May 2023 RMLS report shows a 26.1 percent decrease in new listings last month compared to the previous year
It’s a seller’s market these days in the Clark County Real Estate industry.
A review of the May 2023 Regional Multiple Listing Service (RMLS) shows there were 864 new listings in Southwest Washington is a 26.1 percent decrease from the 1,169 listed in May 2022, and an increase of 39.6 percent from the 619 listed in April 2023.
The 601 pending sales last month show a 31.1 percent decrease from the 872 offers accepted in May 2022, and a decrease of 1 percent from the 607 offers accepted the previous month in April 2023.
The closed sale count of 539 this past May was a decrease of 31.9 percent from the 792 closings last year in May 2022, and a decrease of 15.7 percent from the 466 closings last month in April 2023.
Inventory increased to 1.7 months in May 2023. Total market time decreased to 39 days, with the average home sale price of $587,100 and a median home sale price of $545,000.
"Inventory continues to be an issue in Clark County as homeowners are keeping their existing home and the interest rate that's tied to it,’’ said Aaron Johnson, Real Estate broker at Cano Real Estate in Vancouver. “Even though pending sales are down 31 percent year over year, we are currently seeing multiple offer situations on most active listings as the number of buyers are outpacing the available listings.’’
Johnson says there is a silver lining in the report.
“The good news is if you find yourself in a position of wanting to sell your house, this is an extraordinary time as the low inventory levels are leading to over asking price offers with favorable terms to the seller," Johnson said.
Johnson can be reached by phone at (503) 403-8239 or by email at [email protected] or visit his website.
