The local market is white hot in Clark County and Vancouver Washington, and we are talking extremely aggressive market conditions on all aspects inside the industry. First if you are a buyer being aware and educated with the market is essential when searching for a home. Another key is positioning in the market with financing having the right loan is so important and a great lender for a successful closing.
To explain the scene, as an example at $235,000, I showed a client a house and from 4:30 to 6:30 there was 15 showings in 2 hours, and Realtors in a line waiting to show the house to clients.
So what is going on? That is a great question, so lets understand how critical this is, first of all, supply and demand motivate the market, we have no supply, the inventory is low because of a population boom, approximately 10,000 people moved here just from 2014 - 2015, and most likely 2015 had simular results. Historically when the housing crisis began in 2008 the home building industry stopped building, but migration patterns did not and by 2013 we simply ran out of houses and apartment rentals, as the Clark County has the lowest vacancy rate in the Nation or in the top.
Comparing this same period to 2015, stronger market conitions, in fact "history is in the making" here locally, I do not think Clark County has ever had these market conditions. 2006 was a different market, why? Because there was affordable housing, not the case anymore as the median sales price is $270,000 up 9.3% from last March. There is no brand new entry level homes.
Lets look at residential new construction, now this is important to understand, new construction up 23% from this time last year, and take a look at the low inventory this means it is impossible to meet the market conditions, that is a key ingredient to this market, and indicating the migration is strong.
Please take the time to read this awesome real estate report, and please help me expand my real estate business if you know anyone looking to buy or sell please call me at your earliest convenience 360-600-5555.
Closed Sales
699 closed transactions
Up 14% compared to this same period of 2015
Up 61% compared to February closed sales
The last time we had this sales volume was 2006
New Listings
971 better than March of last year up 1.3%
16.7% higher than February 2016
Pending Sales
Down 1.1% compared to this same period of last year
Up 19.6% compared to February 2016
Inventory
1.7 meaning it would take 1.7 months to sell the existing inventory
Actual “Real” Inventory 4/20/2016 RMLS 11-80
814 Total
1099 Active listings
102 Short Sale Pending
23 Short Sales
5 Bankruptcy
27 Bank Owned REO
178 Proposed
93 Under Construction
61 Vacant Turn Key Brand New Homes 2016 the Average Sq. Ft. 1716 and the Average List Price is $312,433
Average and Median Sales Price
$304,600 average up 9.4%
$270,000 median up 9.3% the median is the majority of all transactions
Hottest Area’s
Evergreen 170 sold homes the median sales price $238,500
Brush Prairie 141 sold homes the median sales price $330,713
Camas 117 sold homes $393,000
(3 months back)
Breaking Down the Sales in $75,000 increments 1 month history 4/20/2016
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1 -$75,000 = 3 Average Sq. Ft 1,174 $108.00 ft.
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$76,000 - $151,000 = 20 Average Sq. Ft. 1,024 $108. Ft.
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$152,000 - $227,000 = 109 Average Sq. Ft. 1,313 $144 ft.
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$228,000 - $303,000 = 231 Average Sq. Ft. 1,696 $146 ft. Median Sales Price $270,000
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$304,000 - $379,000 = 114 Average Sq. Ft. 2257 $148 ft.
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$380,000 - $455,000 = 74 Average Sq. Ft. 2,688 $159 ft.
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$456,000 - $531,000 = 55 Average Sq. Ft. 3,015 $160 ft.
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$532,000 - $607,000 = 21 Average Sq. Ft. 3,394 $168 ft.
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$608,000 - $683,000 = 11 Average Sq. Ft. 3,805 $148 ft.
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$684,000 - $759,000 = 8 Average Sq. Ft. 4,451 $155 ft.
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$760,000 - $835,000 = 2 Average Sq. Ft 4,180 $223 ft.
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$836,000 - $911,000 = 1 Average Sq. Ft. 5,669 $276 ft.
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$912,000 - $987,000 = 2 Average Sq. Ft 5,420 $229 ft.
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1 Million - 2 Million = 3 Average Sq. Ft. 5576 $263 ft.
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One Month History - highest Sale from 1million to 5 million 1 Sale $1,395,000 94.98% Sales Price Verse List Price.
Terms of a Sale 30 days back
Conventional 336
FHA 122
Cash 114
VA 74
USDA 5
Residential Development 1st Quarter 2016 Clark County
326 permits issued up 20% compared to this period of 2015 when 272 permits were issued
The historical average in Clark County from 2007 – 2016 is 188 issued permits
Construction Activity 1st Quarter 2016
Total Construction Up 25% compared to this period of 2015
138 Million Dollars compared to 110 Million
The historical valuation from 2007 – 2016 is 86 Million
Commercial Construction up 47% at 28 Million compared to this same period of last year
Residential New Construction 107 Million Dollars up 23%, last year same period was 87 Million
