Good Afternoon,
Over the past 33 months institutional investors have flocked our current real estate market right in Clark County making the market flourish with capital in residential and commercial real estate. The Population Boom since the Great Recession has impacted the market greatly Migration was dim throughout America, in Clark County from 2010 – 2011 only 189 people migrated. From 2014 – 2016 approximately 10,000 people migrated annually.
Today, Clark County has tremendous opportunity because of facts such as, low inventory in residential real estate, low vacancy rate, and strong migration for the foreseeable future.
The State is projecting about 8,000 people to move in Clark County this year, Clark County is the second fastest growing county in 2015 - 2016 the population spurred to 2.03 that is about 10,000 people.
Looking at the market, we have significant challenges for home buyers and great opportunities for a seller, we have a housing problem and there is no bubble, in fact, it’s the complete opposite, what we have is a panic epidemic in housing, low inventory and low vacancy rates, plus massive amounts of migration, so yes we have a stress in housing.
In terms of Development in Clark County, we are up 32% from this same time from last year at 124 Million Dollars with residential permits, we have a lot of new construction, we can not keep up with the demand, and it’s only going to continue to be this way in 2017 and most likely 2018 so being prepared is essential.
Positioning yourself correctly in a demanding market is key, especially as an example if you need a seller to pay closing costs, understanding different loans is beneficial to the consumer, we have a lot of competition in all price categories not just the median sales price of 290K, we see multiple offers on properties and no doubt a surge in cash transactions.
Thank You for reading this report, if you know a coworker or anyone looking to buy or sell please give me a call at your convenience. Thank You, Bret Bucher 360-600-5555
Closed Sales Residential
729 Closed Transactions
Up 9.3% compared to December 2015
Best December with closed sales since 2000
New Listings
612
Down 7%
Below 31.8% for November
Pending Inventory
499
Down 0.6% compared to same period of 2015
Below November 18.5%
Clark County WA Q4 Year to Date Summary
Closed sales up 5.8%
Pending Sales up 3.3%
New listings up 3%
Compared to the year 2015
Actual “Real” Inventory March 15th 2017
711 after you subtract short-sale-pending, under-construction, proposed, and bankruptcy.
969 active, 1319 sale pending, 524 sold 30 days back.
Description of New Construction
New Construction: 116 proposed, 128 under-construction, 74 vacant turn-key 2017 Yr.
30 days history (sold): Average Sale Price $418,060, Average Sq. Ft. 2302, DOM 41 days.
Average and Median Homes Sales Price
Average Home Sales Price: $328,600 up 10.2%
Median Home Sales Price: $290,000 up 9.4%
Compared to 2015
Hottest Areas in Clark County 2016
Evergreen: 841 closed residential transactions, average sales price $258,807
Brush Prairie: 741 closed residential transactions, average sales price $373,043
Camas: 681 closed residential transactions, average sales price $448,354
Breaking Down the Sales in $75,000 increments 1 month history March 15
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$1 -$75,000 = 2 Average Sq. Ft 1,339
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$76,000 - $151,000 = 14 Average Sq. Ft. 1,126 DOM 49
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$152,000 - $227,000 = 51 Average Sq. Ft. 1,193 DOM 58
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$228,000 - $303,000 = 167 Average Sq. Ft. 1,579 DOM 50 Median Sales Price 290K
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$304,000 - $379,000 = 123 Average Sq. Ft. 2,024 DOM 57
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$380,000 - $455,000 = 72 Average Sq. Ft. 2,382 DOM 84
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$456,000 - $531,000 = 47 Average Sq. Ft. 2,833 DOM 56
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$532,000 - $607,000 = 16 Average Sq. Ft. 2,973 DOM 66
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$608,000 - $683,000 = 11 Average Sq. Ft. 3,477 DOM 86
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$684,000 - $759,000 = 12 Average Sq. Ft. 3,564 DOM 135
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$760,000 - $835,000 = 3 Average Sq. Ft. 3,500 DOM 217
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$836,000 - $911,000 = 0
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$912,000 - $987,000 = 2 Average Sq. Ft 2,960 DOM 158
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1 Million - 2 Million = 3 Average Sq. Ft. 5,385 DOM 91
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The Highest Sale was a Parade of Homes House on 1.23 Acres $1,275,000 CASH 41 DOM 91% List Price Versus Sales Price
FY 2017 Fair Market Rent Documentation System
Final FY 2017 FMRs By Unit Bedrooms
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Two-Bedroom
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$946
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$1,053
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$1,242
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$1,808
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$2,188
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The FY 2017 Fair Market Rents for Portland-Vancouver-Hillsboro, OR-WA MSA are based on the results of a local rent survey.
Multifamily Rental Report Q4 16
Multifamily Statistics Clark County Q4
Average $1,088 Monthly | 903 Sq.Ft | $1.20 per ft | 96% Occupied | 825 Units under construction approx.
3% is the vacancy rate in Vancouver possibly one of the lowest in America.
Effective Rent Growth (ERG) rate of 7% - Occupancy is lower than a 12 months back (96%) but Steady
New Construction Valuations in Clark County WA Q4 16
Residential Permits: 397 compared to 299 from 2015 same period, up 33%. Historically 189 issued from 2007 – 2016. YTD 913 permits.
Valuation of Residential Construction: 124 million up 32% compared to same period of 2015 (94M)
Lot Development: 102 preliminarily approved Down 81% compared to 543 lots same period 2015.
Development Activity: 2016 1,504 Residential lots - 2015 1,246 Residential Lots - 2014 926 R lots.
Washington State Population Prediction by the State
Terms of a Sale 2016
Property Category = RESIDENTIAL Area = 11, 12, 13, 14, 15, 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 33, 41, 42, 43, 44, 50, 51, 52, 61, 62, 63, 64, 65, 66, 70, 71, 72 Status = SLD Sold Date =
01/01/2016...12/31/2016 List Price = 1...10000000 Sold Price = 1...1000000 Sold Terms =
CONV 4,745
FHA 1,624
CASH 1,459
VA 798
USDA 119
If you would like to be removed from my database please let me know at your convenience.
Bret Bucher
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.
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