Friday, August 20, 2021

Local Market Remains Hot

Yes the headlines are mostly true, the real estate market continues to see strong sales and demand is still outstripping supply. A lot of this locally can be partially tracked to the new home construction which is suffering from supply chain woes. Nearly a thousand resale homes closed in July this year and that is getting into the numbers we saw at the peak of the last big bull housing market in 2007. 

Buyers can at least take solace in the inventory numbers that are softening a bit. Instead of ten multiple offers on the three-two with a yard for $400k there might only be five. Of course many sellers are opting to take a more leisurely approach to selling with a higher price intending to bring the buyer that really wants the home rather than the mad rush desperadoes trying to edge each other out.

The extra inventory is appreciated but the market will still gobble it up. There are a fair number of locals moving out of the area, chasing jobs in markets where COVID is not as restrictive on the factories, and supply chain. Texas is a big recipient of this minor exodus. Locally the housing is rapidly being bought by others moving in. We are starting to fill up with Seattle area transplants working from home and taking advantage of Clark Counties relative value when contrasted with King or Snohomish counties. That and all the Portlanders fleeing that rapidly declining city to Clark, Clakamas, and Washington counties.

The next 6-12 months look solid for Clark County real estate. 


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