Clark County Q2 2017 Real Estate Report

Thursday, June 22, 2017

The Hottest Market Ever Seen Before Q1 2017

Stop giving away your property Waters Edge I've seen some pretty ignorant sales recently! Do you realize we had a massive renovation? We have new siding, new roofs, new decks, new gutters we are above all other condo's in SALMON CREEK!!!! !!! Yes we even have a garage as other condo's do not in the area! Call me 360-600-5555 to get an accurate market evaluation! REALTORS HAVE DESTROYED VALUES! There are some real incompetent Realtors out there!

Clark County Washington Real Estate has always been its very own independent market from Portland Oregon, or even National Statistics, yet I will at times make sure the consumer or a seller is given local knowledge with facts inside Clark County.

Despite the illogical innuendo, Today is possibly the Hottest Market ever seen in Historical levels inside Clark County, I will break it down, and the reasons why?

The reason why number one - population boom there is a significant housing shortage, and we are not talking the median home sales price of $299,900. "The Whole market to a 1.5 Million Dollar Home is Selling in 91 days this is California prices, you need to be aware Clark County is not slowing down as rumors Spread.” Just look at the DOM days on market we are headed into some heavy home prices. The vacancy rate is 2.4 percent the lowest in the nation as the average is 7 percent.

New Construction Preliminarily with lots up 435% that is all private money that puts thousands of high paying jobs into Clark County which means a sustainable future for Clark County. 1/3 of Clark County is New Construction and what does that tell you? Well, it means higher home prices are coming as Wall Street literally owns Clark County just as Herzog Farms in Felida that is selling 500,000 houses and receives 100% percent on list price v. sales price if not 102%.

I debunk lies, lets start with a housing bubble, there is no bubble as swarms of buyers flock into Clark County and pay cash, many other buyers put large amounts down since the crisis ended in 2012. There is no bubble the opposite is in affect as I drove through Portland last Saturday I counted 25 High Rise Cranes building multi-million dollar projects that furthermore indicates high paying jobs on infrastructure under construction. Which leads me to the water front construction in Vancouver Washington this looks like this will be beyond success as Vancouver is changing to a higher class.

Please remember to support my reports by calling me if you have a friend or family member looking to buy or sell, I am very good to my clients. Please call me any time 360-600-5555

  

 

Closed Residential Sales

582

Down 16.5% compared to 697 of this same period of last year

Down 9.3% Compared to March of 2017

New Listings

916

Down 11.9% compared to the same period of last year

Down 5% compared to March 2017

Pending Sales

798

Down 12% compared to the same period of last year

Down 4.65 compared to March 2017

Sold Terms 30 days history June 21st

721 total

427 Conventional

116 FHA

109 Cash

55 VA

9 USDA

Average and Median Home Sale Prices

Up 9.1% $336,000 V. $308,000 average sales price compared to the same period of last YR.

Up 9.2% $299,900 V. $274,900 median sales price compared to the same period of last YR.

Inventory

1.9 meaning it would take 1.9 months to sell the current inventory

The average market time is 56 DOM (days on market)

“Actual” Inventory Wed, June 21st

978 is the actual number after the subtraction of: proposed, under-construction, short-sale-pending, and bankruptcy.

Description of new-construction

326 active listings

Average: Sq. Ft. 2516, list price $506,129, DOM 88

Proposed to be built: 134

Under-construction 115

108 Turn-key

(These numbers reflect the data in the RMLS, yet it asserts reasonable confidence)

Breaking Down the Sales in $75,000 increments 1 month history June, 21st

$1 -$75,000 = 4       Average Sq. Ft  1,241 In-Park

$76,000 - $151,000 = 14      Average Sq. Ft. 1,397 DOM 34

$152,000 - $227,000 = 51     Average Sq. Ft. 1,215 DOM 40

$228,000 - $303,000 = 201   Average Sq. Ft. 1,505 DOM 20  Median Sales Price 299K

$304,000 - $379,000 = 205   Average Sq. Ft. 1,937 DOM 25

$380,000 - $455,000 = 97     Average Sq. Ft. 2,340 DOM 35

$456,000 - $531,000 = 68     Average Sq. Ft. 2,753 DOM 44

$532,000 - $607,000 = 50     Average Sq. Ft. 3,036 DOM 50

$608,000 - $683,000 = 15     Average Sq. Ft. 3,623 DOM 82

$684,000 - $759,000 = 10     Average Sq. Ft. 3,589 DOM 63

$760,000 - $835,000 = 7       Average Sq. Ft. 3,951 DOM 64

$836,000 - $911,000 = 2       Average Sq. Ft. 4,598 DOM 226

$912,000 - $987,000 = 0

1 Million - 2 Million = 4       Average Sq. Ft. 5,385 DOM 91

New Construction Valuations in Clark County WA Q1 17

Residential permits: down 46% with 176 permits compared to 326 permits in the first quarter 2016. From 2008 to 2017 the historical average is 176.  Construction Valuation reached $114 million up 7% compared to the same period of 2016. The number of preliminarily approved lots rose 435% there were 594 lots preliminarily approved when 2016 same period saw 111 lots approved. Historically from 2008 to 2017 159 lots were approved.

Multi-Family and Vacancy Rate

The overall area vacancy rate is approximately 2.4% the lowest in the nation.

• ·         Studio: $946
• ·         One-bedroom: $1,053
• ·         Two-bedroom: $1,242
• ·         Three-bedroom: $1,808
• ·         Four-bedroom: $2,188

Thank You,

Bret Bucher

360-600-5555

Broker, Realty Pro Inc.

http://bretbucher.realtyproweb.com/search/multisearch.php

BretBucher.Blogspot.com

https://www.linkedin.com/in/bretbucher/

The information supplied herein is from sources deemed reliable but not guaranteed. 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.

Just Sold H6 2 Bedroom Flat

Wonderful 2 Bed/2 Bath Condo with all New Windows, Siding, Roof and more! Sit on your Covered Deck Overlooking the Creek and Enjoy the Wildlife! All New Stainless Appliances! Detached Garage! Enjoy the Pool and Clubhouse and More! 960 Sq. Ft. Sold $165,000 (my predictions were accurate).  If you have any questions about real estate call 360-600-5555 Thanks, Bret Bucher, Realty Pro Inc.

Codes Covenants and Restrictions - CCR'S

https://drive.google.com/file/d/0B5aDpwRn1DH-VVBOQmxsMTdtcWs/view?usp=sharing

I make no representation the accuracy of these CCR'S the party or person interested is to perform their own due dilligence.

2016 Clark County Real Estate Report Q4

Thursday, March 16, 2017

Clark County Real Estate Report Q4 2016

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

$1 -$75,000 = 2       Average Sq. Ft  1,339

$76,000 - $151,000 = 14      Average Sq. Ft. 1,126 DOM 49

$152,000 - $227,000 = 51     Average Sq. Ft. 1,193 DOM 58

$228,000 - $303,000 = 167   Average Sq. Ft. 1,579 DOM 50  Median Sales Price 290K

$304,000 - $379,000 = 123   Average Sq. Ft. 2,024 DOM 57

$380,000 - $455,000 = 72     Average Sq. Ft. 2,382 DOM 84

$456,000 - $531,000 = 47     Average Sq. Ft. 2,833 DOM 56

$532,000 - $607,000 = 16     Average Sq. Ft. 2,973 DOM 66

$608,000 - $683,000 = 11     Average Sq. Ft. 3,477 DOM 86

$684,000 - $759,000 = 12     Average Sq. Ft. 3,564 DOM 135

$760,000 - $835,000 = 3       Average Sq. Ft. 3,500 DOM 217

$836,000 - $911,000 = 0

$912,000 - $987,000 = 2       Average Sq. Ft  2,960 DOM 158

1 Million - 2 Million = 3       Average Sq. Ft. 5,385 DOM 91

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

Rent Projection Portland Oregon Metropolitan Area - HUD

FY 2017 Fair Market Rent Documentation System

Final FY 2017 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
	$946	$1,053	$1,242	$1,808	$2,188

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 =

1. CONV 4,745
2. FHA 1,624
3. CASH 1,459
4. VA 798
5. USDA 119

If you would like to be removed from my database please let me know at your convenience.

Bret Bucher

360-600-5555 cell phone please call anytime

Real Estate Broker

Realty Pro Inc.

14201 NE 20th Ave

Vancouver WA 98686

http://bretbucher.realtyproweb.com/search/multisearch.php

BretBucher.Blogspot.com

https://www.linkedin.com/in/bretbucher/

*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.

Protect Financing in Condominiumns

As many of you are aware, though purchasing a condo is similar to buying a single family residence, mortgages are more difficult to obtain for condominiums. Lenders impose different regulations and consider them higher risk, having to verify the fiscal and physical fitness of the project, resulting in higher interest rates. Below are a couple of guidelines that we touched upon in yesterday’s Tuesday meeting concerning respective programs and approved Condominium Project.

Conventional Warrantability:

No more than 10% units owned by one entity.

No more than 25% of square footage can be non-residential/commercial

Generally no less than 50% of units are used for investment purposes.

Check Fannie Mae approved Condo projects for Washington State here.

FHA Condo Approval:

No more than 50% units owned by one entity or used for investment purposes.

No more than 50% of square footage can be non-residential/commercial

Check a condo project’s FHA Approval here.

VA Condo approvals are subject to Veteran’s Affairs approval. Generally if a project is FHA approved, VA will also authorize lending there. This process can be several months in length. Contact one of us to see if a Condo Project is VA approved.

Non-Warrantable or FHA/VA Non-approved Condo projects may also be financed. At American Pacific Mortgage we have options for these types of condo projects as well. We have experience with Jumbo condo financing and financing for projects under litigation. Give one of us a call.

Thinking about buying call me as I am an owner and understand the property and the status, if you are thinking about selling your unit, please consider me as I know a lot about condominiumns and Waters Edge.

Contact:
Bret Bucher
360-600-5555
Real Estate Broker, Realty Pro Inc.
14201 NE 20th Ave Ste B102
Vancouver WA 98686
www.bretbucher.realtyproweb.com
bretbucher.blogspot.com

located in Salmon Creek, across from Albertsons.

Recent Real Estate Activity

https://drive.google.com/open?id=0B5aDpwRn1DH-RFI2MXVZWnNBaEk  [Waters Edge]

Other justifyable comparabe sold condominiums in Salmon Creek, point being said, in my opinion we need to protect our property values - get your property valued correctly to increase value accordingly to the market, as you can see with these comps in a 1.5 mile proximity to the subject property at 13216 NE Salmon Creek Ave; furthermore Waters Edge does have garages, adding more value.

https://drive.google.com/open?id=0B5aDpwRn1DH-WUozX0NnQ3Z3Nm8  [Salmon Creek Estates]

In Salmon Creek, a 2 mile radious search with sold condominiums the average price is $148,875, the average sq. ft. is 964, and averaging 13 days on the market. It's very important to have the correct price as we also have new siding, new roofs, new windows, new gutters, new railings - a multi million dollar project which does in deed increase the value quite significantly. Price your property correctly so the values reach the maximum dollar amount.

https://drive.google.com/open?id=0B5aDpwRn1DH-b2RXV2hDZTdLX3c  [Salmon Creek - Overall]

Rent Projection Portland Oregon Metropolitan Area - HUD

FY 2017 Fair Market Rent Documentation System

Final FY 2017 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
	$946	$1,053	$1,242	$1,808	$2,188

The FY 2017 Fair Market Rents for Portland-Vancouver-Hillsboro, OR-WA MSA are based on the results of a local rent survey.