs in 2023, please let us know!
Hi Myrl Jeffcoat - glad you like our report and thanks for stopping by!