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Feb. 5, 2023

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Clark County home inventory remains low, demand high

By , Columbian Business Reporter
Published:

Last month saw another upswing in new residential listings in Clark County — the most in June since 2008 — but inventory remains low as demand continues to outpace supply, according to a new report.

There were 1,144 new listings last month, up 7.6 percent from the year prior. That brings the number of new listings back to a pre-recession level, according to a Market Action report issued Friday by RMLS, a regional listing service. Despite that, there is barely a month’s supply of homes ready to purchase.

“There is a much higher proportion of active residential listings in Clark County that are proposed, defined as ‘not yet under construction,’ than exists in any other RMLS area,” reads the monthly disclaimer on the report.

Home prices hit another new record as the median sale price for Clark County homes rose to $293,500 last month. That’s up just $500 from May but marks a $10,500 increase from June 2015.

Time on the market decreased to an average of 45 days; houses were on the market an average of 55 days in June 2015 and more than 80 days in June 2014.

“Activity is ahead so far in 2016 compared to 2015,” reads the report, with pending sales up 4 percent and new listings up 7.6 percent compared to June 2015.

Closed sales, however, dropped 4.6 percent year over year.

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Columbian Business Reporter