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 4th 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.
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.
