Growth In Clark County Fastest in State

If you think things are changing and growing quickly around here, you’re right. Clark County grew faster than any other county in Washington from April 2020 to April 2024, growing by 6.3%, according to the just-issued annual report from the Washington Center for Real Estate Research (WCRER).

Population growth statewide, and predictions for future growth, have led our state’s Dept. of Commerce to conclude that Washington will need 1.1 million additional housing units by the year 2044. How will Clark County be able to accommodate its share of the million-plus units. You’ve no doubt noticed that much of the new development is more dense than the classic, suburban growth that used to be standard in our county. You know: large lots and single-level homes. Now, smaller lots, ADUs (Accessory Dwelling Units-like an apartment in the basement or above the garage), and more plexes and apartments are being permitted.

Regular readers of this column know that mortgage interest rates are a huge influence on the volume of real estate transactions, both refinancing and purchase/sales. I don’t want to cause too much eye-rolling, but will simply point out that, in the WCRER’s chart of interest rates since 1972, the current rates are mostly below the historical average of 8%. Yes, since 2000, the rates have been lower than that average, but when you compare today’s rates to the 18% rate of 1982, the rates don’t look that bad. Call your loan officer for current rates.

The sum of new construction plus interest rates will eventually address the math problem that is housing affordability. It is getting harder for a homebuyer with a median income to buy a house with a median price. Solving this problem is the key to keeping the American Dream of homeownership alive. People that rent instead of buying a home will be shut out of the wealth-building that comes from paying monthly payments based on a 2024 figure instead of a monthly rent amount that goes up every year.

Finally, a repeat reminder: identity theft and wire fraud continue to be huge issues in the title insurance and escrow world. Don’t be offended if your title company does more “vetting” than before, to make sure you are really the person you claim to be. With electronically signed documents and transactions where you may never meet in person the Realtor you sign a Listing Agreement with, fraudsters are ramping up their attempts to get paid before someone realizes they’ve been scammed. We’re always a little suspicious and suggest you should be, too. Call us direct if you receive anything suspicious, like a change in where you are to wire funds!

If you have concerns about transaction security, or any questions about real estate, give us a call. We’re happy to help; that’s what has earned us the loyalty of the best lenders and Realtors in Clark County. We sincerely thank you.

From your friends at Clark County Title,
Scott