Real Estate Trends: What’s happening in our Real Estate Market?
Posted August 2, 2020 in Real Estate Trends
In the first quarter of this year, 42.5% of homes for sale in Clark County at the end of March were priced above $500,000, with only 9.5% of listed homes priced below $250,000. A “starter home” prized by first-time homebuyers is harder and harder to afford. The median price of homes has gone from $229,700 in 2013 to $378,300 this year.
Clark County had more building permits issued in Q1 2020 than all other Washington counties but King County (Seattle)—a 46% increase over the same period in 2019. Our median resale (not new home) price was $378,000, higher than all but 8 other counties. These figures, provided by the Washington Center for Real Estate Research at the University of Washington, show that our market is robust. If you’ve been shopping for homes lately, you know that—well-priced homes are being bought up quickly.
I list these sales prices and other statistics not to scare homebuyers or congratulate homeowners but to point out the enduring quality of real estate as an investment worth owning. Everyone needs a place to live, and these rising values and costs reward owners, not renters.
Some buyers we see as they close on a home purchase are surprised that they were able to become homeowners, and are grateful they reached out to a mortgage lender or Realtor to get started on the road to homeownership. The many professional lenders and Realtors that we work with—some of the best in the business—are happy to counsel potential buyers and let them know if their finances and credit make them ready to buy. If not, they can suggest steps to get to that point.
Don’t be shy about researching homeownership. It truly is The American Dream. If we can help you in your plan or dream, call us! Clark County Title wants to be part of your real estate success. Please call our friendly, professional staff—we’re open and happy to help!
From your friends at Clark County Title,