It continues to be a seller’s market in Clark County.
The latest market report from RMLS, a real estate listing service, says the typical Clark County home in July sold for about $334,800 after 41 days on the market.
That won’t look too different from June or last summer, but comparing two periods of hot real estate makes it look relatively tame. Indeed, analysts say the housing market is still nearly as hot as it was before the recession.
Mike Lamb, a broker at Windermere Stellar Vancouver, said the biggest tell has been new listings. July saw 1,101 new listings, down somewhat from last July, but up 4.6 percent from July 2015 and 19 percent over July 2006.
“Closing (sales) are history, but new sales activity is … probably the best indicator of the strength of the market,” said Lamb, who authors a monthly report analyzing housing trends.
Data such as these are best compared year-over-year to account for seasonal trends.
It was a similar story for closed sales. There were 772 closed sales in July, up 4.9 percent year-over-year. Closed sales were less impressive than in July 2015 — a “very strong” year, Lamb noted — but they are better than any other July since 2005.
Inventory, which calculates how many months it would take to sell all active listings at the current pace, was tallied at 1.9 months. That indicates there is still more demand for homes than supply of homes for sale.
Through the first seven months of the year, 2017 looks milder than 2016. New listings are down 4.6 percent, pending sales are down 5.3 percent and closed sales are down 0.2 percent.
Meanwhile, total market time is down by 15 days, the median housing price is up 13 percent and the average sale price is up 10 percent.