The Local Real Estate Market is showing signs of warming up, with a small bump in sales, but with lagging new listings.
The RMLS (for SW Washington) Snapshot Graphic for this month highlights for us many of the key measures we look at for our local real estate market:
(If you would like to pull up last month's graphic as well, please open: Vancouver & Clark County WA Real Estate Snapshot for January 2023 in another tab)
Quickly we see that the Average Sales price slipped only $2k; while the Median Sales Price went up $6k. Through the last half of 2022 the price decline was rather steep. So far we don't see the same declining trend in 2023.
Pending Sales were down 10, which is not significant as we have a month that is short a few days. However, New Listings fell by 78 and Active Listings fell by 108; which helped the Active Inventory drop by 0.7 month's worth.
The Active Inventory in months at 1.8, as we've mentioned before, is much less when only looking at Existing / Resale Homes: 0.4 for Vancouver and 0.5 for Clark County!!!
At this point in the downward side of the most real estate bubble, Prices are just below where they were at this time in 2022; while the number of homes sold year-to-date is considerably lower: -35% for Vancouver; and -22% for Clark County.
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.
Hi Myrl Jeffcoat - in a rapidly changing market such as this one it is essential that Home Sellers and Home Buyers know the trend!