Clark County and Vancouver Real Estate Report June 2014 Quarter 2

Clark County’s real estate is a very tight market. The positive is the inventory is correcting and the distressed homes are slowly but surely going away we’re seeing more home owners entering the market and as you read this report notice the good results.  Today is a great time to buy because 2015 home prices are most likely going to rise locally like they have this year but the difference is the interest rates possibly going to rise in 2015, which increases the payment.

Clark County currently no doubt is seeing development but keep in mind that is privately financed and the spec homes from builders we used to see does not exist or there is very few most likely you have a model home to look at and then you have the home built by the home builder meeting the demands of what a buyer may want. The market is different you have to have a plan when you sell your home today.  You will see today property development occurring as we saw 446 lots preliminary approved 4^th Quarter 2013.  Notice zero lots preliminary approved with this report, which could impact the amount of new homes on the market in the foreseeable future. The inventory is low and the market is headed towards a normal market as home prices rise and inventory increases.

One more item is multifamily, currently the Portland Oregon market is 5 years behind and I saw 8 construction cranes as I drove around the freeways in Portland yesterday, a sign of the times and this is good news as we saw the market drop in 2009 -- We are talking multi-million dollar big time real estate construction projects. Incredibly low vacancy rate. The rental market is white hot -- Investment opportunities are present and if you purchased in the distressed market you did exceptional.  We are seeing some signs of a changing market in a positive direction that will directly impact the economy here locally.  

Pending Sales

762 a 6.4% increase compared to June 2014

20% increase compared to July 2013

Closed Sales

655 up 2.8% compared to June 2014

Down 3.8% from July 2013

New Listings

991 down 8.7% compared to June 2014

Up 10.7% from July 2013

Year to Date Summary

New listings up 8.5% (6,292)

Pending Sales up 5.2% (4,421)

Closed sales (3,788) 1.5% increase

This is compared to the same time last year

Average Sales Price

Increase $267,400 of 8% 

Compared to 2013 average of $247,600

Median Sales Price

8.2% up from $221,000 to $239,200

Price Range Sales 30 Days Back

    $1,000 - $75,000 = 7

  $76,000 - $151,000 = 47

$152,000 - $227,000 =176

$228,000 - $303,000 = 182

$304,000 - $379,000 = 103

$380,000 - $455,000 = 52

$456,000 - $531,000 = 23

$532,000 - $607,000 = 11

$608,000 - $683,000 = 6

$684,000 - $759,000 = 3

$760,000 - $835,000 = 5

$836,000 - $911,000 = 1

Terms of a Sale 30 Days Back

320 Conventional

116 Cash

92 FHA

69 VA

15 USDA

Inventory

2,566 including proposed and under construction homes 

195 short sales, 112 short sale pending

Today's inventory 08/18:

1,742 after short sale pending, bankruptcy, under construction and proposed are subtracted. 

New Construction Quarter 2 2014 from Clark County Staff

280 permits issued on Single Family Residential 

Historically from 2005 to 2014 253 permits

Compared to this same period last year

Land Division of lots Zero while Q1 had 175

Valuation of Construction Q 2 2014:

Up 27% 137 Million compared to 108 Million 2013

Historically from 2005 - 2014 the valuation 104 Million

Lots and Land Quarter 2 2014:

Zero lots preliminary approved as this same period last year 30 were approved 

100% decrease

Historically 2005 - 2014 302 preliminary approved, however in 2007 there was over 1500 so this is unbalanced or off

Thank you for reading this report if you know anyone looking to sell or buy please give me a call and I will provide them great customer service, and market knowledge.

Sincerely,

Bret Bucher

Broker

360-600-5555

Sandy Scott Uptown Realty Inc.

1400 Main Street

Vancouver Wa

** Equal Housing Opportunity** 

The information supplied herein is from sources deemed reliable but not guaranteed.  Some of the statistics come from the RMLS.  Sandy Scott Uptown Realty INC accepts no responsibility should the information prove to be inaccurate or incomplete.

Clark County and Vancouver Real Estate Report March 2014 Quarter 1

Clark County Real Estate Report – First Quarter 2014

Clark County WA again is continuing to show strong signs, as we witnessed 2013 1^st quarter show some impressive results.  All the numbers are higher this quarter new listings are up in fact they’re way up there because the housing market is recovering and more owners today have equity and are capable to sell, and other indicators the short sales, wow they’re slowly but surely going away.  Again, home prices on the rise the average sales price is up 7.6% this year so far, and last year they were up 25%.  The demand for housing is strong in all factors of the real estate industry, new construction, pre-owned existing homes, and the rental market.  I don’t have the sales volume for new construction but so far 603 permits have been issued for 2014 and last year 788 were issued.  The market is great however it does soften up once you get to the $303,000 price point but the sales price verse list price today going back 30 days is at 99.96 which homes are selling right at the list price another positive indication the local market is strong.

New  Listings for March

844 new listings for March up 41.4% compared to the best February at 597 Comparing last March new listings up 11.9%

Closed Sales for March

461 up  28.1% compared to February and unchanged comparing to March of last year.

First Quarter 2014

2,132 new listings, pending sales 1630, and closed sales 1,221 these are all higher than 2013 same period.

Sale Prices

The average sale price is $258,400 up 7.6% compared to the same period last year ($240,000).  The median price is $230,000 up 7% compared to the same period of last year ($215,000).  The median is the overall majority of transactions.

Inventory

4.6  last year same period 4.4. There are 2,132 listings.  It would take 4.6 months to sell our existing inventory at the rate it takes for a sale.

Today’s inventory

1,950, 262 short sale pending, 93 short sales, 186 under construction, 203 proposed, 59 REO (Real Estate Owned) bank owned.   The real actual number of homes could possibly be 1,269.

Sales Price Ranges 30 days Back

$1,000 - $75,000 = 9                  
$76,000 - $151,000 = 41

$152,000 – $227,000 = 184
$228,000 - $303,000 = 137
$304,000 - $379,000 = 57
$380,000 - $455,000 = 32
$456,000 - $531,000 = 17
$532,000 - $607,000 = 10
$608,000 - $683,000 = 5
$684,000 – $ 759,000 = 2
$760,000 - $835,000 = 2
$836,000 - $911,000 = 2

Total volume of units sold = 501.  The Median %SP/LP: 99.96  The Average %SP/LP:98.71  Sales Price verse List Price.

New Construction

101 homes sold built in 2014 per RMLS – No reports for sales volume yet.  YTD permits 603 for Clark County and 788 total for 2013 according to the BIAW.

Multifamily

The average rent per unit:  1 Bed/1Bath - $798($1.11), 2 Bed/1Bath - $879($0.96), 2 Bed/2 Bath $1,013 ($0.95), and 3 Bed/2 Bath – 1,135($0.92) and the vacancy rate is 2.09 in Clark County.  The rental rates will continue to increase in the Portland Metro area as large brand new complexes are being built because there is a rental booming industry currently in Clark County and apartment construction is on the rise to meet the demand.

Thank you for reading this report.  Please consider my services for referrals I am never too busy so if you know any friends, family, or co-workers looking to buy or sell please call me at your earliest convenience thank you! 

If you would like to be removed from this list please email me back at your convenience.   

Best regards,

Bret Bucher

360-600-5555   Cell
360-334-4464   Office
360-694-7360   Fax

Broker

Since 2003

Sandy Scott Uptown Realty Inc.

1400 Main St Vancouver WA

http://www.sandyscottuptownrealty.com

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Call me with their name and number.  I 

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The information supplied herein is from sources deemed reliable but not guaranteed.  Some of the statistics come from the RMLS.  Sandy Scott Uptown Realty INC accepts no responsibility should the information prove to be inaccurate or incomplete.

Clark County and Vancouver Real Estate Report December 2013 Quarter 4

Housing recovery

Good Afternoon,

2013 was the turn around year for real estate in a positive direction.  The first quarter of 2013 locally home price were up 25% a big turn around.  The low amount of homes on the market had a strong impact with our market creating a very solid and hot housing market.  The amount of sales in 2013 was the same volume we saw in 2005 and 2006 but the majority of all transaction were in the $175,000 - $275,000 price range.  The low interest rates also had a significant impact with our market motivating consumers.  The demand of housing in Clark County has always been strong it just made some shifts over the past four or five years.  Now we are seeing some stronger signs with new construction meeting the demand of the market.  The rental market in our area is "white hot" in fact it is one of the lowest vacancy rates in the nation and you are seeing apartment development throughout Clark County increase for many reasons, one is our population is rising, second new people enter the market that graduated from high or college and they are own their own not living at home because the economy is recovering (and there is no place for them to live), a tight residential market forcing someone to rent because they can not find the home they want, and Portland has an urban growth boundary that reached its capacity.  Clark county has significant opportunity because the real estate exists and so does the planning.

My prediction: the year 2014 the real estate is going to be a great market.  The market is going to "cool down" a bit, nothing to be alarmed about.  We will see more inventory which slows down the rise in home values and interest rates are going to rise which directly impacts the market.  When you look at the report new listings for December are up 25% YTD and Pending sales down 30% for December compared to November indicating rising inventory which is a normal fluctuation from the distressed market we faced over the years to very low amount of homes we have currently in a hot market, but it is only hot in certain price ranges keep that in mind.  With home values up and rising more owners can enter the market.  2014 is going to transition into a "normal market" or change towards it.  There are many people who want to down size or sell because they may not be under-water with the value of their home.  Also, economic job growth is slowly growing. The more jobs you have the better the real estate market is, the better jobs you have may result in higher real estate values.  Real Estate improves recessions as homes sell in Clark County taxes are paid to the state, jobs are created.  When a single transaction occurs jobs are created and taxes are paid.  July had 681 homes sell so you can expect that Clark County is improving slowly but surely with economic development  Other factors that make our market strong are no income taxes so people move here.  Washington State is possibly the third best state for migration, people migrate from all over the nation, and we get many people moving here from Portland Oregon.  Lets take a look at the statistics from 2013 below:

Closed sales for December

475 closed transactions

8.2% increase from Novembers 439

21.8% increase in sales from last December

Best December since 2006!

Pending Sales

342 down 30.3% compared to last month

Down 5.5% compared to December last year

New Listings

424 new listings on the market

Down 24.4% compared to Novembers 561

Increased 18.4% compared to December 2012

Inventory

4.5 meaning it would take 4.5 months to sell our current amount of homes

2,127 active residential homes on the market in Clark County

The real number of today's Inventory

1,844 Active listings

296 Short Sale Pending

133 Short Sales

258 Proposed To Be Built

169 Under Construction

91 Bank Owned REO

47 Bankruptcy 

1,074 Real Homes on the market after you subtract the Short Sale Pending, 

Proposed to be built, Under Construction, and Bankruptcy.

Correlation

1074 actual listings and 475 closed sales indicates a demanding market

Year-to-Date

6,504 closed sales for 2013

Up 19.1% compared to the end of 2012

New listings up 25% from the same time frame of last year

The Average and Median Sales Prices

$250,300 is the average sales price up 12.7% same time as 2012

The average last December 2012 was $222,100

$224,900 is the median sales price: meaning this is where the majority of all transaction occur at

The median homes sales price increased 15.6% from $194,500

Sold Price ranges as of today going 30 days back 02-12-13

From:

$50,000   - $140,000 = 40

$141,000 - $231,000 = 123

$231,000 - $321,000 = 75

$321,000 - $411,000 = 36

$411,000 - $501,000 = 10

$501,000 - $591,000 = 7

$591,000 - $681,000 = 5

$681,000 - $771,000 = 2

$771,000 - $861,000 = Zero

Area with most sales

Area 22 the Evergreen High School area saw 53 closed transactions

Area 32 Camas had 42 closed sales as the 2nd highest place of interest

Area 61 Battle Ground closed 32 transactions 

New Construction 2013 Four Quarters of Activity

190 Permits were issued 29% increase compared to this same time of 2012

From 2004 to 2013 the average number was 219 permits

Total volume of construction was 120 million dollars up 56% compared to this same time last year

The average volume from 2004 to 2013 is 202 Million

Residential construction rose 38% in the Fourth Quarter of 2013

Residential valuation of construction was 62 million and in 2012 it was 45 million

Commercial Construction contributed 45% and showing 86% increase since 2012

Total valuation of commercial construction was 54 million in 2012 it was 29 million

RMLS 627 Brand New Homes sold that were listed as a 2013 built as 02/12/13

Lots and Land

565 lots listed in Clark County

An increase in preliminary approved lots for the fourth quarter of 2013 with 446

A 5,000 percent increase than 2012 only 8 lots were preliminary approved

From 2004 to 2013 the average fourth quarter preliminary approved lots were 310

Multifamily Fourth Quarter Report

The trends are low vacancy rates, rising rents, and construction increasing with multifamily units.  In Clark County the vacancy rate is 2.37%  Highest market since 1999. 

The average rent:

1 Bed 1 Bath $653

2 Bed 1 Bath $716

2 Bed 2 Bath $839

3 Bed 2 Bath $930

The average day on the market for an apartment is 8 days.  A High Demand for apartments exits.  Class A buildings are on the rise which impacts the class C buildings with rents.  $1.10 per square foot average rental.

Weather

December had snow and ice which impacts real estate

New Listing

http://www.youtube.com/watch?v=INWVk0nZQ1Y $389,000

Thank you very much for taking the time to read this report.  If you know someone looking to purchase real estate or someone considering selling please contact me at your convenience.  Real Estate can be complex and having a good agent is critical. 

Have a great day!

Bret Bucher
360-600-5555
360-334-6694
Broker
Sandy Scott Uptown Realty INC
1400 Main Street Vancouver Wa

The information supplied herein is from sources deemed reliable but not guaranteed.  Some of the statistics come from the RMLS.  Sandy Scott Uptown Realty INC accepts no responsibility should the information prove to be inaccurate or incomplete.