Q2 Real Estate Report - Clark County WA

Wednesday, August 10, 2016

Clark County Real Estate Report - June Q2 2016

We still have a robust real estate market, the question remains for many local Realtors and Brokers how much longer is this market going to last? Great question, so lets look directly at the science and the activity and wow the data I am getting is fascinating. Indicating we have at least another year with this low inventory and a high volume of buyers.  

Right off the bat, the population-boom has been fueling the market for 3.5 years, no doubt the element behind the market, and why is that? Well, the Portland Metro area job growth is ahead of the National average, and is one of the top Five economies.

Now, what is very interesting is new construction permits is up 24% at 145 million dollars from this very same time from last year, and last year same period it was at 134 Million up 49% so this all signals a very thriving market with no real indication of when it slows down or transitions into a "normal" market, these numbers indicate that it is absolutely impossible to meet the consumer demand. Great news for a seller, but a challenge for a home buyer.

One more important point here, notice the upper-properties and the days on market and how many are selling in 30 days, this indicates a very strong market all throughout the price categories in Clark County, not just at the median homes price which is $277,000.  

At Watersedge, this means the condominiumns are possibly going to be up 13-16% by the end of 2017.

Thank You for reading this outstanding report. Please help me expand my business if you know a co-worker or a family member or a friend looking to buy or sell, please call me at your best convenience 360-600-5555


Closed Sales Residential

811 Closed Transactions

Down 4.6% compared to June 2015

Up 6.4% compared May 2016

New Listings

1,144 Residential up 7.6%

Strongest amount of new listings since 2008

Pending Inventory

930 Residential Pending Sales up 4% compared to same period of 2015

944 Pending Compared to May 2016 down 1.5%

Clark County WA Q2 16 Summary

Closed sales up 6.2%

Pending Sales up 4.4%

New listings up 2.3%

Compared to same period 2015

Actual “Real” Inventory August 9th 2016

1,221 after you subtract short-sale-pending, under-construction, proposed, and bankruptcy.

1611 active, 1781 sale pending, 726 sold 30 days back.

New Construction: 169 proposed, 148 under-construction, 87 vacant turn-key.

Description of New Construction

New Construction: 169 proposed, 148 under-construction, 87 vacant turn-key.

30 days history (sold): Average Sale Price $359,348, Average Sq. Ft. 2,180, DOM 64 days.

Average and Median Homes Sales Price

Average Home Sales Price: $312,400 up 9.1%

Median Home Sales Price: $277,000 up 8.6%

Both compared the same period of 2015

Hottest Areas in Clark County

Evergreen:      75 closed residential transactions, average sales price $257,600

Camas:           69 closed residential transactions, average sales price $440,900 

Brush Prairie: 53 closed residential transactions, average sales price $394,800

Breaking Down the Sales in $75,000 increments 1 month history 8/09/2016             $1 -$75,000 = 5       Average Sq. Ft  929    Average Sq. Ft. $49.00 $76,000 - $151,000 = 18      Average Sq. Ft. 1,267 Average Sq. Ft. $89.00 $152,000 - $227,000 = 93     Average Sq. Ft. 1,249 Average Sq. Ft. $160.00 $228,000 - $303,000 = 227   Average Sq. Ft. 1,631 Average Sq. Ft. $161 DOM 26 days $304,000 - $379,000 = 135   Average Sq. Ft. 2,199 Average Sq. Ft. $148 DOM 34 days $380,000 - $455,000 = 86     Average Sq. Ft. 2,488 Average Sq. Ft. $166 ft. $456,000 - $531,000 = 50     Average Sq. Ft. 3,106 Average Sq. Ft. $161 DOM 33 days $532,000 - $607,000 = 24     Average Sq. Ft. 3,413 Average Sq. Ft. $170 $608,000 - $683,000 = 13     Average Sq. Ft. 3,112 Average Sq. Ft. $208 DOM 89 days $684,000 - $759,000 = 12     Average Sq. Ft. 4,173 Average Sq. Ft. $173 $760,000 - $835,000 = 5       Average Sq. Ft. 4,035 Average Sq. Ft. $201 DOM 94 days $836,000 - $911,000 = 3       Average Sq. Ft. 4050 Average Sq. Ft. $215 $912,000 - $987,000 = 2       Average Sq. Ft  5,046 Average Sq. Ft. $189 DOM 34  days    1 Million - 2 Million = 3      Average Sq. Ft. 3103 Average Sq. Ft. $263 DOM 41 days One Month History - highest Sale from 1million to 2 million $1,150,000 95.65% Sales Price Versus List Price, in Steamboat Landing Columbia River Waterfront 4103 Sq. Ft.

Multifamily Rental Report Q2 16

Average Rent Cap/Vacancy Rate:

 1bd/1bth            2bd/1bth               2bd/2bth             3bd/2bth
  $926 ($1.30)     $1,013 ($1.10)     $1,184 ($1.10)     $1,313 ($1.06)1.6% is the vacancy rate in Vancouver possibly one of the lowest if not number one in America. Since 2012 the rent has gone up 35 percent in Vancouver WA.

New Construction Valuations in Clark County WA Q2 16

Residential Permits: 398 compared to 343 from 2015 same period, up 16%. Historically 218 issued from 2007 – 2016. YTD 724 permits.

Valuation of Residential Construction: 145 million up 24% compared to same period of 2015

Lot Development: 314 preliminary approved up 91% compared to 164 lots same period 2015. YTD 425

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

*Equal Housing Opportunity*

The information supplied herein is from sources deemed reliable but not guaranteed.  Some of the statistics come from the RMLS.  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, I deem this acceptable.

Sign of [Changing] Times

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I predict real estate values with the completed project at Waters Edge:

One Bedroom Flats updated at $140,000.00

Two Bedroom Flats updated $160,000.00

Town Homes updated $190,000.000

One level Units updated $190,000.00

Clark County home prices up by 11 percent for 2016.

Clark County homes prices up 9 percent 2017.

Be aware to not under-price your investment most agents are not aware Waters Edge is not distressed they are pulling past comps in the neighborhood that is not how this should be evaluated. This is a major construction project total rehabilitation to the exterior adding significant value and Obviously Waters Edge is in Salmon Creek so the comparable properties should be in all of Salmon Creek. This is a Multi-Million Dollar project so again obviously that adds incredible value.

Thanks for the great leadership skills and devotion by the Waters Edge Board of Directors.

Protect your Real Estate do you realize how important your property is today! Your no longer a distressed property, your King now or even Queen, you have it all now, a large property, you have beyond imagination, you have a great place!  Be pleased. Be advised it is going to get expensive here locally with housing. Vancouver WA is Number Place for Migration in America!

White Hot Market -- "We have never seen this market."

Meanwhile in Vancouver!

[A]ND in 16 months possibly by the year 2018:

One Bedroom Flats updated at $168,000.00

Two Bedroom Flats updated $192,000.00

Town Homes updated $228,000.00

One level Units updated $228,000.00

Hard to digest but this is possible!

Now lets look at vacancy rates and rent prices as an average in Vancouver WA:

  1bd/1bth            2bd/1bth               2 bd/2bth             3bd/2bth
  $926 ($1.30)     $1,013 ($1.10)     $1,184 ($1.10)     $1,313 ($1.06)

 1.87% is the vacancy rate in Vancouver possibly one of the lowest if not number one in America. Since 2012 the rent has gone up 35 percent in Vancouver WA.

http://www.kgw.com/news/local/bay-area-buyers-help-fuel-portlands-hot-real-estate-market/78398528

http://money.cnn.com/2015/01/08/real_estate/oregon-moving/ 


When they say Oregon that means Portland as Portland is over 55 percent of the State's population.
For 3.5 secutive years Portland has been number one for migration, so this also is Clark County because we have had 10,000 people move here from 2014 -2015 and most likely the year 2015.  And we can not keep up with the demand as we have 107 million dollars under construction that is residential, it is impossible to keep up with the demand because it takes years to build a subdivision or an apartment.  Cash transaction are easily 1/3 of all sales in Clark County!

"We have never seen this market in Clark County"

1Q Residential Real Estate Report Clark County WA

Waters Edge is no longer a distressed property as the renovation project appears to be 75% complete meaning the property is at overall real estate values in the entirety of Salmon Creek. The project will be complete by August 2016 with landscaping. Below is an amazing detailed Clark County Market Report:

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

1 -$75,000 = 3                            Average Sq. Ft  1,174    $108.00 ft.

$76,000 - $151,000 = 20            Average Sq. Ft. 1,024    $108. Ft.

$152,000 - $227,000 = 109        Average Sq. Ft. 1,313    $144 ft.

$228,000 - $303,000 = 231       Average Sq. Ft. 1,696   $146 ft.  Median Sales Price $270,000

$304,000 - $379,000 = 114        Average Sq. Ft. 2257    $148 ft.

$380,000 - $455,000 = 74         Average Sq. Ft. 2,688    $159 ft.

$456,000 - $531,000 = 55         Average Sq. Ft. 3,015    $160 ft.

$532,000 - $607,000 = 21         Average Sq. Ft. 3,394    $168 ft.

$608,000 - $683,000 = 11         Average Sq. Ft. 3,805    $148 ft.

$684,000 - $759,000 = 8           Average Sq. Ft. 4,451    $155 ft.

$760,000 - $835,000 = 2           Average Sq. Ft  4,180    $223 ft.

$836,000 - $911,000 = 1           Average Sq. Ft. 5,669    $276 ft.

$912,000 - $987,000 = 2           Average Sq. Ft  5,420    $229 ft.

1 Million - 2 Million = 3           Average Sq. Ft. 5576     $263 ft.

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

Clark County and Vancouver Washington Real Estate Report Fourth Quarter 2015

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

1 -$75,000 = 2                         Average Sq. Ft 1162     $108.00 ft.

$76,000 -  $151,000 = 21          Average Sq. Ft. 1,108   $108. Ft.

$152,000 - $227,000 = 105       Average Sq. Ft. 1,412    $144 ft.

$228,000 - $303,000 = 164       Average Sq. Ft. 1,782   $146 ft. Median Sales Price $265,000

$304,000 - $379,000 = 75         Average Sq. Ft. 2,299    $148 ft.

$380,000 - $455,000 = 36         Average Sq. Ft. 2,597    $159 ft.

$456,000 - $531,000 = 26         Average Sq. Ft. 3,027    $160 ft.

$532,000 - $607,000 = 16         Average Sq. Ft. 3,381    $168 ft.

$608,000 - $683,000 = 3           Average Sq. Ft. 4,255    $148 ft.

$684,000 - $759,000 = 3           Average Sq. Ft. 4,596    $155 ft.

$760,000 - $835,000 = 3           Average Sq. Ft 3,258     $223 ft.

$836,000 - $911,000 = 2           Average Sq. Ft. 3,266    $276 ft.

$912,000 - $987,000 = 2           Average Sq. Ft 4,121     $229 ft.

1 Million - 2 Million = 3             Average Sq. Ft. 4565      $263 ft

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

Recent Sales

 1 Bedroom 1 Bath 670 Sq. Ft. Sold 74,500 List Price $77,800 by a licensed appraiser. This was a REO Sale. 31 Days on the Market

2 Bedroom 2 1/2 Bath 1166 Sq. Ft Sold $90,000 List Price $94,500 Distressed Short Sale Property. 249 Days on the Market.


Waters Edge is a very nice piece of real estate in a great location. The HOA is replacing the siding. If you have any questions please feel free to contact Bret Bucher at your convenience, 360-600-5555.
Bret Bucher, Broker, Realty Pro Inc,
** Equal Housing Opportunity**

Recent Real Estate activity at Waters Edge 13216 Ne Salmon Creek Ave Vancouver WA

Call Bret Bucher 360-600-5555 with questions regarding these units Realty Pro Inc. Broker       * Equal Housing Opportunity*
www.bretbucher.realtyproweb.com
Call me with questions. Thinking about selling call Bret
Your Neighborhood Pro and Real Estate Excellence! Do you have a question about the HOA call Bret 360-600-5555. Never too late never too early lets get your questions answered.


H3 Sold 01/26/2015 $79,900 11 days on the market 960 Sf Two bedroom 2 bath Detached Garage 

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R2 Sold $60,500 11/24/2014 48 days on the market. 670 SF One Bedroom One Bath Detached Garage
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H9 Sold $65,000 02/28/2015 56 days on the market. 670 SF One Bedroom One Bath Detached Garage
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R4 Sold $83,000 06/30/2014 39 days on the market 960 SF Two Bed Two Bath Detached Garage
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Town Home Style Condominium Sold $88,000 08/27/2014 27 Days on the market Two Bedroom 2.1 Bath Attached Garage

To Watersedge home owners:

For your information and some clarity.  All records concerning a project with a "licensed contractor" have to be at one place.  If any owner wishes to see files they are entitled to do so under the law 64.34.372 and they may also see "any" financial record as well.  The run around needs to stop and some very basic organization needs to exist.  

There is an indication of some very serious issues.  Please be positive as well with your response. 

"When you're acting as a fiduciary, you're serving in a representative capacity, and you must put the interest of the association's homeowners collectively first," says Michael S. Hunter, an attorney - Quote from http://www.hoaleader.com/public/206.cfm

*********************** Please read this from FTC.GOV:

Getting a Written Contract

Contract requirements vary by state. Even if your state does not require a written agreement, ask for one. A contract spells out the who, what, where, when and cost of your project. The agreement should be clear, concise and complete. Before you sign a contract, make sure it contains:

• The contractor’s name, address, phone, and license number, if required.
• The payment schedule for the contractor, subcontractors and suppliers.
• An estimated start and completion date.
• The contractor’s obligation to obtain all necessary permits.
• How change orders will be handled. A change order — common on most remodeling jobs — is a written authorization to the contractor to make a change or addition to the work described in the original contract. It could affect the project’s cost and schedule. Remodelers often require payment for change orders before work begins.
• A detailed list of all materials including color, model, size, brand name, and product.
• Warranties covering materials and workmanship. The names and addresses of the parties honoring the warranties — contractor, distributor or manufacturer — must be identified. The length of the warranty period and any limitations also should be spelled out.
• What the contractor will and will not do. For example, is site clean-up and trash hauling included in the price? Ask for a "broom clause." It makes the contractor responsible for all clean-up work, including spills and stains.
• Oral promises also should be added to the written contract.
• A written statement of your right to cancel the contract within three business days if you signed it in your home or at a location other than the seller’s permanent place of business. During the sales transaction, the salesperson (contractor) must give you two copies of a cancellation form (one to keep and one to send back to the company) and a copy of your contract or receipt. The contract or receipt must be dated, show the name and address of the seller, and explain your right to cancel.

Keeping Records

Keep all paperwork related to your project in one place. This includes copies of the contract, change orders and correspondence with your home improvement professionals. Keep a log or journal of all phone calls, conversations and activities. You also might want to take photographs as the job progresses. These records are especially important if you have problems with your project — during or after construction.

Completing the Job: A Checklist

Before you sign off and make the final payment, use this checklist to make sure the job is complete. Check that:

• All work meets the standards spelled out in the contract.
• You have written warranties for materials and workmanship.
• You have proof that all subcontractors and suppliers have been paid.
• The job site has been cleaned up and cleared of excess materials, tools and equipment.
• You have inspected and approved the completed work.

Where to Complain

If you have a problem with your home improvement project, first try to resolve it with the contractor. Many disputes can be resolved at this level. Follow any phone conversations with a letter you send by certified mail. Request a return receipt. That’s your proof that the company received your letter. Keep a copy for your files.

If you can’t get satisfaction, consider contacting the following organizations for further information and help:

• State and local consumer protection offices.
• Your state or local Builders Association.
• Your local Better Business Bureau.
• Action line and consumer reporters. Check with your local newspaper, TV, and radio stations for contacts.  
• Local dispute resolution programs.

For More Information

• Federal Trade Commission: www.ftc.gov

• National Association of Home Builders: www.nahb.com