In May 2024, there were 943 new listings in Southwest Washington, which is a 9.1 percent increase from the 864 listed in May 2023, and an increase of 13.5 percent from the 831 listed in April 2024

Ken Vance, editor
Clark County Today

Despite mortgage rates in the 7 percent range, the real estate market in Southwest Washington is not slowing down according to area Realtor Mark Hall, director of sales at Cano Real Estate.

“These numbers are right in line with seasonal models and indicate a stable market despite current interest rates,’’ said Hall after reviewing the May 2024 real estate report from the Southwest Washington Regional Multiple Listing Service. “So, what does that tell us about our current market? It says that with rates in the 7 percent range, our local real estate market is not slowing down. Prices are stabilizing and the homes that are priced correctly are still selling. For buyers, the mild increase in inventory will give them an opportunity to write offers without having to battle 10 other buyers and I predict that the inventory will continue to rise as we move into the summer months.’’

In May 2024, there were 943 new listings in Southwest Washington, which is a 9.1 percent increase from the 864 listed in May 2023, and an increase of 13.5 percent from the 831 listed in April 2024. The 655 pending sales last month show a 9 percent increase from the 601 offers accepted in May 2023, and an increase of 8.1 percent from the 606 offers accepted the previous month in April 2024.

The closed sale count of 556 this past May was an increase of 3.2 percent from the 539 closings last year in May 2023, and an increase of 4.9 percent from the 530 closings last month in April 2024. Inventory increased to 2.6 months in May 2024. Total market time increased to 108 days, with the average home sale price of $628,500, and a median home sale price of $542,300.

“Summer is upon us and as a buyer or seller, this is the market in which you want to be,’’ Hall said. “Inventory is increasing, rates are stable, and there are many buyers who are sitting on the fence. If you are thinking about buying or selling, you need to start today so you are prepared to take advantage of the summer real estate market.

“I’m proud to say that our Cano Real Estate team was the No. 1 team in Clark County in 2023, and we are continuing to grow and go above and beyond to ensure our clients have the best experience when buying or selling a home in our beautiful community,’’ Hall stated.

For more information, contact Mark Hall, director of sales, Cano Real Estate, via email at mark.hall@canorealestate.com, by phone at (360) 903-3113 or visit https://markhall.canorealestate.com/.