How is the market these days? Well this summary from Chat GPT is a good start, but I'll embellish at the end :)
The housing market in Clark County, Washington, has remained relatively dynamic in 2024, reflecting broader national trends while showcasing unique regional characteristics. As of December 2024, the median home price in the county has increased to approximately $575,000, representing a notable rise from last year. However, homes are staying on the market longer, with an average of about 40 days compared to 25 days in 2023. This indicates a potential cooling from the hyper-competitive conditions seen in recent years.
One of the key challenges for the market is the high mortgage rates, which, though slightly lower than earlier in the year, continue to influence buyer affordability and activity. Inventory remains constrained, with just over 2,400 homes available as of November, making competition for quality properties intense. Sellers often achieve near-list prices, signaling strong demand despite these affordability issues.
For buyers, the market presents a mix of opportunities and hurdles. The extended time on market can provide more room for negotiation, but limited inventory and competition still require decisive action. Meanwhile, sellers can capitalize on stable prices but need to be strategic with pricing to ensure a timely sale.
In conclusion, Clark County's housing market reflects a balanced yet competitive environment. Both buyers and sellers must navigate these conditions with informed strategies to meet their goals.
The AI managed to fish out an important bit of market reality that it mentioned but needs a bit more context. Quality properties are in high demand and these are the properties that when priced right will fly off the proverbial shelf, so to speak. Lesser quality properties such as older outdated homes or those needing some classic TLC will sit on the market. These are the properties that buyers struggling to afford a home should be targeting. As long as the house is good enough to be financed by a bank and provides immediate shelter, buyers really should try and get in while they can. If rates get better one can always refinance, but if they go higher it could be years before the lower rates return. Even if our market sees a correction in the next couple of years, buyers can ride that out. The worst real estate correction in three generations happened in 2009-2012 and most buyers that rode it out saw their homes back at pre-crash value in less than five years. Buyers should prepare to stay in the home for five to seven years anyway, owning real estate is a long term play. Short term living arrangements are what rentals are designed to facilitate.
We have seen the median home price continue to creep up even as inventory levels have risen. Until we see 6-8 months of inventory we will likely continue to see rising prices. Inventory sits at about 3 months right now.
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