Thursday, February 22, 2018
Clark County Real Estate Report December 2017 Q4 and Outlook
Evidence is showing Clark County will continue to have a robust real estate market for 2018 reminiscent to 2017. I analyze market conditions, I review the correlation with the economy and population patterns and determine results.
The economic conditions continue to thrive in the Portland Metro Area and the Tech community is attracted to the area to locate. Portland’s largest employer Intel will invest almost 100 Billion Dollars over the next 30 years. The number one Industry is apparel industry in Oregon. The unemployment rate is 4.3% compared to the U.S. average 4.9%. In Clark County the number one industry is construction.
Clark County is attractive to the affordability issues in Portland as the cost of living is ten percent above the national average and the development in Portland/Beaverton etc. as Class A projects in submarkets are built vacancy rates are beginning to increase slightly indicating fluctuations in the market and keep in mind it takes 8 years to build an apartment in Portland. Trending right now are consumers looking for affordable housing and Clark County is in the spotlight.
In Clark County, Construction and development will be strong with 12 apartment complexes to be developed with 1087 units including Vancouver’s waterfront super development there will also be approximately 1,300 brand new homes to be built throughout Clark County.
Demographics are in strong favor of Clark County possibly we could reach a population of 485,000 by the end of this year possibly 10,000 people will migrate to Clark County typically on historical levels 45% come from Portland Oregon and Clark County is becoming more trendy and hip and Portlanders have their eyes on Clark County. The motivation with rising home prices is supply and demand factors with low inventory and a drop in new listings and brand new homes creates demand and the demand is strong let me remind you of that and the effect is value is appreciated, in return home prices will be up approximately 12 percent this year and as the economy rises so does activity which is more strength with rising equity for a real estate asset.
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 360-600-5555Education is key how to position yourself in a market is critical.
Closed Sales Residential
631 Closed Transactions
Down 13.4% compared to December 2016
Down 8.6% from November 2017
New Listings
401
Up 2.7% compared to the December 2016
Down 35.7% to November 2017
Pending Inventory
495
Down 0.8% compared to same period of 2016
Down 24.7% of pending November 2017
Year to Date Summary
Closed sales down 1.2% with 8,772 closed transaction
Pending Sales down 3.5%
New listings up down 1.6%
Compared to the year 2016 same period
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
Description of New Construction
New Construction: 115 proposed, 107 under-construction, 67 vacant turn-key 2017/2018 Yr.
30 days history (sold): Average Sale Price $463,750, Average Sq. Ft. 2304, DOM 62 days.
Average and Median Homes Sales Price
Average Home Sales Price: $363,200 up 10.6%
Median Home Sales Price: $326,500 up 12.6%
Compared to 2016 same period
Hottest areas in Clark County 2017
Brush Prairie: 769 closed residential transactions, average sales price $408,673
Evergreen: 749 closed residential transactions, average sales price $286,058
Camas: 667 closed residential transactions, average sales price $501,661
Overall Average Sales in $75,000 increments 1 month history 02/21/2018
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$1 -$75,000 = 4 Average Sq. Ft 1,208 In-Park
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$76,000 - $151,000 = 5 Average Sq. Ft. 1,487 DOM 78 DOM is days on market
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$152,000 - $227,000 = 23 Average Sq. Ft. 1,054 DOM 46
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$228,000 - $303,000 = 142 Average Sq. Ft. 1,460 DOM 35
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$304,000 - $379,000 = 127 Average Sq. Ft. 1,897 DOM 38 Median Sales Price $326,500
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$380,000 - $455,000 = 70 Average Sq. Ft. 2,400 DOM 49
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$456,000 - $531,000 = 44 Average Sq. Ft. 2,695 DOM 56
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$532,000 - $607,000 = 19 Average Sq. Ft. 3,004 DOM 64
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$608,000 - $683,000 = 12 Average Sq. Ft. 3,931 DOM 88
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$684,000 - $759,000 = 13 Average Sq. Ft. 3,310 DOM 51
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$760,000 - $835,000 = 3 Average Sq. Ft. 4,237 DOM 198
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$836,000 - $911,000 = 2 Average Sq. Ft. 4,702 DOM 76
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$912,000 - $987,000 = 1 Average Sq. Ft 4,985 DOM 181
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1 Million - 2 Million = 3 Average Sq. Ft. 5,177 DOM 66
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The Highest Sale was 14301 SE Evergreen HWY $3,735,000 sold in Two DAYS with multiple offers achieving 100.95% sales price versus list price it went over by $35,000
Multifamily Statistics Clark County Q4
Clark County Growth rate 4.9% leading the Portland Metro Area 96.1% occupied but a slight increase in vacancies at 0.7%. The rental market is expected to be positive over the next 24 months. 2,148 apartment units under construction in Clark County. The average vacancy rate is 2.9% the national vacancy rate is 4.4%
Average rent:
· Studio: $991.00
· One bedroom: $1,149
· Two bedroom: $1,350
· Three bedroom $1,808
· Four bedroom $2,188
New Construction Valuations in Clark County WA Q4 17
Residential Permits: 315 compared to 397 from 2016 same period down 21%. Historically 197 issued from 2008 – 2017. YTD 1658 permits.
Valuation of Residential Construction: 105 million down 15% compared to same period of 2016 (124m). Lot Development: 397 preliminarily approved up Up 289% compared to 102 lots same period 2016.
Development Activity History YTD: 2017 1658 Residential Lots/ 2016 1,504 Residential lots/ 2015 1,246 Residential Lots /2014 926 Residential lots.
Population Increase
Over 50,000 - 55,000 residents have migrated to Clark County since 2012, below is the forecast by Washington State. If the trend continues Clark County will have approximately 497,000 residents by 2020 according to the U.S. Census Bureau, in 2015 the population was 459,495.
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.
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.
