Rocket Homes is reporting that the Clark County real estate market in July 2023 just barely passed a neutral market and has shifted into a buyer’s market. At the same time last year, Rocket Homes reported Clark County as a seller’s market.
In a buyer’s market, the prices lean on the lower side and homes remain on the market for a longer stretch of time, Rocket Homes adds.
The one offsetting factor to this report is, since July 2022, the median sold price by total bedrooms is up. In July 2022, a single-bedroom unit was selling at a median price of $256,000, while in July 2023 the same unit sold at a median price of $260,000. Jumping up to a three-bedroom unit, in July 2022 the median sale was $463,600, but in July 2023 that jumped up to $474,900.
The total number of units for sale in 2023 is up by a whole percentage in just a month. The total units for sale in Clark County in June sat at 3,874 and climbed to 3,912 in July, according to Rocket Homes. In July 2023, there were 1,776 three-bedroom units for sale and 1,333 four-bedroom units for sale.
With the large supply listings in both the months of June and July this year, the demand has fallen short. In June 2023, 603 units sold compared with 543 in July 2023, a decrease of 10%. In July, a total of 205 units were sold under the asking price, 154 units sold at the asking price and 184 units sold over the asking price.
“If you’re buying a home in Clark County, you may be able to get a good deal — 37.8% of homes here sold below asking price last month,” Rocket Homes stated.
The number of days a unit stayed on the market is up only seven days in a month’s time. In June 2023, the average time a unit stayed on the market was 20 days; in July 2023 the average time sat at 27 days.
Homes fresh onto the market in Battle Ground as of Friday, Aug. 4, had asking price above July’s average. A three-bedroom home with 2,469 square feet had an asking price of $899,000 after a $4,000 price increase on Thursday, Aug. 3. A three-bedroom home with 1,642 square feet has an asking price of $540,000. Both homes were built in 1991.
New construction homes in the River Bend development on the northside of Battle Ground come with an asking price well above July’s three-bedroom sale price. Two move-in ready homes in the development sit at both $540,950 and $541,750, with the same specs of three bedrooms, two bathrooms with 1,549 square feet on a 5,000 square foot lot.
To find a new construction unit with a three bedroom median sale price for the month of July, a buyer might have to consider a townhouse. In Ridgefield, a townhouse built in 2021 with three bedrooms, three bathrooms and 1,598 square feet has an asking price of $439,900. Zillow reports that this Ridgefield townhouse is likely to sell faster than 87% of nearby units for sale.
In Clark County, to find a starter single-family residence, a buyer should expect to pay a median sale price of $474,900 or more.