The Clark County residential housing market is white hot and we are witnessing strong results in terms of days on the market and the amount of inventory verse migration patterns plus our economic status in the region is impacting the market. Clark County has a highly competitive housing market and on a historical level this is the strongest market.
What goes up must go down but not in this market and let me explain why we are not going to see a negative down-turn in our local market.
First of all, 1/3 of our active listings are new construction backed by the largest builders in America that are traded on Wall Street, such as Dr. Horton and Lennar Homes plus several local builders that have grass roots inside Clark County; In other words, the builders own Clark County very reminiscent to history dating back to the early 1990's as Clark County saw sprawling residential growth. The other booming market in 2005 had home prices increasing 22% a year in areas like Fischer's Landing when financing typically saw 100% or zero down with a ARM the market was flawed and unconstrained - we are not going to see a crash in our market the reason is: cash Transactions, sustainable economic growth that positively impacts the future housing market, and a gross amount of equity.
Since the first quarter of 2013 home prices have increased approximately 10% annually. For 2018 expect 9-12% in an increased value. Surprisingly for 2017 we saw an amazing market where home owners were achieving $2,500 a month as the median home sale price went from $290,000 to $319,000 in one year.
Secondly, why is the market White-Hot? The reason why is Portland Oregon is attractive to many varieties of people migrating and Clark County is the Portland Metro Area. Portland Oregon is experiencing a vast amount of millennials that are educated and have good jobs such as the tech industry like Intel, surprisingly the number one job is the apparel industry like Nike.
Third, Washington State is the Number One Economy in America beating California. Washington State does not have an income tax like California at 13% or Oregon at 11% Washington is one of highest states for migration patterns.
In closing, Clark County is looking positive with residential homes sales, in fact, we have never seen a 2.65 Million Dollar home sell in 74 days achieving 100% list price verse sales price. Please look at the DOM (days on the market) Clark County is witnessing the most incredible real estate market in history.
Please support my cause, if you have a family member looking to buy or sell please consider me with an interview, I am knowledgeable with our market. Thank You Very Much, Bret Bucher, Broker, Realty Pro Inc. "Go With a Pro", we believe in your cause and I want to educate you. Help me expand my business call anytime 360-600-5555
Closed Residential Sales
750
Down 2.7% compared to 771 of this same period of last year
Down 11.7% Compared to August of 2017
New Listings
958
Up 7.2% compared to the same period of last year (894)
Down 14.8% compared to August 2017 (1,125)
Pending Sales
798
Down 13% compared to the same period of last year
Down 21% compared to August 2017
Average and Median Home Sale Prices
Up 10.9% $354,900 V. $320,100 average sales price compared to the same period of last YR.
Up 11.9% $319,000 V. $285,000 median sales price compared to the same period of last YR.
The median sales price is the vast majority of all sales. This is compared to the same period last year.
Inventory in Months
2.2 meaning it would take 2.2 months to sell the current inventory
The average market time is 44 DOM (days on market)
“Actual” Inventory Tuesday, November 14th
1,182 the actual number after the subtraction of: proposed, under-construction, short-sale-pending, and bankruptcy. The inventory is actually lower than reported with inventory in months by the RMLS.
- 1,502 active
- 499 New-construction
- 141 Under-construction
- 138 Proposed to be built
- 15 Short sales
- 9 Short sale pending
- 7 Bankruptcies
Description of New-Construction Quarter 3 17
Active listings: 492
Average Sq. Ft. 2,452, list price $493,688, DOM 94
Proposed to be built: 138
Under-construction: 141
89 Turn-key Move-In Ready Average Sq. Ft 2,425 Average List $493,403
(These numbers reflect the data in the RMLS, yet it asserts reasonable confidence)
Year to date analysis Quarter 3 17
Closed sales down 0.5% (6,576)
New listings down 3.2% (8,833)
Pending sales down 5.7%
Sold Terms 30 days history November 14th, 2017
660 total
382 Conventional
119 Cash
84 FHA
61 VA
6 USDA
Breaking Down the Sales in $75,000 increments 1-month history 11/14/2017
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$1 -$75,000 = 5 Average Sq. Ft 1,331 In-Park
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$76,000 - $151,000 = 11 Average Sq. Ft. 1,284 DOM 38 (DOM = days on market)
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$152,000 - $227,000 = 31 Average Sq. Ft. 1,008 DOM 30
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$228,000 - $303,000 = 190 Average Sq. Ft. 1,434 DOM 26
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$304,000 - $379,000 = 161 Average Sq. Ft. 2015 DOM 34 Median Sales Price$319K
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$380,000 - $455,000 = 97 Average Sq. Ft. 2,349 DOM 39
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$456,000 - $531,000 = 65 Average Sq. Ft. 2,797 DOM 65
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$532,000 - $607,000 = 35 Average Sq. Ft. 3,322 DOM 46
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$608,000 - $683,000 = 21 Average Sq. Ft. 3,464 DOM 59
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$684,000 - $759,000 = 13 Average Sq. Ft. 3,539 DOM 52
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$760,000 - $835,000 = 5 Average Sq. Ft. 3,517 DOM 44
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$836,000 - $911,000 = 2 Average Sq. Ft. 3,818 DOM 22
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$912,000 - $987,000 = 1 Average Sq. Ft. 5,067 Dom 119
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1 Million - 2 Million = 4 Average Sq. Ft. 5,212 DOM 181
2 Million –3 Million = 2 Average Sq. Ft. 7,394 DOM 74
The highest sale 3318 S.E. Biddle Road $2,650,000 Cash Sale 74 DOM 100% List Price
Verse Sales Price.
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The most activity with closed sales Quarter 3 17
- Ridgefield 60 sold average sale price $481,000 and Brush Prairie average $431,200
- Evergreen 50 sold average sale price $260,300
- East Hazel Dell 46 sold average sale price $301,600
New Construction Valuations in Clark County WA Q3 17
Residential permits: down 4% with 366 permits compared to 383 permits in the first quarter 2016. From 2008 to 2017 the historical average is 219. Construction Valuation reached a whopping $128 million down 3% compared to the same period of 2016. The number of preliminary approved lots rose 758% there were 549 lots preliminary approved, in 2016 same period saw 111 lots approved. Historically from 2008 to 2017 159 lots were approved. Total Lot Development through Q3 is 997 compared to 2016 Q3 w/ 1,504.
Multifamily
Clark County Growth rate 4.9% leading the Portland Metro Area 96.1% occupied but a slight increase in vacancies at 0.7%. The rental market is expected to be positive over the next 24 months. 2,148 apartment units under construction in Clark County.
Average rent:
Average rent:
- Studio: $991.00
- One bedroom: $1,103
- Two bedroom: $1,302
- Three bedroom $1,808
- Four bedroom $2,188
Population Increase
Over 50,000 - 55,000 have migrated to Clark County since 2012, below is the forecast by Washington State.
Washington is America's Top State for Business in 2017 #1 Best Economies in America
- Washington's economy grew 3.7% in 2016, nearly two and a half times the national rate.
- The nation's largest concentration of STEM (science, technology, engineering and math) workers reside in Washington state.
- Washington state follows California in the most patents filed last year.
- Washington state has no income or corporate income tax, but wages and rent are among the highest in the United States.
- No. 3 in Technology and innovation.
Thank You,
Bret Bucher
360-600-5555
Broker, Realty Pro Inc.
Equal Housing Opportunity
The information supplied herein is from sources deemed reliable but not guaranteed. Statistics come from the RMLS.,County, and the State. Realty Pro INC accepts no responsibility should the information prove to be inaccurate or incomplete. Other information comes from Public Records from Clark County Official Government.
Equal Housing Opportunity
The information supplied herein is from sources deemed reliable but not guaranteed. Statistics come from the RMLS.,County, and the State. Realty Pro INC accepts no responsibility should the information prove to be inaccurate or incomplete. Other information comes from Public Records from Clark County Official Government.
