The real estate activity is slowly showing some positive signs of improvement in Clark County. Looks like everyone jumped off the fence this year and maybe the low 3.65% 30 year rates that I have seen on a purchase is the motivation because we are seeing some real good signs of improvement here in Clark County. Let's go ahead and take a look at the results from the RMLS, and thank you for taking the time out of your day to read this.
Comparing July 2012 to July 2011
Accepted offers up 3%.
Pending sales up and the highest since the month of July 2009.
Closed sales
Increased 6.5% from July 2011.
Year to date closed transaction up 5.3%.
July had the highest amount of sales for the year 2012.
Listings
Down 11.2% compared to July 2011.
Shrinking 1.5% from last month.
Inventory is at 5.4 meaning it would take 5.4 months to sell all our existing listings.
We have the same amount of inventory as we did last month.
There are 2,628 listings in Clark County.
The real numbers are much lower after subtracting
the proposed to be built and the Short Sale Pending.
The actual number might be 1,620 listings. Real homes to walk through.
Clark County has the lowest amount of inventory since June 2006.
How many bank owned? 52
Sales
Up 7.6% compared to July 2011.
Average sale price rose 7.6% from $211,300 to $227,400.
Median sales price rose 8.4% from $183,300 to $198,700.
Distressed Homes
838 total short sales.
592 short sale pending.
A short sale is a pre-foreclosure that the lien holder may sell short of the balance of debt secured to a property.
A short sale may not actually sell because of many reasons associated with the property.
Foreclosures from Realty Trac
Down for 5 consecutive months.
Dropped 38% from July 2011.
Highest amount of foreclosures out of the 39 counties in Washington State.
New Construction
416 proposed to be built.
73 underway with the process of building.
297 new.
Building permits up 52% for July.
Year to date 290 permits issued a 42% increase.
Today's Market Demographically
We are seeing renters playing a big role and purchasing their home. The rental market is white hot because the Portland Oregon metropolitan area's has the lowest vacancy rates in the nation. Also people that have owned for 15 - 30 years are either down sizing or making a change in location. Believe it or not we are seeing people who went through the process of a short sale returning to the market and purchasing.
One great opportunity to buy a home today. If you know anyone looking to buy or sell please consider me. I appreciate referrals. The best way to begin in real estate is understanding the market and what to expect as a buyer or a seller.
