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CLARK COUNTY’S HOUSING INDUSTRY
Written by Cami Joner
Columbian staff writer
The Clark County housing market has experienced dramatic change in three years’ time, going from a scorching hot sellers’ market in 2005 to a lukewarm buyers’ market in 2007.
It’s all about supply and demand, according to inventory records, which peaked in September with a 12-month backlog of homes for sale countywide, according to RMLS, the metro-wide multiple listing service. It would take
12 months to sell the estimated 4,595 homes listed by the RMLS if no new listings were added. In August, the supply was 7.7 months; it was 6.4 months in September 2006.
The figures reflect a stalemate between sellers and buyers, according to local real estate experts, who say sellers are reluctant to give in to buyers who are waiting for prices to fall. The median selling price for a home sold this year in September held steady at $263,000, unchanged from the median price for a home sold during the same month last year.
Real estate experts predict the market will begin to rebound next year, buoyed by the area’s robust job market and the fact that the Pacific Northwest is a desirable destination for transfers from across the globe.
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