The Clark county residential real estate market continues to thrust into price categories never seen before with days on the market and incredible strong sales results as our local market is robust and it’s not slowing down, however we are seeing a shift in price categories with older homes verses New Construction that Dominates Clark County, you need to be aware of this.
First and foremost l Million to 2 Million properties are averaging 29 days on the market, we have not seen this low amount of Days-On-Market with properties at that price point - never once in the history of Clark County have we seen these results.
Clark County has a vast history for sprawling growth with residential new construction and currently the Country is not reporting for 2018 on Development so I can only go off Quarter 4, 2017.
The market has changed and so has the consumer a “major” key point is to understand that the median home sales price has climbed so how it exceeds the average local consumer as we have people migrating to Clark County with excellent jobs, many are millennials a younger generation inside the Tech Industry as Oregon State ranks number 5 in America as I just spoke in a Tech consultant based out of Florida last Friday a whole group that traveled and went to Intel and I let him know about Clark County for Jobs.
We are headed into some very steep home prices as the Portland Metropolitan area has huge gigantic Grade A Development as there are 45 Industrial Cranes building Portland Oregon and this is big time private money. Now check out what really is going on in Clark County and this is real, Grade A Projects in Portland and we are talking massive infrastructure what do you think happens?
To answer the Question: they see an Incredible Change as they look across the River they eventually see Clark County places like Camas or Ridgefield or they see the quality of our neighborhoods, or our great schools, and we have no income tax.
I was just with the Largest Commercial Real Estate Company the other day at Edgefield with huge Mortgage Brokers and they agreed with me the Grade A Market is declining in High Rise Condos in the Pearl District (Portland, Oregon) -- Guess What Folks they get it and they are transferring and relocating to Prime Neighborhoods in Clark County.
To position yourself in this Real Estate Market you have a platform and to make your very own calculations and to make the most incredible decisions which involves moving from point A to B.
Please support my cause and help me expand my business, if you have a family member or a friend looking to buy or sell please give me a call 360-600-5555 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 Education is key how to position yourself in a market is critical.
Please support my cause and help me expand my business, if you have a family member or a friend looking to buy or sell please give me a call 360-600-5555 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 Education is key how to position yourself in a market is critical.
Closed Sales
796 down 8.4% compared to June 2017
Down 0.6% compared to May 2018 as 801 transactions recorded in the RMLS
New listings
1,232 up 8.1% compared to June 2017
Down 3.9% compared to May 2018
Pending Inventory
890 down 2.4%
Up 0.7% compared to May 2018
Year to Date Summary compared to the same time in 2017
New listings up 9.6%
Closed Sales up 2.5%
Pending Sales up 1.4%
Inventory Per Rmls
2.1 it would take 2.1 months to sell our current inventory
Same Period last year was 1.6 and the yr. 2016 -1.8
(You have to determine the real number see below)
Actual Real Inventory July 19th 2018
1,456 is the real live number after subtraction of proposed, under construction, short-sale-pending, and bankruptcy.
(Actual “Real” Inventory February 21, 2018
748 after you subtract short-sale-pending, under-construction, proposed, and bankruptcy.
988 active, 1229 sale pending, 467 sold 30 days back -- per RMLS search)
***Note: Change in real inventory***
Description of New Construction
New Construction: 115 proposed, 205 under-construction, 105 vacant turn-key 2018 Yr.
30 days history (sold): Average Sale Price $430,265, Average Sq. Ft. 2216, DOM 39 days
*** Note 35% reduction DOM Since Feb 2018***
Overall Average Sales in $75,000 increments 1 month history 07/19/2018
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$1 -$75,000 = 6 Average Sq. Ft 1,099 In-Park
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$76,000 - $151,000 = 7 Average Sq. Ft. 1,139 DOM 41 DOM is days on market
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$152,000 - $227,000 = 30 Average Sq. Ft. 1,142 DOM 35
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$228,000 - $303,000 = 151 Average Sq. Ft. 1,340 DOM 19
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$304,000 - $379,000 = 241 Average Sq. Ft. 1,798 DOM 21 Median Sales Price $342,500
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$380,000 - $455,000 = 138 Average Sq. Ft. 2,258 DOM 33
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$456,000 - $531,000 = 78 Average Sq. Ft. 2,567 DOM 50
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$532,000 - $607,000 = 38 Average Sq. Ft. 2,937 DOM 81
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$608,000 - $683,000 = 13 Average Sq. Ft. 3,143 DOM 53
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$684,000 - $759,000 = 18 Average Sq. Ft. 3,490 DOM 54
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$760,000 - $835,000 = 11 Average Sq. Ft. 3,776 DOM 96
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$836,000 - $911,000 = 5 Average Sq. Ft. 3,804 DOM 100
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$912,000 - $987,000 = 4 Average Sq. Ft 4,985 DOM 20 (Never Seen This before)
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1 Million - 2 Million = 5 Average Sq. Ft. 4,068 DOM 29 ****
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The highest sale Tide Water Cove Condominium 1day on the Market Conventional Financing reaching 100% Sale Price Verses List Price $3,000,000
Average and Median Homes Sale Price
Average up 10.7% $379,700 consistent for 5 Yrs.
Median up 11.2% $342,500 (2012 it was $174,900)
Population increase
54,137 People have migrated to Clark County since 2013 almost 10,000 people annually
Net Migration 739.2 +
Vancouver Washington is the 2nd Largest City with Migration as Seattle is number 1 Vancouver is outpacing other cities by the thousands
(The net migration rate is the difference between the number of immigrants (people coming into an area) and the number of emigrants (people leaving an area) throughout the year. When the number of immigrants is larger than the number of emigrants, a positive net migration rate occurs.)
Multi-Family Statistics Clark County
One of the lowest vacancy rates in America at 2.1% FMR - Fair Market Rents
The average rent is $1,200 for a one bedroom apartment w/garage $1,310
FY 2018 Fair Market Rent Documentation System
Final FY 2018 FMRs By Unit Bedrooms
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Two-Bedroom
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$1,026
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$1,132
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$1,330
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$1,935
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$2,343
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The FY 2018 Fair Market Rents for Portland-Vancouver-Hillsboro, OR-WA MSA are based on the results of a local rent survey.
Vancouver Washington literally Rising with waterfront properties
There are approximately 2,700 units proposed in the City of Vancouver and 100% of the units are proposed to be a 32 waterfront acres on the Columbia River that the city invested 45 Million Dollars known as a super development w/ 22 blocks and 3,300 apartment units, 1 million square feet of office space build-to-suite, 250,000 sq. ft. of retail space, and a luxurious 120 unit hotel. A 15-20 year project with sustainable economic growth according to Gramor Development and approximately a $200 million project in Phase One: will be 250 apartments, 50,000 sq.ft. restaurant space, 20,000 sq. ft. retail, 62,000 office space, and a half mile Waterfront Park with a pier. Phase Two starts with a 120 unit luxury hotel, 40 condominiums, and 251 apartments scheduled completion 2019. As Portland over builds with Class A projects like the Pearl District Clark County is affordable and is booming in all aspects of real estate. Clark County and Vancouver Washington has become a desirable place to live, work, a place to invest, and is no longer a sleepy part of the Portland Metro Area it’s on the rise, “literally.” Picture courtesy of Gramor Development.
https://www.cityofvancouver.us/ced/page/waterfront-development-project - Source
Bret Bucher
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
Bret Bucher
360-600-5555 cell phone please call anytime
Real Estate Broker
Realty Pro Inc.
14201 NE 20th Ave
Vancouver WA 98686
*Equal Housing Opportunity*
The information supplied herein is from sources deemed reliable but not guaranteed. Some of the 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.
