Clark County and Vancouver Real Estate Report June 2014 Quarter 2

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 4^th 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.  

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.

Clark County and Vancouver Real Estate Report March 2014 Quarter 1

Clark County Real Estate Report – First Quarter 2014

Clark County WA again is continuing to show strong signs, as we witnessed 2013 1^st 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.

Thank you for reading this report.  Please consider my services for referrals I am never too busy so if you know any friends, family, or co-workers looking to buy or sell please call me at your earliest convenience thank you! 

If you would like to be removed from this list please email me back at your convenience.   

Best regards,

Bret Bucher

360-600-5555   Cell
360-334-4464   Office
360-694-7360   Fax

Broker

Since 2003

Sandy Scott Uptown Realty Inc.

1400 Main St Vancouver WA

http://www.sandyscottuptownrealty.com

http://www.linkedin.com/profile/view?id=38257647&trk=tab_pro

The highest compliment my clients can
give me is the referral of their friends,
family, and business associates.  Please

Call me with their name and number.  I 

appreciate referrals.

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.

Clark County and Vancouver Real Estate Report December 2013 Quarter 4

Housing recovery

Good Afternoon,

2013 was the turn around year for real estate in a positive direction.  The first quarter of 2013 locally home price were up 25% a big turn around.  The low amount of homes on the market had a strong impact with our market creating a very solid and hot housing market.  The amount of sales in 2013 was the same volume we saw in 2005 and 2006 but the majority of all transaction were in the $175,000 - $275,000 price range.  The low interest rates also had a significant impact with our market motivating consumers.  The demand of housing in Clark County has always been strong it just made some shifts over the past four or five years.  Now we are seeing some stronger signs with new construction meeting the demand of the market.  The rental market in our area is "white hot" in fact it is one of the lowest vacancy rates in the nation and you are seeing apartment development throughout Clark County increase for many reasons, one is our population is rising, second new people enter the market that graduated from high or college and they are own their own not living at home because the economy is recovering (and there is no place for them to live), a tight residential market forcing someone to rent because they can not find the home they want, and Portland has an urban growth boundary that reached its capacity.  Clark county has significant opportunity because the real estate exists and so does the planning.

My prediction: the year 2014 the real estate is going to be a great market.  The market is going to "cool down" a bit, nothing to be alarmed about.  We will see more inventory which slows down the rise in home values and interest rates are going to rise which directly impacts the market.  When you look at the report new listings for December are up 25% YTD and Pending sales down 30% for December compared to November indicating rising inventory which is a normal fluctuation from the distressed market we faced over the years to very low amount of homes we have currently in a hot market, but it is only hot in certain price ranges keep that in mind.  With home values up and rising more owners can enter the market.  2014 is going to transition into a "normal market" or change towards it.  There are many people who want to down size or sell because they may not be under-water with the value of their home.  Also, economic job growth is slowly growing. The more jobs you have the better the real estate market is, the better jobs you have may result in higher real estate values.  Real Estate improves recessions as homes sell in Clark County taxes are paid to the state, jobs are created.  When a single transaction occurs jobs are created and taxes are paid.  July had 681 homes sell so you can expect that Clark County is improving slowly but surely with economic development  Other factors that make our market strong are no income taxes so people move here.  Washington State is possibly the third best state for migration, people migrate from all over the nation, and we get many people moving here from Portland Oregon.  Lets take a look at the statistics from 2013 below:

Closed sales for December

475 closed transactions

8.2% increase from Novembers 439

21.8% increase in sales from last December

Best December since 2006!

Pending Sales

342 down 30.3% compared to last month

Down 5.5% compared to December last year

New Listings

424 new listings on the market

Down 24.4% compared to Novembers 561

Increased 18.4% compared to December 2012

Inventory

4.5 meaning it would take 4.5 months to sell our current amount of homes

2,127 active residential homes on the market in Clark County

The real number of today's Inventory

1,844 Active listings

296 Short Sale Pending

133 Short Sales

258 Proposed To Be Built

169 Under Construction

91 Bank Owned REO

47 Bankruptcy 

1,074 Real Homes on the market after you subtract the Short Sale Pending, 

Proposed to be built, Under Construction, and Bankruptcy.

Correlation

1074 actual listings and 475 closed sales indicates a demanding market

Year-to-Date

6,504 closed sales for 2013

Up 19.1% compared to the end of 2012

New listings up 25% from the same time frame of last year

The Average and Median Sales Prices

$250,300 is the average sales price up 12.7% same time as 2012

The average last December 2012 was $222,100

$224,900 is the median sales price: meaning this is where the majority of all transaction occur at

The median homes sales price increased 15.6% from $194,500

Sold Price ranges as of today going 30 days back 02-12-13

From:

$50,000   - $140,000 = 40

$141,000 - $231,000 = 123

$231,000 - $321,000 = 75

$321,000 - $411,000 = 36

$411,000 - $501,000 = 10

$501,000 - $591,000 = 7

$591,000 - $681,000 = 5

$681,000 - $771,000 = 2

$771,000 - $861,000 = Zero

Area with most sales

Area 22 the Evergreen High School area saw 53 closed transactions

Area 32 Camas had 42 closed sales as the 2nd highest place of interest

Area 61 Battle Ground closed 32 transactions 

New Construction 2013 Four Quarters of Activity

190 Permits were issued 29% increase compared to this same time of 2012

From 2004 to 2013 the average number was 219 permits

Total volume of construction was 120 million dollars up 56% compared to this same time last year

The average volume from 2004 to 2013 is 202 Million

Residential construction rose 38% in the Fourth Quarter of 2013

Residential valuation of construction was 62 million and in 2012 it was 45 million

Commercial Construction contributed 45% and showing 86% increase since 2012

Total valuation of commercial construction was 54 million in 2012 it was 29 million

RMLS 627 Brand New Homes sold that were listed as a 2013 built as 02/12/13

Lots and Land

565 lots listed in Clark County

An increase in preliminary approved lots for the fourth quarter of 2013 with 446

A 5,000 percent increase than 2012 only 8 lots were preliminary approved

From 2004 to 2013 the average fourth quarter preliminary approved lots were 310

Multifamily Fourth Quarter Report

The trends are low vacancy rates, rising rents, and construction increasing with multifamily units.  In Clark County the vacancy rate is 2.37%  Highest market since 1999. 

The average rent:

1 Bed 1 Bath $653

2 Bed 1 Bath $716

2 Bed 2 Bath $839

3 Bed 2 Bath $930

The average day on the market for an apartment is 8 days.  A High Demand for apartments exits.  Class A buildings are on the rise which impacts the class C buildings with rents.  $1.10 per square foot average rental.

Weather

December had snow and ice which impacts real estate

New Listing

http://www.youtube.com/watch?v=INWVk0nZQ1Y $389,000

Thank you very much for taking the time to read this report.  If you know someone looking to purchase real estate or someone considering selling please contact me at your convenience.  Real Estate can be complex and having a good agent is critical. 

Have a great day!

Bret Bucher
360-600-5555
360-334-6694
Broker
Sandy Scott Uptown Realty INC
1400 Main Street Vancouver Wa

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.

Good Afternoon,

The real estate activity in Clark County is seeing some positive results.  The diminished inventory, low interest rates, rising rents fueled real estate transactions. The real estate market locally is strong with real estate sales, new construction sales, rentals, and the apartment market has the lowest vacancy rate in the nation indicating the demand for housing is very strong, and expect to see apartment development to increase to meet the demand of housing and the builders are building at the rate the homes are selling, which is a very strong indicator.

One challenge in our market is the supply of homes for sale because there is not that many homes for sale it makes it difficult for the consumer to find the desired home, so when we have approximately 1300 homes for sale and 653 sell on average this correlation makes it difficult for a buyer, furthermore if you have a home to sell the consumer may have to look at other options like selling their existing home and possibly renting an apartment short-term until the home they are looking for is sought.

A second challenge is every price category is different and requires a different kind of a loan, or simply 20% down or more. The $150,000 - $300,000 is a hot market. Above the $300,000 the market softens up a bit and the higher in price you go the softer it becomes from $300,000 - $600,000 which is a large spread 128 homes sold in one month in Clark County.  Lets go ahead and look at the report.  The statistics come from the RMLS.

Price range sales as of today:

300,000 - 400,000 = 79

400,000 - 500,000 = 36

500,000 - 600,000 = 13

Total 128 

Closed Sales for August

626  

27% increase compared to August 2012

Down 8.1% compared to July's 681 closed transactions

Pending Sales

Increased by 4 (0.6%)

635 for July and up 17% compared to July 2012

New Listings

864 less than 895 from July

45% up from August 2012 which had 596 listings

Inventory

3.9 meaning it would take 3.9 months to sell our inventory at the current rate

2,460 single family homes on the market

Market time increased to 94 days

Today's Inventory

The real number is 1,345 after you subtract the short sale pending, under construction, proposed, and bankrupt.

157 short sales

335 short sale pending

155 under construction

298 proposed to be built

50 Bankrupt

82 REO (Real Estate Owned by the Lender)

Year to Date results 

4395 closed transaction on single family

24.2% increase in closed transactions

3,538 closed this same time last year

6,687 new listings up 25.6% indicating home values are up and more owners entered the market.

Average and Median Home Sale Prices

The average sale price up 14.5% currently at $249,200 compared to this time 2012 back then it was $217,700

The median sales price is $223,000 up 17.5% from $189,800

The median price is where the majority of the transactions.

Sales Area

The Evergreen area closed 65 homes the highest amount in the county and the average sale price was $216,100

New Construction Single Family

New home permits up 50% 

96 permits issued in the unincorporated area's of Clark County up from 64 issued same time last year for July

The supply of lots is real low for the builders and there are not that many left because the big national builders made bulk purchases on distressed subdivisions, and were able to meet the demand of the market that hit bottom several years ago.

New Construction Multi-Family 

In the City of Vancouver there are over 700 units under construction, 500 under the review process, and 740 units applied for the pre-application process.

Thank you for reading this report.  If you know a friend, co-worker, or a family member looking to buy or sell please contact me at your best convenience.

Have a great day!

Bret Bucher

Broker

Sandy Scott Uptown Realty Inc

360-600-5555

Clark County and Vancouver Real Estate Report May 2013 and Quarter 2

This report is for May 2013 and the statistics come from the RMLS.  Clark County Washington is seeing some strong residential real estate activity.  Home prices are on the rise and so are the consumers. The amount of home selling is at the year 2007 at the height of the real estate boom.  The buyers are looking and finding that it is difficult to find what they are looking for because of the low amount of homes for sale.  On the other hand listings are up indicating that more people can sell their existing home and less owners are under-water with equity.  Clark County is in a thriving sellers market and the pattern exist with muliple offers and homes selling in one day even hours.  This is very positive and exciting to watch our market rebuild.  Let's go ahead and look at the results:

New listings
Up 3.7% Compared to April
Up 23.6% Compared to May 2012

Closed sales
575 closed sales
The last time we had this amount of was August 2007
Closed sales exceeded April's number of 529 up 8.7%
Comparing May of 2012 closed sales up 21.6%

Pending Sales
740 Pending sales up 8.5%
682 pending for April
Up 32.6% compared to May 2012 (558 accpeted offers).

Year to date compared to 2012 same period
New listings up 16.6%
2,953 mutually accepted transactions and closed recorded sales up 22.8%

Sales Prices compared to 2012 same period
The average sale price is $243,600 up 15.5% last year the average was $211,000
The median sales price is $218,000 increased 21.1%
This time last the year the median was $180,000

Inventory
3.8 meaning it would take 3.8 Months to sell all of our listings at the rate of sale
May of 2011 it was 7.9, May of 2012 it was 5.7

Today's actual inventory July 12th, 2013
2006 Active listings
1245 Pending Sales
474 Short Sale Pending
289 Proposed To Be Built
116 Under Construction
137 Short Sales
83 REO Bank Owned
The actual number of inventory is 1127 after you subract the Short Sale Pending and the New Construction To Be Built

Thank you for reading this report.  I hope this is a valuable resource with understanding our local real estate market.  If you know a friend or co-worker looking to buy or sell please consider me.  I am nver too busy for referrals.  Please contact me with their name and phone number and I will contact them at my best convenience.

Best regards,

Bret Bucher
360-600-5555

Clark County and Vancouver Real Estate Report March 2013 Quarter 1

Good Afternoon,

This is a Clark County Real Estate Report for March 2013 and the statistics come from the RMLS and Realtytrac.  Clark County is seeing some real impressive activity in our local real estate market.  It is incredible to report that not only are sales on the rise but home values are red hot indicating we now are in a sellers market.  We are no doubt seeing the pattern of a sellers market with multiple offers and homes going over list price and homes selling in a few days.   We have not seen this kind of activity since 2006.  Clark County has a low supply of homes and a strong demand from consumers and it is very nice to see because this will have a direct result with our local economy.  Lets take a look at the results:

Closed sales for March

461 closed homes the best March since 2007

New listings

Up 13% compared to last year

First Quarter results 2013

Closed sales up 12.6%

6.1% new listings rose indicating home values are rising and more people can sell

Average sales price up 20.2%

Median sales price up 25.4%

Inventory for March

4.4 meaning it would take 4.4 months to sell all of our existing listings

Today number 4/16/2013 there are 2079 active listings however here is the real number:

2079 - 532(short sale pending) =1560 - 466 new construction proposed = 1,094 listings (low amount)

51 Bank Owned REO listings

Foreclosures

up 21% 259 foreclosures for March

Building Permits

up 35.9% for February 2013 

11.1 Million 

Thank you for reading this report.  I hope you find it useful.  If you know anyone looking to buy or sell please contact me at your best convenience.

Have a nice day!

Bret Bucher

360-600-5555   Cell
360-334-4464   Office
360-694-7360   Fax

Broker

Sandy Scott Uptown Realty Inc.

1400 Main St Vancouver WA

http://www.sandyscottuptownrealty.com

http://www.linkedin.com/profile/view?id=38257647&trk=tab_pro

Good Evening,

Here is a real estate market report created by myself.  This data comes from the RMLS.  Wow, we are seeing some incredible results in our local housing market.  The market is really moving into the right direction and this is real nice to see.  The inventory levels of homes are real low and the interest rates are fueling our market.  The builders are selling the homes as fast as they can build them.  Let's go ahead and look at these results:

New listings

Up 80.7% compared to December 2012.

Closed transactions

329 closed homes the highest amount for January, since 2007 before the market crashed.

Inventory 

Measuring at 6.2 meaning 2,052 homes for sale in the county the second lowest amount in 5 years (last December had the lowest).

The real number after subtracting proposed to be built and short sale pending may be only 1,000 -1100 homes on the market a very low number of homes for sale in the county.

Today's Inventory: February 19th, 2013

1573 Active listings 

523 Short Sale Pending

179 Short Sales

67 Bank Owned

Average and Median Sale Prices

Prices are going up.

Average sale price up 6.9%

Median Sales Price up 6.5%

Average sale price is $225,000

The Median is $197,000

The Median is the overall majority of all transactions

Foreclosure's

Up 75.7% because the foreclosure moratorium law expired.  The law began in 2011.  Also, the bleak economy may have an influence.

297 foreclosures in January

5th highest county in WA State out of 39 counties

Building Permits

Up 65.8% for the year of 2012

577 permits issued grew 187.7 million

First time home buyer

Incredible program in Washington State called The Bond program

This program is a zero down loan program

Interest rates

30-Year Fixed	3.625%	3.799%
30-Year Fixed FHA	3.500%	4.551%
15-Year Fixed	2.875%	3.182%

Thank you for reading this report.  If you know anyone looking to buy or sell real estate please give me a call at your best convenience.  If you have any questions please feel free to contact me at your best convenience.  Celebrating ten years in the real estate business and thank you!