Local trends in the market place show a continued healthy market here in Clark County, WA. July showed a slight dip in sales but new listings stayed a bit flat so that gave us a much needed boost in inventory. It was not a big boost but it helps. With 2.1 months available it is still tight and the market still favors sellers. I am finding that the multiple offer feeding frenzy is occurring less often and only on homes that are really well priced. Agents marketing homes at close to fair value are seeing quick turn around but not the craziness of a month or so ago. Sellers looking to puff up their price are finding some market resistance.
This my friends is what a healthy market looks like. Well priced listings attract multiple offers, properly priced listings go pending in less than a month, and over priced listings dangle in the breeze until the market catches up to the puffed up price.
Clark County is sitting at a median sales price of just over 300,000 and growth is showing about 0.4-0.5% monthly gains, which is a healthy annualized number of about 5-6%. Anything higher is not sustainable.
Builders continue to produce new homes, The modern trend of big house on small lot continues as land values and increased state and local regulations push costs higher on land development. Homes in the sub-median price ranges will continue to see robust activity and multiple offers. Above median still seems to be a healthy market with a leaning towards seller favor between the median and $450,000, swinging to neutral from $450k to $750k and still favoring buyers, although only slightly, once above $750k for the most part.
This is a solid and sustainable market and if it continues we will see slight fluctuations between slowing to 2-3% growth then perking up to say 7-10% briefly. All of this based on local and national economic trends.
It's a good market my friends.