Is Waters Edge a good investment? Yes, in one of nicest areas in the county and way below the market, and once the siding is replaced, we are going to see some incredible recovery and the renovation could not happen at such perfect timing, wow! The Lowest Vacancy Rate in the Portland Metro Area is West Vancouver at 1.5% possibly one of the lowest in the Nation, Just look at the local Clark County Market below:
2016 is going to be another active busy thriving real estate market. You can expect your home to be up 9% by the end of this year we are in the same market as 2015. What is the motivation with these market trends? No doubt, Population increase as our local market is possibly 5 years behind in housing and you can see it right in plain sight, if you are in the market looking for a home you can feel the pressure because the inventory is low and we are selling houses quickly. If you are a home owner thinking about selling making sound decisions is critical, you have to have a plan and a back-up plan especially if you are selling and then buying in Clark County. Where are the buyers coming from? They’re moving mostly from the Portland Metro Area, as Oregon is and has been the number one State for migration for 3 consecutive years, and when you look at that State population more than 50% live in the city of Portland so they see the nice neighborhoods and excellent schools, reasonable taxes, and no income tax in Washington State.
One way to eliminate the competition as a buyer is to have a home built there are options available for you, we can have a Pre-Sale where it is just like any sale you deposit an earnest money and the builder finances construction figure 5 months to move in, I have many satisfied clients that have gone that route and in this market the day you get the key you have instant equity. Another option is to have a custom home built, design-to-build.
We are watching and seeing Clark County really take off new construction is up 22% with all kinds of development and Clark County has the lowest vacancy rate in the whole Portland Metro Area, as an example West Vancouver has a rate of 1.5% so yes investors are looking at the prime real estate. Really low vacancy possibly one of the lowest in the Nation in Clark County.
The "Hottest Real Estate Market" is Seattle in the Nation and Portland is possibly number 2 so it is Busy, and when it is this busy you really want to have a great plan, I cannot stress that anymore.
Another indication of an improving market, we are seeing the upper-end properties sell meaning things are changing for the better as more capital exchanges in our local real estate market. Home builders cannot keep up with this demanding market even as we see the lots being developed.
Let’s take a look at the awesome results for 2015. If you know anyone looking to buy or sell please help me expand my business, give me a call anytime 360-600-5555.
Closed Sales
667 up 28% compared to December 2014
Strongest December since 2005
Pending Sales
Consistent to 2014 up 4.1%
Down 18% from last month
New Listings
Up 2.1% consistent to 2014
Summary Year to Date compared to this same period as 2014
Pending sales up 21%
Closed sales up 19.4%
Average sales price up 8.6% $298,300
Median sales price up 8.6% $265,000
Inventory
1.9 meaning it would take 1.9 months to sell the current inventory
Today’s actual inventory January 26, 2016
1124 Total
605 Sale Pending
125 Short Sale
96 Short Sale Pending
117 Under Construction
158 Proposed
22 Bankruptcy
24 REO Real Estate Owned, Bank Owned
Actual Inventory is 827 homes approximately (lower than 1.9)
Popular Area 2015
#1. 745 sales Evergreen area median sales price $224,200
#2 731 sales Camas median sales price $389,000
#3 630 sales Brush Prairie/Hockinson median sales $324,750
Description of New Construction
400 Listed properties
117 Under construction
158 Proposed
120 Homes Not Proposed Vacant Turn Key Average Sq. Ft $211.00 Average Sq. Ft. 2418
Breaking Down the Sales in $75,000 increments 1 month history
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1 -$75,000 = 2 Average Sq. Ft 1162 $108.00 ft.
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$76,000 - $151,000 = 21 Average Sq. Ft. 1,108 $108. Ft.
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$152,000 - $227,000 = 105 Average Sq. Ft. 1,412 $144 ft.
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$228,000 - $303,000 = 164 Average Sq. Ft. 1,782 $146 ft. Median Sales Price $265,000
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$304,000 - $379,000 = 75 Average Sq. Ft. 2,299 $148 ft.
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$380,000 - $455,000 = 36 Average Sq. Ft. 2,597 $159 ft.
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$456,000 - $531,000 = 26 Average Sq. Ft. 3,027 $160 ft.
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$532,000 - $607,000 = 16 Average Sq. Ft. 3,381 $168 ft.
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$608,000 - $683,000 = 3 Average Sq. Ft. 4,255 $148 ft.
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$684,000 - $759,000 = 3 Average Sq. Ft. 4,596 $155 ft.
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$760,000 - $835,000 = 3 Average Sq. Ft 3,258 $223 ft.
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$836,000 - $911,000 = 2 Average Sq. Ft. 3,266 $276 ft.
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$912,000 - $987,000 = 2 Average Sq. Ft 4,121 $229 ft.
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1 Million - 2 Million = 3 Average Sq. Ft. 4565 $263 ft
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Twelve Month History - Highest Sale from 2 Million to Ten Million 1 Sale $2,486,250 %92.25 Sales Price verse List Price.
Vacancy Rate
West Vancouver 1.5% lowest vacancy rate in the Portland Metro Area
Vancouver whole 1.87%
Development and New Construction
299 permits were issued in the fourth quarter up 23% in history an average of 175 permits for this quarter from 2006 -2015.
Valuation of construction 121 Million up 22% from fourth quarter 2014 112 Million is the historical average from 2005 – 2016
Residential construction up 18% compared to fourth quarter of 2014 94 Million Dollars in Residential New Construction
Lots and Land
543 Preliminary approved lots up 85% compared to this same quarter as 2014 and 290 is an average in history from 2006 – 2015
Thank You,
Bret Bucher
360-600-5555
Broker
Realty Pro Inc
Selling properties since 2003
Real Estate Family since 1940
