Clark County Real Estate Report – First Quarter 2014
Clark County WA again is continuing to show strong signs, as we witnessed 2013 1st 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.
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Bret Bucher
Broker
Since 2003
Sandy Scott Uptown Realty Inc.
1400 Main St Vancouver WA
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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.
