September 2024 Market Update: Clark County, WA

September 2024 Market Update: Clark County, WA

Real estate in Clark County, WA, is experiencing a bit of a SHIFT, as the market dynamics evolve. Let’s dive into the key trends and what they mean for both buyers and sellers:

Key Market Highlights:

1. Price Adjustments: Sellers made 902 price reductions—it's a sign of the times!
2. Inventory Levels: There are currently 1,527 active homes on the market.
3. New Listings: While new homes listed this year rose 8.1% compared to last year, September saw a 10.5% drop compared to August.
4. Pending Sales: Pending home sales are up 33.3% year-over-year and 6.5% compared to August—indicating that buyers are still active.
5. Closed Sales: Although up 4.0% year-over-year, closed sales in September dropped 10.8% from August.
6. Average Sale Price: The average sale price increased 4.7% to $610,100 year-over-year, but dipped 2.0% from August to September.
7. Days on Market: The average time a home sits on the market has stretched to 53 days, up from 46.
8. Inventory Supply: We have about 2.5 months of sellable homes. Including new construction, that stretches to 3.3 months, with projections hitting 3.5 months by year-end.

What Does This Mean for You?

In my professional opinion (and with Susan and I helping the Clark County and Portland Metro area since 2006, we’ve seen a lot!), the market is slowing down. If you’re basing your home’s price on sales from four months ago, you might be too high. That said, I still expect 2024 to end with a modest 4.0% gain overall.

Sellers: If you price your home correctly, you could sell in 30 days or less. Our VIP Seller Program can help you achieve that—just ask!

Market Perspective: Despite the slowdown, we remain technically in a Seller's Market with less than five months of inventory. A neutral market would be 5-7 months, and a Buyer’s Market is 7+ months. We haven’t seen a Buyer’s Market since February 2012!

Looking Ahead

I don’t foresee a housing recession, even if there’s an economic recession. However, uncertainty around the election might have some people waiting. Once the election wraps up and with interest rates in the 5% range (depending on credit, DTI, and income), I believe buyers will re-enter the market more aggressively. We’re already seeing interest from folks eager to “beat the rush.” If this influx happens, we could see prices rise and sellers enjoying more favorable contract terms.

Buyers: Now is a great time to get ahead of the competition. Check out our VIP Buyer Program to see how we can help you secure the best deal before the market heats up again!

If you have any questions or need guidance on navigating this shifting market, reach out to us. We’re here to help!