Q: How is the Clark County WA Housing Market?
A: A normal inventory of existing homes is 6 months of inventory. That is where the market is balanced between buyers and sellers. If you have inventory above 6 months, it is a buyer’s market. Below, a seller’s.
Currently, Clark County, WA has less than 2 months of existing home inventory. Which is good for the sellers but not healthy for the overall market. There are some areas of our county where the lack of inventory has created bidding wars when homes are put on the market. Maybe this will help potential sellers to put their existing homes on the market that have been patiently waiting for their home’s values to increase so that they can get out of them. Over the next 12 months this should help give the inventory a boost.
New home construction’s existing inventory is very small. Most homes are presold. Homes built on speculation is limited. Some but not many exist. I imagine this won’t change much over the next 12 months. Private money (expensive) is what builders have been using to float their inventories. Banks are starting to come back into the market but are very cautious.
Land and lot inventories are skimpy at best. Land development over the last 6 years has not kept pace with demand. I would expect to see this change over the next 3 years. A backlog of projects is accumulating. Many are in planning stages and should start popping out starting now. Drive around and you will see what I mean.
I hope this helps and thank you for reading Ask The Builder and making The Columbian of Vancouver, WA a part of your day.
Please submit questions to firstname.lastname@example.org. Jon can be reached direct at 360.907.5800.