Clark County Real Estate Market Poise for Growth Despite Seasonal Downturn

Clark County’s real estate in August may be affected by the nationwide slowdown, but annual increases in pending sales and median sales price represented modest growth in the market, a report from The Columbian said.

The report said that median home sales prices of homes in the county reached $250,000, up by 9.2 percent from last year’s figures during the same period. While it was 3.9 percent lower than figures in August 2007, the median home sales prices reflected steady growth for the recovering market.

In terms of transactions, the property market had 661 closed deals, reflecting a 5.6 percent rise from sales the past year, data from real estate listing service RLMS showed.  Pending home sales also soared by 9.4 percent during the month to 699, RLMS said.

Windermere Stellar broker Mike Lamb noted in the report that home sales were at record levels since 2006. “Total sales for the year will continue to be the best since 2007 well into the fourth quarter,” Lamb was quoted as saying in the report.

As a result, the period a home stays on the market has declined by 10 percent from a year ago. Local real estate agents noted that while the average time a home was sold was 84 days, it only represented a 1.2 percent decline from July’s pace.

Realtors say that Clark County’s property market has a limited inventory, making it a seller’s market. Housing inventory was worth 3.8 months for the past four months, even though new listings have been added, reflecting an increase by 7.6 percent from August 2013.

The reason why inventory has not jumped over the past few months is that a considerable percentage of the county’s listings were not yet constructed, RMLS stated in its Market Action report. At least 75 percent of the listings are ready for residence, the report said.

Despite these challenges, Lamb is positive about the local real estate environment and forecasts a “strong fall sales season.” He did maintain, however, that listings activity will predict how the market will perform by end of the year.

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