Good Afternoon,
One challenge in our market is the supply of homes for sale because there is not that many homes for sale it makes it difficult for the consumer to find the desired home, so when we have approximately 1300 homes for sale and 653 sell on average this correlation makes it difficult for a buyer, furthermore if you have a home to sell the consumer may have to look at other options like selling their existing home and possibly renting an apartment short-term until the home they are looking for is sought.
A second challenge is every price category is different and requires a different kind of a loan, or simply 20% down or more. The $150,000 - $300,000 is a hot market. Above the $300,000 the market softens up a bit and the higher in price you go the softer it becomes from $300,000 - $600,000 which is a large spread 128 homes sold in one month in Clark County. Lets go ahead and look at the report. The statistics come from the RMLS.
Price range sales as of today:
300,000 - 400,000 = 79
400,000 - 500,000 = 36
500,000 - 600,000 = 13
Total 128
Closed Sales for August
626
27% increase compared to August 2012
Down 8.1% compared to July's 681 closed transactions
Pending Sales
Increased by 4 (0.6%)
635 for July and up 17% compared to July 2012
New Listings
864 less than 895 from July
45% up from August 2012 which had 596 listings
Inventory
3.9 meaning it would take 3.9 months to sell our inventory at the current rate
2,460 single family homes on the market
Market time increased to 94 days
Today's Inventory
The real number is 1,345 after you subtract the short sale pending, under construction, proposed, and bankrupt.
157 short sales
335 short sale pending
155 under construction
298 proposed to be built
50 Bankrupt
82 REO (Real Estate Owned by the Lender)
Year to Date results
4395 closed transaction on single family
24.2% increase in closed transactions
3,538 closed this same time last year
6,687 new listings up 25.6% indicating home values are up and more owners entered the market.
Average and Median Home Sale Prices
The average sale price up 14.5% currently at $249,200 compared to this time 2012 back then it was $217,700
The median sales price is $223,000 up 17.5% from $189,800
The median price is where the majority of the transactions.
Sales Area
The Evergreen area closed 65 homes the highest amount in the county and the average sale price was $216,100
New Construction Single Family
New home permits up 50%
96 permits issued in the unincorporated area's of Clark County up from 64 issued same time last year for July
The supply of lots is real low for the builders and there are not that many left because the big national builders made bulk purchases on distressed subdivisions, and were able to meet the demand of the market that hit bottom several years ago.
New Construction Multi-Family
In the City of Vancouver there are over 700 units under construction, 500 under the review process, and 740 units applied for the pre-application process.
Thank you for reading this report. If you know a friend, co-worker, or a family member looking to buy or sell please contact me at your best convenience.
Have a great day!
Bret Bucher
Broker
Sandy Scott Uptown Realty Inc
360-600-5555
