Enrollment in Clark County increased 32% from February to March, but remains down 8% from a year ago
The âperfect stormâ continues in the Clark County real estate market as a shortage of current inventory creates a frenzy among buyers looking for affordable housing in the area.
As of March 2021, there were 940 new registrations according to the Clark County RMLS Action Report, which is an 8.0% decrease from the 1,022 listed in March 2020, but an increase of 32.2% compared to the 711 listed in February 2021.
The 926 sales pending last month show an increase of 23.5% from the 750 offers accepted in March 2020, and an increase of 32.3% from the 700 offers accepted the previous month in February 2021.
The number of closed sales of 755 in March was a 21.8% increase from 620 closings in March 2020, and a 23.8% increase from 610 closings last month in February 2021.
Inventories fell again to 0.5 months in March 2021. Total time to market also declined to 29 days, with the average home selling price increasing to $ 486,500 and the median home selling price increasing to 435. $ 000.
âThe current shortage of inventory in the housing market has been going on for some time,â said Nathan Cano, owner of Cano Real Estate. âSince the housing bubble burst in the mid-2000s, there has been a deficit in the construction of single-family homes. Combine that with the big generation of millennials reaching home buying age, the demand for housing has exceeded the supply. Now add the pandemic and historically low interest rates, and we have this perfect storm of long term and short term factors influencing the current supply problem.
Vancouver licensing activity is on the rise
The Building Industry Association of Clark County (BIA) reports an increase in single-family residential, multi-family residential and commercial permits in the city of Vancouver. Construction is set to help the city of Vancouver and greater Clark County recover from the COVID-19 pandemic.
According to the March 2021 Building Permits Report released by the City of Vancouver, single-family residency permits rose 41%, largely due to the following developments: 5th Plain Creek Station, Boulder Ridge, Four Seasons South PUD , Homan Short Plat. Multi-family residential permits increased 43%, driven by the Four Seasons Apartments II and Sunlight Townhomes projects.
Both increases are a positive development for housing affordability in the city of Vancouver, according to Avaly Scarpelli, executive director of the BIA.
âBuilders and developers are focused on meeting the demand of home buyers in Vancouver and, quite frankly, Clark County,â said Scarpelli. âWe know we have a housing supply problem and until the industry can alleviate this problem somewhat, housing prices will continue to soar, limiting housing affordability. Our members care about the community and unfortunately they struggle to overcome many barriers that impact affordability; rising costs of building materials, new energy code standards, shortage of skilled workers and limited availability of land supply.
Finally, business permits have seen an 80% increase due to large-scale public and private projects such as Burton Elementary School, CTC 687, 4th Plain Business Park industrial building, CTC 688 and the new Horizons. Dental, totaling $ 20.46 million in work.
âThe BIA encourages the community to support future school obligations,â said Scarpelli. âWhen we invest in our children, Southwest Washington becomes an even more desirable place to live and raise a family. “