Clark County and Vancouver Real Estate Report June and Quarter 2

Clark County Washington Real Estate has always been its very own independent market from Portland Oregon or even National Statistics, yet I will at times make sure the consumer or a seller is given local knowledge with facts inside Clark County.

Despite the innuendos, today is possibly the Hottest Market ever seen in Historical levels inside Clark County, I will break it down, and the reasons why?

The reason why number one - population boom there is a significant housing shortage, and we are not talking the median home sales price of $299,900. "The Whole market to a 1.5 Million Dollar Home is Selling in 91 days this is California prices, you need to be aware Clark County is not slowing down as rumors Spread.” Just look at the DOM days on market we are headed into some heavy home prices. The vacancy rate is 2.4 percent the lowest in the nation as the average is 7 percent.

New Construction Preliminary with lots up 435% that is all private money that puts thousands of good paying jobs into Clark County which means a sustainable future for Clark County. 1/3 of Clark County is New Construction and what does that tell you? Well, it means higher home prices are coming as Wall Street literally owns Clark County just as Herzog Farms in Felida that is selling 500,000 houses and receives 100% percent on list price v. sales price if not 102%.

"I debunk misinformation" and I get into statistics, lets start with a housing bubble, there is no bubble as swarms of buyers flock into Clark County and pay cash, many other buyers put large amounts down since the crisis ended in 2012. There is no bubble the opposite is in affect - we have a housing crisis epidemic with no inventory. I drove through Portland last Saturday I counted 25 High Rise Cranes building multi-million dollar projects that furthermore indicates high paying jobs on infrastructure under construction. Which, leads me to the water front construction in Vancouver Washington this looks like this will be beyond success as Vancouver is changing to a higher class.

Please remember to support my reports by calling me if you have a friend or family member looking to buy or sell, I am very good to my clients. Please call me any time with questions I look forward to talking to you or your friends 360-600-5555

  

Closed Residential Sales

582

Down 16.5% compared to 697 of this same period of last year

Down 9.3% Compared to March of 2017

New Listings

916

Down 11.9% compared to the same period of last year

Down 5% compared to March 2017

Pending Sales

798

Down 12% compared to the same period of last year

Down 4.65 compared to March 2017

Sold Terms 30 days history June 21st

721 total

427 Conventional

116 FHA

109 Cash

55 VA

9 USDA

Average and Median Home Sale Prices

Up 9.1% $336,000 V. $308,000 average sales price compared to the same period of last YR.

Up 9.2% $299,900 V. $274,900 median sales price compared to the same period of last YR.

Inventory

1.9 meaning it would take 1.9 months to sell the current inventory

The average market time is 56 DOM (days on market)

“Actual” Inventory Wed, June 21st

978 is the actual number after the subtraction of: proposed, under-construction, short-sale-pending, and bankruptcy.

Description of new-construction

326 active listings

Average: Sq. Ft. 2516, list price $506,129, DOM 88

Proposed to be built: 134

Under-construction 115

108 Turn-key

(These numbers reflect the data in the RMLS, yet it asserts reasonable confidence)

Breaking Down the Sales in $75,000 increments 1 month history June, 21st

$1 -$75,000 = 4       Average Sq. Ft  1,241 In-Park

$76,000 - $151,000 = 14      Average Sq. Ft. 1,397 DOM 34

$152,000 - $227,000 = 51     Average Sq. Ft. 1,215 DOM 40

$228,000 - $303,000 = 201   Average Sq. Ft. 1,505 DOM 20  Median Sales Price 299K

$304,000 - $379,000 = 205   Average Sq. Ft. 1,937 DOM 25

$380,000 - $455,000 = 97     Average Sq. Ft. 2,340 DOM 35

$456,000 - $531,000 = 68     Average Sq. Ft. 2,753 DOM 44

$532,000 - $607,000 = 50     Average Sq. Ft. 3,036 DOM 50

$608,000 - $683,000 = 15     Average Sq. Ft. 3,623 DOM 82

$684,000 - $759,000 = 10     Average Sq. Ft. 3,589 DOM 63

$760,000 - $835,000 = 7       Average Sq. Ft. 3,951 DOM 64

$836,000 - $911,000 = 2       Average Sq. Ft. 4,598 DOM 226

$912,000 - $987,000 = 0

1 Million - 2 Million = 4       Average Sq. Ft. 5,385 DOM 91

New Construction Valuations in Clark County WA Q2 17

Residential permits: down 46% with 176 permits compared to 326 permits in the first quarter 2016. From 2008 to 2017 the historical average is 176.  Construction Valuation reached $114 million up 7% compared to the same period of 2016. The number of preliminary approved lots rose 435% there were 594 lots preliminary approved when 2016 same period saw 111 lots approved. Historically from 2008 to 2017 159 lots were approved.

Multi-Family and Vacancy Rate

The overall area vacancy rate is approximately 2.4% the lowest in the nation.

• ·         Studio: $946
• ·         One-bedroom: $1,053
• ·         Two-bedroom: $1,242
• ·         Three-bedroom: $1,808
• ·         Four-bedroom: $2,188

Population Increase

Over 55,000 people have migrated to Clark County since 2010 the increase really impacted Clark County in 2012.

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.