Clark County’s housing market is showing signs of its strength with another record month for pending sales, according to Mike Lamb, a broker at Windermere Stellar in Vancouver. Meanwhile, the number of homes sold in October dipped from September, but prices continue to increase.
October’s 893 house listings was 10.7 percent lower than September, according to the latest report from the Regional Multiple Listing Service. The number of pending sales increased 1.2 percent from the 889 offers accepted in September.
The average Clark County sale price increased from $530,200 in September to $545,000 last month. A year ago, the average price for a home was $519,500. That’s a $25,500 difference in one year.
“We had a very good listing month and a very good closing month as well,” Lamb said.
Typically, pending home sales decrease from September to October. It happened in nine out of the last 10 years, and this year is showing an increase.
“To see it increase is rather significant,” he said.
If you’re looking to buy a house, there’s only about two weeks of inventory, which tells that there’s a small number of homes available and a huge number of buyers, Lamb said.
“We have months of unsatisfied buyers waiting to buy a house,” he said. “We have over a year’s worth of buyers waiting.”
Lamb said he doesn’t expect the market to change much in the near future due to the number of people still looking for a home to buy.
“We can’t build enough houses to keep up with demand,” he said.