Clark County Real Estate Market Report
August 2023
Overview
The Clark County real estate market remains active but competitive for homebuyers in September. Median sales prices have stabilized around $535,000 after peaking at $551,900 in June. Meanwhile, mortgage rates have crept up to 7.2% but inventory is increasing to 1.9 months, giving buyers more options.
Home Prices
After hitting a peak of $551,900 in June, the median sales price for a Clark County home has declined to $538,400 in August. Prices remain slightly elevated from March when the median was $513,000. The increase in inventory over the spring and summer has taken some pressure off prices. There are now more homes available for motivated buyers in the area.
Inventory
The number of active listings has been steadily climbing since bottoming out in January at 793 homes on the market. As of August, inventory stands at 1,137 homes for sale in Clark County. This equals 1.9 months of inventory, giving buyers a decent selection of homes to choose from. More listings are entering the market as we move out of the peak spring and summer seasons.
Interest Rates
Mortgage rates have trended up for most of 2022. In January, rates for a 30-year fixed mortgage were around 6.1%. As of August, this benchmark rate has risen to 7.2%. Higher interest rates have impacted affordability and cooled demand, contributing to the easing of price growth. Qualified buyers can still find competitive rates by shopping lenders like Shannon Dumont with Guaranteed Rate in Vancouver.
Days on Market
Homes are selling quicker again after slowing down this winter and spring. In January, the average home took 56 days to sell. By August, days on market had declined to just 35 days, suggesting an active purchase market. Well-priced homes in good condition are experiencing strong demand in Clark County.
Apartment Rents
After peaking at $1,587 in May, average rents for a 2-bedroom apartment have declined slightly to $1,537 per month. Rising home prices over the past couple years led more first-time buyers to stay renting longer. However, rents are now moderating as for-sale inventory opens up.
Residential Highlights - August 2023
New Listings
New listings (716) decreased 11.9% from the 813 listed in August 2022, and decreased 6.6% from the 767 listed in July 2023.
Pending Sales
Pending sales (551) decreased 18.7% from the 678 offers accepted in August 2022, and decreased 15.2% from the 650 offers accepted in July 2023.
Closed Sales
Closed sales (596) decreased 16.5% from the 714 closings in August 2022, and increased 8.2% from the 551 closings in July 2023.
Inventory and Time on Market
Inventory held steady at 1.9 months in August. Total market time increased to 35 days.
Year-to-Date Summary
Comparing the first eight months of 2023 to the same period in 2022, new listings (5,616) decreased 27.3%, pending sales (4,418) decreased 24.6%, and closed sales (4,059) decreased 30.6%.
Average and Median Sale Prices
Comparing 2023 to 2022 through August, the average sale price has decreased 0.9% from $588,000 to $582,800. In the same comparison, the median sale price has decreased 0.1% from $525,300 to $525,000.
Conclusion
While Clark County home prices remain elevated, the market is shifting in a more buyer-friendly direction. Inventory is improving, prices are stabilizing, and homes are selling quickly. There are opportunities for buyers willing to act decisively on well-priced listings. Contact Ian Carter at (503)810-2737 or email ian@washingtonhomes.realestate today to discuss your home buying or selling needs in SW Washington.