Aug. 6, 2008 - RMLS Data Shows Continued Gradual Slowdown of Market Activity in June

REAL ESTATE MARKET

Compared to June of 2007, the Regional Multiple Listing Service's (RMLS) market report for the month of June 2008 showed a 33.9% drop in closed sales, a decline  of 36.8% in pending sales, and 13.7% less new listings.  There was a total of 5276 active residential listings during June, which, at the current sales absorption rate, would take an estimated 12.6 months for all these listings to sell.  

There were only 418 closed sales during the month of June, once more a very small number given the large number of active listings available for sale.  A large percentage of the buyers actively in the market are definitely looking for bargains, and many sales have been foreclosures or short-sales.  We continue to see most activity in the lower price ranges, with the average sale price during the month of June was $278,300, and the median price was $249,900.  While most listings are staying on the market for many months, the average time to sell the 418 homes that did sell was just 88 days.

When looking at the twelve-month period ending June, 2008, market data showed that the average sale price was down 3.6% ($295,600 vs. $306,600) and the median sale price droped 3.7% ($255,000 vs. $264,900). 

Carol Sundstrom, M.A.,ABR,e-Pro and Your Guide To Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties University Branch @ Salmon Creek, Vancouver, WA

Jul. 19, 2008 - Coming Soon: Latest RMLS Market News!

REAL ESTATE NEWS

Just a quick note to let you know I will be posting detailed news from the latest RMLS Market News report very soon!  Check back soon to learn more about how the local market is evolving as the summer goes on!

Carol Sundstrom, M.A.,ABR, e-Pro and Your Guide to Good Living in Clark County WA! Coldwell-Banker Barbara Sue Seal Properties,University Branch @ Salmon Creek, Vancouver, WA   

Jun. 29, 2008 - Local MLS Reports May 2008 Clark County Real Estate Data

REAL ESTATE NEWS

The Clark County Washington real estate market continues to slow incrementally month by month. Even though we are entering into the late spring and summer months when buying and selling activity usually picks up, we are seeing little evidence of any significant upswing in the market locally.  The Regional Multiple Listing Service (RMLS) recently reported that at the rate of sales that occurred in May it would take 12.6 months for all of the 5048 listings that were at the end of May.  Compared to May 2007, new listings were down 14.3% and closed sales were down 31.9%.  Looking at the sale prices for the twelve-month period ending in May 2008 compared to the twelve-month period that ended in May 2007, the average sale price dropped 2.1%, from $306,600 5/07 to $299,100 5/08, and the median sale price dropped 2.8%, or from $264,900 5/07 to $257,500 5/08.  For the total of 400 closed sales which occurred in May, average market time to a pending sale in May was 92 days. (Source:  RMLS Market Watch, June 2008) 

We continue to see very few buyers actively looking for homes, and, as the figures above indicate, most of the sales are occurring in the lower price ranges.   Many of those that are out looking at this time are people who, as a result of news reports hyping bad news scenarios -- "prices are  falling!' or "foreclosures are on the increase!" --  are looking for "hot deals" or making "low-ball" offers even on non-distressed and fairly-priced homes.   This kind of market activity, especially  combined with so few other active homebuyers -- has month-by-month had the effect of causing increasing numbers of price reductions and led to sellers needing to sell being forced to accept offers below their homes actual market value.  In turn, as time has gone on, Clark County home-owners have begun to see a worrisome erosion of their property values. 

It is important to note that these conditions have been largely media-generated.  Had it been better understood that all real estate markets reflect local, not national, conditions and had reporters in 2006 through 2007 and more recently focused constructively on presenting actual facts about both the Clark County real estate market dynamics and the local economy -- all factors which were quite positive relative to much of the country, especially California, Nevada, Arizona, Florida, and some rust-belt states, for example -- our market conditions in and around Vancouver WA would still be evidencing much more stability and at least some growth, although perhaps not quite as much so as in the Seattle area and other parts of Washington state, where most of the best-performing markets in the nation have been during the past few years.   

I am frankly dismayed at what the media-induced perceptions and buyer behaviors have led to in our area.  Yes, there are now plenty of more affordable homes available for those buyers who can qualify to purchase them, and that is a very good thing.  But the continued slow housing market is negatively impacting our otherwise positive local economy, and that could have harm our economy unnecessarily.  In fact, i wish more potential buyers would recognize the tremendous opportunity presented to them by today's buyer's market conditions and act to benefit from that opportunity before interest rates go up further and prices again begin to rise, something anyone who has been around a while knows is inevitable.   Those currently renting should definitely do so, since even with low appreciation rates, the tax benefits and other rewards of owning a home continue to be outstanding, especially in the face of rising rents.

If you have any further questions or want to express concerns about the Clark County WA real estate market , or if you would like assistance in buying or selling a home in Vancouver WA or a nearby community, feel free to contact me any time by email at carolsundstrom@cbseal.com or phone at (360) 449-4364 or 513-5067, or post your thoughts and questions below!

Carol Sundstrom, M.A.,ABR, e-Pro and Your Guide to Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA    

May. 22, 2008 - Update on Clark County WA Real Estate Foreclosures

REAL ESTATE NEWS

There was an interesting article in our local newspaper, The Columbian, last Sunday (5/19/2008) regarding foreclosures.  Information toward the end of the article had more useful implications for local homeowners and those thinking of selling, or perhaps buying, in the area at this time.  The first part of the article hyped the negative, and inferred the foreclosure problem is far worse than it really is in Clark County Washington. 

It comes as no surprise to real estate professionals that the bulk of the foreclosure problems have been in new construction.  It is in the new subdivisions being built in the 2003 to 2005 period that we saw rapid price hikes being driven both by speculators buying with the intention of "flipping" their investments and also the builders' in-house lenders offering adjustable-rate financing with low initial rates that encouraged many to buy beyond their means.  I thought some builders set their prices ridiculously high during this period, and avoided bringing my buyers to those properties because I thought the homes were artificially overvalued.  Especially in some locations, the market prices made no sense, even if the homes had a lot of cosmetic bells and whistles.  (I wish buyers stuck on the idea of a new house would realize they can often do much better if they buy a quality home in a good neighborhood and then make whatever cosmetic improvements they want to do!) 

A lot of lenders and mortgage brokers hopped on the bandwagon, too, and helped fuel the growth of subprime mortgages with low qualifying standards.  These approaches worked as long as prices kept rising quickly, but when the market started to slow down and appreciation began adjusting to more normal rates, those speculators who bought at the peak of the market couldn't find a buyer who would pay the price they needed to cover selling costs (including Washington's 1.78% excise tax, title and escrow costs, and real estate commissions) and make some profit, too.  Trying to sell For-Sale-By Owner hasn't worked well in a market requiring more intensive marketing either.  Fortunately, we had a lot less use of subprime mortgages and less speculative investing than some other areas of the country, but still there have been quite a few hurt by these poor investments, and there are likely to be more.  It is also good that builders have reduced the prices on their new construction considerably as they have sold off their inventories and been relieved of their high carrying costs.      

However, while the foreclosure rate for buyers of such new construction has been fairly high, there are many areas of Clark County where there have been few or no foreclosures at all.  This has helped to keep home values relatively steady, even show slight ongoing increases, in these areas.  Too many foreclosures will bring property values down in a neighborhood.  That is why the lack of buyers actively looking for a home to buy has been so bad for the Clark County real estate market, since more than anything, it is the lack of buyers relative to the number of homes for sale that has caused far too many homeowners to be unable to sell fast enough to avoid going into foreclosure.  Had all the negative and even erronious media reports about real estate "bubbles" bursting and house values falling not discouraged so many people from buying a home during the past couple of years -- a period of time when all economic indicators in our area actually pointed to what should have been a more normal and stable local real estate market -- many sellers may have been able to avoid a short sale or foreclosure.  After all, we had a much lower number of subprime mortgages and less speculation in this area than some others, such as California, Nevada, Florida, and Arizona.

That's why the first part the The Columbian article was again disappointing to me and not helpful for local home owners and prospective buyers.  The authors started the article with a sentence including the following:  "In an east Vancouver subdivision, one out of every nine houses has entered foreclosure since the start of the year."  (I suspect this is a newer subdivision.)  The next paragraph said, "The Clark County foreclosure rate has been rapidly climbing since mid-2007..."  A few paragraphs later I read, "Behind the numbers are tears and tough choices for hundreds of local homeowners who can no longer afford their loans..."  I guess "bad" and "scary" news sells newspapers. 

The relatively good statistics for our area on foreclosures -- that during the first quarter of this year, just 4.44 of every 1000 homes in Clark County were in foreclosure, and in the Portland - Vancouver area as a whole, the rate is 3 of every 1000 -- were reported as if these numbers are high.  They aren't.  Now, there is no question that ANY foreclosures taking place is not a good thing.  And it is true that the local rate of foreclosure has increased in the last year, "fourfold from 2007," according to The Columbian article.  And it is true that Clark County's rate appears close to the national rate of 5.09 of every 1000 homes being in foreclosure. 

What is not said, however, is that this nationwide rate is an average of all the foreclosure rates in the nation, including a large number of areas that have not had any any significant increase in foreclosures, as well as some areas that have experienced foreclosure rate increases of 100 to 500%, even in one case more than 1000%!  I recently heard a report on NBC that the Stockton, California, area has the highest foreclosure rate in the country -- 1 of every 33 homes!  Further, a recent survey showed that of the 100 larger metropolitan areas of the country, the entire Portland - Vancouver Metro Area was among those with the lowest increase in foreclosures!  Another third of the country even reported a decrease in the rate of foreclosures during the same period.  So much for the supposedly all-pervasive nationwide foreclosure disaster being reported by the news!  (Of course, if they keep reporting it, they will help to create more problems everywhere as they scare all the buyers out of the housing market!)

Again, there is certainly nothing good about the foreclosure problems we are seeing in Vancouver and elsewhere in Clark County.  But let's keep things in perspective.  And hopefully we read the news with a critical eye and "a grain of salt," since we are not being helped at all by getting only part of the story and having the negatives selectively hyped.  (I have wondered if these reporters are homeowners themselves, and if they realize their reporting is likely going to have a damaging effect on their own home values.) 

I must admit, I've also wondered if some of the "experts" being interviewed on TV and for other media might not have some ulterior motives behind their negative views of real estate investment; after all, while they are economists and financial experts, they are rarely experts in real estate, and encouraging other kinds of investment -- such as the stock market -- may be much more to their advantage.  And real estate should never be recommended as a short term investment, despite what all the books and programs on TV that hype "flipping" homes as a way to get rich say.  Home ownership and other real estate investment has and continues to be a major, perhaps the major way to build wealth in America, but that wealth is built over time, not overnight.     

It's important to remember that Clark County Washington homes are selling.  It's just taking longer, sometimes much longer, but more often the days on market until a pending sale is more in line with what is expected in a normal market, i.e., three to six months.  In fact, the RMLS just reported average market time in April was 91 days, and those homes which are priced properly for the market and show really well are selling even more quickly.  The message is, if you think you may need to sell because of having trouble paying your mortgage, spiff up your home and get it on the market.  Don't wait until it's too late!    

Do you have any thoughts you'd like to share about the Clark County real estate market?  Perhaps you have some questions to ask.  Feel free to post your comments below!  You are also welcome to contact me with questions or feedback, by email at carolsundstrom@cbseal.com or by phone at (360) 449-4364 or (360) 513-5067.   

Carol Sundstrom, M.A.,ABR, e-Pro and Your Guide to Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA  

May. 17, 2008 - MLS Reports Clark County Real Estate Market Data for April, 2008

REAL ESTATE NEWS

The Regional Multiple Listings Service (RMLS) has just issued its report on the Clark County Washington real estate market for the month of April, 2008.  The slow market experienced by all of us who work in real estate as well as those homeowners who have had their home on the market during the past year is again evident in the residential market activity for last month when compared to April, 2007, with new listings down 14.7%, pending sales down 28.1%, and closed sales down 29.7%.  The good news is that compared to the previous month this year (March, 2008), April 2008 pending sales rose 2.4% and closed sales went up 1.3%.  Average market time from listing date to pending sale was 91 days in April, indicating that some homes are still selling reasonably quickly.  (RMLS Market Action, May 2008)

The average price of a home sold during April, 2008, was $288,200, and the median price was $250,000.  Looking at the four months of January through April, 2008, the RMLS reports that there have been a total of 1338 listed residential sales closed, the average sale price was $292,500, and the median sale price was $248,700.  When you look at the entire 12-month period  ending April, 2008, as compared to the same 12 months of 2007, the percent of price change was a decline of just 0.7% in the average price of homes sold ($302,100 vs. $304,300) and only a 1.5% drop in the median price ($259,500 vs. $263,300).  (RMLS Market Action, May 2008) 

Homes under $250,000 are selling most rapidly, especially those around $200,000 or below, indicating many are wise enough to take advantage of the current Buyer's Market conditions to buy their first home or perhaps make an investment in rental property.  The main obstacle to sales in all price ranges is the competition among currently available homes for the limited number of suitable buyers actively out looking for homes.  And while less available than in many other regions of the country, there are also quite a few opportunities to get a great deal on a "short sale" (pre-foreclosure status) or foreclosure; be aware, however, that there is heightened competition among buyers for these homes, especially in the low price ranges.  While these market conditions continue to create downward pressure on home prices, and we continue to see a certain amount of price reductions occurring as those sellers who for some reason need to sell as quickly as possible become more motivated to get their homes sold, the actual decline in Clark County home prices remains very small compared to what some other regions of the country are experiencing (e.g., California, Nevada, Arizona, Florida, to name the most affected areas).  Though I know some of you find it hard to believe, Washington remains one of the healthiest real estate markets in the country!  It's true, and there is plenty of data to prove it.  And if anyone is wondering if real estate is a good investment during these uncertain times, I suggest you remember what Mark Twain once said:  "Buy land.  They're not making it any more." 

If you have questions or concerns about the Clark County real estate market or would like a free market analysis of your home, you are welcome to contact me any time at (360) 449-4364 or  (360) 513-5067 or  carolsundstrom@cbseal.com.

Carol Sundstrom, M.A.,ABR, e-Pro and Your Guide To Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA

Apr. 27, 2008 - A tiny little gem of a restaurant is now in Vancouver's Felida neighborhood!

RESTAURANTS, CAFES, AND COFFEE HOUSES

Oh, what a delightful little restaurant has opened in the center of Felida!  Located in an old church and tucked behind The Attic antiques and decor accessories store -- fun to browse in before or after you dine! -- is Farrar's Bistro, a real gem!  I have not yet had the opportunity to enjoy brunch or a quiet candelit dinner at Farrar's, but a recent lunch was more than satisfying.  For lunch, an imaginative selection of both grilled panini sandwiches and sandwich wraps is offered, along with create-your-own sandwiches, fresh salads, and soups.  I first ordered the "pacifico" pannini (house-smoked salmon, grilled artichoke hearts, red onions, spinach, capers, fresh dill and sun dried tomato cream cheese, served with lemon dill aioli), but learned they were out of the salmon (hopefully this doesn't happen often).  Then I ordered the "smokey jack" pannini (house smoked turkey breast, crispy pepper bacon, pepper jack cheese, jalapeno peppers, tomatoes and gaucamole served with thousand island dressing on delicious foccacia bread) and found it not just delicious but also very substantial.  The jalapenos are for real, however, so if you don't like hot and spicy this one may not be for you.  For my side dish, I opted for the house-made potato salad -- a brave choice for me since I tend to find most potato salads dissappointing -- and to my surprise found it very good.   My friend ordered the "tuscan" wrap (virginia and prosciutto ham, genoa salami, provolone cheese, lettuce, tomato and rosemary garlic cream cheese, served with house mayonnaise in a tomato basil tortilla) and munched happily away on it along with savoring some roasted butternut squash and pear soup which she ordered as her side dish.  The cafe was busy, but we were very attentively served, and there were so many other choices on the menu that tempted our taste buds that we both vowed to return for another lunch soon.  Farrar's Bistro also serves more complete dinners, including tempting appetizers like "sesame grilled asparagus" or "java bones with pot luck mac salad" (huh?), lovely salads, taste-tempting entrees (such as, "southern 1/2 roaster with peach chutney", "char-broiled veracruz scallops with warm green chile sauce", "carolina sweet and smokey baby back ribs", or their house specialty "pulled pork platter") served with grilled vegetables, a side of choice, and fresh baked rolls.  You can accompany your meals with wine or beer.  An a la carte brunch is served on Sundays, from 10:00 am to 2:00 pm, and there is a nice menu for children under 12, too!  Desserts and morning pastries are available along with delicious coffee drinks from 6:30 a.m. to closing.  Prices are a bit steep for Vancouver, relatively speaking, but the quality is definitely there as are satisfying portions.  The menu includes more affordable comfort food, too, such as their "mac and cheese" with ham, poblano chilies, and green onions.  They have a website where you can check out their menus in detail:  farrarbistro.com.  Or call them at (360) 571-7005.  12514 N.W. 36th Avenue in Vancouver's Felida neighborhood.  Parking can be found on the street or along the side of the building, where the restaurant entrance is, next to the Shell station.  Closed Mondays. 

If you get a chance to stop by Farrar's Bistro for lunch, dinner, or brunch, or have already dined in this little surprise of a restaurant, I would love to hear how you experienced it and if you would recommend it, too, and I'm sure others reading my blog would as well.   So feel free to post your comments below!

Carol Sundstrom,M.A.,ABR, e-Pro and Your Guide to Good Living in Vancouver WA!  Coldwell Banker Barbara Sue Seal Properties, University Branch at Salmon Creek, Vancouver WA

Apr. 15, 2008 - March 2008 Market Activity Data Reported by Local MLS!

REAL ESTATE NEWS

The Regional Multiple Listing Service (RMLS) has just issued its report (Market Action, April 2008) for Clark County Washington Real Estate market activity during the month of March, 2008.  The market is still very slow relative to the same month a year ago, with 14.6% fewer listings and 29.2% fewer closed sales than in March, 2007.  Pending sales (accepted offers) were down 33.5%.  

However, the smaller number of new listings is helping to at least somewhat reduce the amount of time it is taking to sell the available home inventory.  While last month it was reported that it would take as much as 14.6 months to sell all residential listings, March data for rate of sales and the number of active residential listings (4,518) suggest this inventory would last about 11.9 months.  Average days on the market during the month of March was 94 days.   

Despite the fact that good "buyer's market" conditions continue and there are significant opportunities and very real benefits to buying a home now, we are still seeing very few buyers actively looking for homes.  As long as this has remained so, we have continued to see a degree of gradual reductions in asking prices and more willingness on the part of motivated sellers to negotiate their final sales price and terms in order to sell in today's market conditions.  

This gradual downward pull on prices -- while in no way a "bubble" deflating, since our overall average price increase of 26% during the peak "seller's market" period recently emerged from was far lower than the overheated appreciation rates experienced in much of California and some other areas -- is reflected in the ongoing month-by-month slowing of average sale price appreciation in Clark County.  The average sale price for the twelve-month period ending March, 2008, increased just 0.2%, or to $303,900 versus $303.300 during the twelve months ending March, 2007.  Further, there have been more homebuyers who have been actively looking for a "good deal" on homes in lower, more affordable price ranges than homes in higher price ranges, resulting in a slight one percent decrease in the median sale price during the same twelve-month period. 

The RMLS report does not reflect current data for new home construction, which has been hard hit by our slow market conditions.  A huge reduction in new construction starts over the past year as well as extensive efforts on the part of local subdivision and custom home builders to sell off their existing new home inventories has been helping to stabilize market conditions, something builders and owners of existing homes alike are looking forward to.  Many real estate experts have forecast a market turn-around, modest but meaningful, during the second half of this year or early in 2009.  I'll keep you posted on what the experts are saying over time! 

What are your thoughts on the current real estate market in Vancouver and Clark County Washington as a whole?  Feel free to ask questions, voice an opinon, share concerns, whatever!  Simply post a comment below! 

Carol Sundstrom, M.A.,ABR, e-Pro, and Your Guide To Good Living in Clark County WA! Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver WA        

Apr. 5, 2008 - Local Multiple Listing Service (RMLS) Data for February 2008

REAL ESTATE NEWS

The March issue of the RMLS Market Action reported that there were 294 home sales closed in Clark County during February, 2008.  This was an increase from January, when only 246 sales closed, a change which helped to slightly reduce the total inventory of homes on the market, now 4,300 homes estimated to take as much as 14.6 months to sell off versus the 17-month inventory (4,175 homes) in January.  Also, compared to the same month a year ago, while total new listings taken during the month of February, 2008, were down 1.7%, pending sales dropped 26.9% and closed sales were down 33.8%, reflecting the lack of home buyers in the market relative to the number of available homes for sale. 

The average sale price was $278,300, and the median price was $244,900.  Average market time for home sales closing in February was 110 days.  During February, 2007, a total of 444 sales closed and average market time was 87 days.  In 2007, the February average and median prices were $294,200 and $258,000 respectively.   You may then be surprised to know that, comparing the twelve-month period ending February, 2008, with the twelve months ending in February, 2007, the RMLS reported an increase, or slight appreciation, in the average sales price of 0.6%, The median sales price decreased 0.6%, indicating more lower-priced homes than higher-priced homes have been selling.    

These numbers reflect several local market dynamics.   First, while it is always true that there are fewer active buyers for higher priced homes than lower priced homes, this has been even more so in our current market, even though their numbers have been limited.   More strict qualification requirements for home loans and the demise of subprime loan products has meant that many can only purchase a lower priced home than they would have been able to do a few years ago.  Also, in addition to the usual first-time and other homebuyers in the market, the increase in foreclosures and distressed properties has attracted additional buyers looking for "a good deal." 

As the months without many active buyers have gone on and on, there have inevitably been continued gradual price adjustments.  This is partly because sellers who have sold during recent months have had to do one or more price reductions to try to catch the attention of the limited pool of buyers for their home and compete with the many other similar homes on the market. There has also been an increase in the number of "short sales" or pre-foreclosures and foreclosures, not just due to some sellers having subprime loan difficulties -- much less of a problem in our local area than in many other parts of the country, such as California, Arizona, and Nevada -- but also because some homeowners needing to sell due to other kinds of financial distress have simply been unable to find a buyer in time to ward off foreclosure.  

Still, our foreclosure rate ranks as among the lowest in the nation.  According to RealtyTrac, of the 100 largest metropolitan areas in the country ranked for foreclosures in 2007 versus 2006, the Portland OR/Vancouver WA/Beaverton OR metro area ranked number 73, with a 24% increase in foreclosures for 2007 versus 2006.  Six of the 20 metro areas having the most foreclosures were in California, three were in Florida, and two were in Michigan.  The areas with the most foreclosures are, not surprisingly, the areas with the largest drops in home prices.  (National Realty News, 2/23/2008).  

Clearly, we are still in a good "buyer's market" in Clark County!  Our slight increase in foreclosures certainly presents buyers with opportunities.  But it is the lack of active home buyers actively in our Clark County real estate market that is the primary factor driving our local market conditions, rather than other market factors, such as subprime loan problems or local economic conditions, which are, in fact, quite positive relative to many other areas.  And as I have said before, behind the reticence of potential buyers to enter the market is the media's failure to report accurately on our local real estate market (see my previous posts).  As the saying goes, don't believe everything you hear on TV!  Get the facts! 

It is, indeed, a GREAT time to buy in Clark County!  While home prices are continuing to adjust to our higher supply/lower demand conditions, there is much evidence that prices are leveling out and many believe we will see the market turn around more significantly by fall.  Now is thus the time to buy.  Interest rates remain extremely low, a wide variety of home loans and also first-time homebuyer assistance programs are available, both the federal and state government are taking steps to make buying a home easier in these times, and there are plenty of homes to choose from.  So, buyers, what are you waiting for?    

If you would like to know more about the local Clark County real estate market and how to buy or sell to your advantage in these times, feel free to contact me by email at carolsundstrom@cbseal.com or by phone at (360) 449-4364 or (360) 513-5067. 

Carol Sundstrom, M.A.,ABR, e-Pro and Your Guide to Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA      

Apr. 5, 2008 - Kudos to local TV for airing complete speeches of Presidential candidates!

MUSINGS, MUTTERINGS, AND MORE . . .

I really have to give kudos to our local major network TV affiliates for doing something really great for Oregon and Southwest Washington viewers that I know just isn't done everywhere. 

Hillary Clinton was in the area today, and though I didn't attend the event in person, I did have the opportunity to sit at home and watch her entire, lengthy speech and brief question-and-answer follow-up live on television.  The program included Darlene Hooley's and Oregon Governor Kulongoski's introductory speeches as well.  A few weeks ago I watched Bill Richardson's endorsement of Barrach Obama, followed by Obama's complete speech.  I recall that prior to the 2004 presidential election, I had the same opportunity to hear George Bush and John Kerry when they were in town.  And soon, I hope, I will be able to see and hear John McCain as well.  All from the comfort of home! 

Today it was the local FOX affiliate broadcasting Hillary's rally.  I watched the Obama event on the local NBC affiliate.  The local CBS and ABC stations have provided this kind of coverage, too.  And all have lasted several hours, not just minutes.  Locals often take all this for granted, but I know network stations everywhere aren't offering this public service, and our local television news departments deserve praise for it.  

Folks who don't take advantage of such wonderful opportunities to have a more up front and personal view -- via TV, yes, but it works! -- of our candidates for president are really missing out.  An entire speech of an hour or more, even with the inherent politics involved, makes it much more possible to meaningfully size up a candidate than those brief and often-repeated sound bites we usually get via the news media.  After all, this is an age of buzz words and hype, when the most we usually are able to directly hear from our political candidates is a few words and phrases chosen with inevitable bias for use in slick paid advertising or in so-called "news" briefs more focused on what is entertaining or sensational than what is actually informative.

How can we function well as a participatory democracy if we are not well informed?  What a great public service it would be if television stations across the nation offered detailed and complete live coverage of what the candidates actually say they stand for!  At least some talk radio programs offer less biased, or sometimes more diverse and thus inclusive, information.  And thank goodness for the internet, from the candidates' own websites to the many highly informative blogs and websites available to those of us interested enough to search them out!  Ahh, but such TV coverage as today's make the candidates more accessible to everyone, even those who don't have computers!  How nice!

Carol Sundstrom, M.A.,ABR, e-Pro and Your Guide to Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA        

Feb. 15, 2008 - New Data Just Reported by Regional Multiple Listing Service!

REAL ESTATE NEWS

The Regional Multiple Listing Service (RMLS) has just released the data for Clark County Washington real estate activity during the month of January, 2008.  The average price of a home sold this January was $308,800 and the median price for sales in January was $250,000.  Taking into account the entire 12-month period that ended in January 2008 and comparing it to the 12-month period ending January 2007, the average sale price in Clark County is reported to have appreciated 1%, while the median price dropped slightly, by 0.1%. 

The RMLS reported a continued market slowdown, with new listings of existing homes down 7.2% this January compared to January, 2007.  During this twelve-month period, pending sales dropped 24.8% and closed sales were down 30.5%, which is partly due to the record-high inventory of homes for sale in Vancouver and the rest of Clark County.  At the time of the RMLS reporting, there were 4175 active residential listings in the county.  At the current rate of sales it is estimated will take as much as 17 months for all these listed properties to be sold.  The average number of days on market for a home to sell during January 2008 was 95 days.  Once again we can clearly see the effects on our local market of there being too few home buyers actively out looking for and purchasing homes, despite the outstanding buyer's market conditions we now have!  No doubt things will start to improve as more buyers enter the market, a common occurence during the spring and summer, even in a slower market. 

Do you have any questions or thoughts you would like to share with me or with other bloggers about our local real estate market?  Feel free to post a comment below, or to contact me by phone at (360) 449-4364 or (360) 513-5067 or by emailing me at carolsundstrom@cbseal.com. 

-- Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver WA 

Feb. 12, 2008 - Hopefully the colder than normal winter days are gone!

MUSINGS, MUTTERINGS, AND MORE!

Whew!  I am so-o-o-o glad we seem to have at last returned to a more normal temperature pattern for this time of year and aren't freezing night and day any more!  I know, I know, it's maybe a little silly of me, born and raised in Minnesota, to have been complaining about nights in the 20s and low 30s and days in the 30s and low 40s, but we have had too many such days this year, don't you think?  At least, except for those of you living on high, we didn't have any significant snow days or ice storm episodes!  Maybe you think I'm some kind of whimp (chuckle!) but, you know, all things are relative, as they say, and after all, I haven't lived in Minnesota since the late 60s when I moved to northern California!  These days in the 50s, maybe with a little rain, but with some sunshine and more to come, too, are just fine with me!  Ahh, spring is in the air....almost!  Still pretty nippy at night though, huh!

I'm sure glad we don't have a lot of weather extremes in this area!   We have a climate that is the best of all worlds, don't we, with just enough of every season to make it interesting and keep it comfortable.  Nice!  When I see on TV all those pictures of the below-zero cold and blowing snow in the Midwest and other places East, I think, "Brrrrr!," and am so-o-o-o glad I live here!  It's not surprising that our mild climate is one reason a lot of people choose to move to Vancouver or elsewhere in Southwest Washington.   And, hey, if we want snow, we can enjoy plenty of it -- many feet of it, in fact! -- just a couple of hours away atop Mt. Hood or Mount St. Helens!  Now, that's having the best of both worlds!  Of course, we have the best of three worlds, since the Pacific Ocean beaches are just a few hours away, too!

Of course there was that totally weird tornado that touched down briefly and did some minor damage some weeks ago.  Fortunately it barely had any oomph as tornados go.    (I am from Minnesota, and remember well hearing the warning sirens go off -- that's how it used to be anyway -- and heading for the corner of the basement! Scarey!) That was certainly bizarre for this region.  So rare!  And isn't it interesting that it was in about the same location as the last one in 1972?  Hmmm!

What do you think of our area's climate?  Any stories to tell?  Memories to share?  Post a comment below to let us know more. 

Carol Sundstrom, M.A., ABR, e-Pro and Your Guide to Good Living in Clark County WA!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA

Feb. 11, 2008 - More misleading Clark County real estate headlines!

REAL ESTATE NEWS

Well, once again the newspaper has a headline blasting more negative news about our real estate market, and once again it's misleading.  Ugh!  As I explain later in this post, if such reporting continues, every homeowner in Clark County is at more and more at risk of being negatively impacted by it.  By becoming more educated and able to better recognize what information is applicable to our local market and what information is not, and, if you are thinking of buying, by getting out and actively participating in our currently very advantageous buyer's market, we can turn things around rather than let them get worse.  Increased demand will inevitably lead to a more balanced market, and that would be to everyone's benefit. 

Yesterday's article in The Columbian business section had a headline "County home sales, prices decline" and reported that "home sales remained soft in January and prices showed continued erosion."  Yes, homes sales have been very slow, more so than the normal slowdown in January and other winter months.  The article further says that there was a 7% decline in the median price this January relative to January, 2007, from $263,900 to $245,383, reflecting the lowest median price since the mid-1990s.  (That was a bit confusing, since a chart in the article indicated the median home price in January 2004 was $199,250.  A typo?)  (Source: The Columbian, 2/11/08)

To the author's credit, this article did for once clarify that the figures used, from appraisers Riley and Marks "benchmarks," include new construction as well as pre-owned homes.  But because the figures in the newspaper article are skewed by the inclusion of new home construction, they are misleading for the average Clark County homeowner or home buyer.  Also, something the article didn't say and should have is that the median price means nothing regarding prices declining.  All it means is that the houses that happened to be the ones that sold in January were priced so that the mid-price between all of them, or median price, was a certain amount.  Despite what the article infers, the median price is not an accurate indicator of home values. 

Further, not mentioned in the article are the very different and also very accurate figures reported by the local multiple listing service, the RMLS, which records all sold homes that are listed for sale.  Most new subdivision construction as well as many For-Sale-By-Owners are never listed in the RMLS, which has data more reflective of the sales of pre-owned existing homes.   The RMLS results for January will present a different, likely more positive picture than the Riley & Marks "benchmarks" figures because of this difference.  Unfortunately, they have not yet been released; as soon as they have been, I will post them both here and on my website, MoveToSWWA.com.

It is very important to note that comparing the sales of new construction to pre-owned homes is like comparing apples and oranges.  Market prices for pre-owned homes are determined, if done correctly, by very carefully comparing recent nearby homes sold in terms of age, location, lot, size, quality, features, upgrades, and key sales transaction factors (e.g., buyer's closing costs or repair costs added to the price for financing, seller's circumstances and motivation, whether or not a lender or estate was involved, etc., all of which can effect the final price significantly).  A market price should not be set, and then be followed by adding on selling costs (e.g., commission, excise tax, etc.) or any other seller's "needs," since doing so almost inevitably results in setting too high a price for the current market.  

Builders do not price their homes by using pre-owned home sales comparables.  They price new subdivisions like products, with costs determined and profit margins added on.  Their comparables are other similar new homes and lots, and the pricing is based on what buyers in the current market are seen as willing to pay for such new construction.  Further, builders pre-sell homes at their determined prices prior to even beginning constuction of the homes.  They also complete construction on a large inventory of unsold homes for buyers to choose from.  When the market was "hot" (e.g., 2003 - 2005) there was a building frenzy because buyer demand in Clark County was greater than supply -- pushing prices up -- as homebuilders worked to stay ahead of the game.  But when the market slowed and supply of buyers dwindled, they were left "holding the bag," or should I say "inventory," and all the costs of maintaining it.  As a result, subdivision builders have had to offer both enticements to buyers, such as plenty of free upgrades instead of charging for them, as well as slash their home prices and their profit margins in order to sell off their inventories.  Including these price reductions in figures for home sales has some value but distorts the picture considerably for the average Clark County homeowner. 

Finally, the Columbian article states that prices rose 32.4% in Clark County over the three-year period 2004 to the start of 2007.  I know locals think 32.4% reflects a wildly high increase, but this kind of rise actually indicates a healthy "seller's market," nothing like the overly inflated price hikes seen in much of California, Nevada, Florida, and some other areas now very hard hit by falling prices as their real bubbles deflate.  We need to remember that all real estate is local and stop uncritically listening to and parroting the reports and forecasts of all the so-called "experts" out there.  We have our own local experts!        

Feb. 7, 2008 - It's nice to read some GOOD economic news!

REAL ESTATE NEWS

I was pleased to read an article on Realty Times website today -- Real Estate Outlook:  Economy is Growing by Kenneth R. Harney -- that was not all doom and gloom about the national economy and housing market.   

Harney rejected the idea that we are now in a recession, as some have thought, and pointed out some key reasons for this view.   He sees the U.S. economy as growing, though slowly.  More than one million new jobs were added during the past 12 months, and while there have been some ups and downs, the net gain is significant.  Exports, too, have risen significantly, reported at 7.7% for the past 12 months.  Real after-tax household income, he states, increased 1.1 percent last year, not much, but better than the drop normally seen in a real recession.   

He also sees signs pointing to improvement in the housing market.  First, at the same time that, in many areas, home prices have rolled back to where they were in 2003 and 2004, interest rates have remained very low, a combination of factors which at last seems to be bringing out new buyers and stimulating the market.  Secondly, legislation is expected soon to make lower-cost financing available to homebuyers in higher-priced markets such as our's by raising the mortgage limits for Fannie Mae, Freddie Mac, and FHA financing programs.  This should offset some of the deal-killing effects that recent higher rates on jumbo loans (over $417,000 at present) have had on some in our local market.  Nationally, according to an independent economist with the National Association of Realtors, this should translate to nearly 348,000 added home sales during the next twelve months.  

That sounds good to me! 

How does it sound to you?  Do you have any thoughts you'd like to share?  Please post a comment below.  I also welcome any questions you have, or would be pleased to assist with your real estate needs at any time.  Just email me at carolsundstrom@cbseal.com or phone me at (360) 449-4364 or (360) 513-5067. 

-- Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Good Living in Clark County!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA

Feb. 6, 2008 - Improving Market Expected for New Construction in Clark County, WA!

REAL ESTATE NEWS

New home builders have been especially hard hit by the slowed Clark County real estate market over the last few years.  While pre-owned existing homes have continued to show at least a small amount of appreciation (averaging 1.7% in 2007), new construction has had a more difficult time of it.  After the building frenzy of our recent "hot" market years, Clark County home builders have experienced a housing slump not seen since the 1980s. 

Builders with large inventories of unsold homes have been trying everything to get their homes sold, from offering lots of free upgrades and other incentives to homebuyers to giving higher than normal commission splits to real estate agents as an enticement for them to bring buyers to see their homes.  Builders have also had to mark down their prices to unload their standing inventory, and have held off on starting any additional new development.  Home building in Clark County dropped 19.7% in 2007, with permits to build new single family homes down to 1245 permits in 2007 compared to 1551 in 2006 and 2142 in 2005, when the market was at its peak.  

The good news, according to local Building Industry Association executive director David Roewe, is that we've probably seen the worst of it and bottomed out so that a recovery is now on the way.  As local buyers realize there is no bubble deflating in Clark County and see the opportunity available to them now to purchase a home at a price, terms, and interest rate to their advantage, home sales should pick up.  Roewe, like other local real estate and local economy experts, expects the market to gradually improve as 2008 proceeds.  It may well be a long while before we see the kind of "hot" seller's market we saw in 2003 - 2005, but we can expect more normal, balanced market conditions that can be of benefit to everyone (Columbian e-news briefs, 1/11/08). 

Do you have any thoughts to share regarding the new home construction market in Clark County?  You are welcome to post your comments below.   Also, if you have any questions or real estate needs that I may help you with, you are always welcome to contact me by email at carolsundstrom@cbseal.com or by phone at (360) 449-4364 or (360) 513-5067.

-- Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Good Living in Clark County!  Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA.   

Feb. 5, 2008 - Washington Economy Continues to Be Stronger Than Other Areas!

CLARK COUNTY NEWS

One of the reasons that we can feel better about our housing market in Clark County is our relatively strong economy.  During 2007, a record 2.9 million people were employed in Washington state (Columbian e-news briefs, 1/11/08) and unemployment was at record lows, averaging 4.7% statewide and slightly more, 5.3%, in Clark County (Columbian e-news briefs, 1/4/08).  The state Employment Security Department's Labor Market Report stated that construction employment as well as professional and business services did well in 2007 (Columbian e-news briefs, 1/4/08). 

Clark County employers created approximately 3000 jobs in 2007, with the strongest increases being in wholesale and retail trade, warehousing, and transportation (Columbian e-news briefs, 1/16/08).  Retail sales are expected to go up 6.8% in the Portland-Vancouver Metro Area in 2008 (Columbian e-news briefs, 1/11/08), and evidence of this more healthy retail sector can currently be seen in the large amount of commercial construction now going on in the county. 

Overall statewide job growth is predicted to be 1.7 to 1.9% in 2008. Both construction and manufacturing employment are expected to be flat, however (Columbian e-news briefs, 1/11/08).  But other positive signs have come from the results of a Manpower, Inc. survey of Portland-Vancouver Metro Area companies which showed that 33% of area companies expect to hire additional employees in 2008.  That compares to only 22% of companies nationally, according to Manpower (Columbian e-news briefs, 1/11/08).  Also, a $90,000 grant has been given to the Southwest Washington Workforce Development Council for job training to meet the needs of those industries with gaps in employment due to the need for more trained workers (Columbian e-news briefs, 1/4/08).  

All things considered, with all the talk of recession on the horizon nationally, we are fortunate in our region to be in better condition than much of the nation.  One of the reasons for this, says Michael Parks, who publishes an economic newsletter in Washington, is the unique fact that the weak dollar is actually an advantage for Washington state because our economy is very much tied to export markets (Columbian, 1/11/08).  Hopefully the optimism expressed by Parks and local economists such as Bill Conerly (Columbian e-news briefs, 1/11/08) is supported by our economy over the coming months!

What are your thoughts on the Clark County economy?  Feel free to share your views by posting a comment below!  If you have any questions or I may assist you with your real estate needs in any way, please feel free to contact me at your convenience by email at carolsundstrom@cbseal.com or by phone at (360) 449-4364 or (360) 513-5067.    

-- Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Good Living in Clark County!  Coldwell Banker Barbara Sue Seal Properties, University Branch at Salmon Creek, Vancouver, WA.    

Jan. 30, 2008 - Clark County Still Attracting Newcomers!

CLARK COUNTY NEWS

Not surprisingly, folks are still choosing Clark County for good living in the Portland-Vancouver Metro Area!  While the pace of newcomers moving to Clark County slowed somewhat since it peaked in 2006, the area continued to attract new residents as evidenced by the number of people who turned in out-of-county drivers licenses for local ones during 2007.  While 16,072 did so in 2006, the total for 2007 was 14,458, a 10% drop.  No doubt a lot of this has to do with the changing real estate market -- or at least with its perception by many, if not its reality (see my Real Estate News posts) -- including lenders' more restrictive qualifying standards for mortgages, keeping many more marginal buyers out of the market in 2007, unlike in 2006 and before.  

There are many pros and cons to population growth, and I know people often have very different views on it depending upon how it has impacted their personal lives, businesses, and real estate investments.  Growth needs to and will occur, but hopefully those guiding it do so responsibly, in a way that not only maintains but enhances the quality and integrity of our community in ways that are responsive to all the residents of Clark County.   

What are your thoughts about Clark County growth and development?  You're welcome to post your comments below!  

-- Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Good Living in Clark County! Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA.   

Jan. 30, 2008 - Ridgefield Winemaker Gets Favorable Reviews!

WHY I LIKE CLARK COUNTY!

Maybe it's living so many years in San Francisco, just a short drive to the Napa and Sonoma Valley wine country, as well as having enjoyed a brief sojourn in France in my more adventurous days, but, I can't deny it, I do appreciate good wines.  So it's nice to know that not only is Washington State justly recognized for the quality wines produced here, but one of our locals, John Dingerthal, Ridgefield resident and owner of Sandhill Winery in eastern Washington, has just had additional recognition of Sandhill's wines, this time for the 2002 Ridgefield Cinnamon Teal Red Table Wine, named for a duck that swims in the Ridgefield Wildlife Refuge so appreciated by Clark County residents.  In addition to the pleasures of imbibing the wine, a portion of the profits from its sale, like other of Sandhill's wine sales, are donated to the Friends of the Ridgefield Wildlife Refuge, making it even more worthwhile to try it and like it! 

Do you have a recommendation for a Sandhill Winery wine or perhaps another Washington wine that you'd like to tell us about?  Just send in a comment below! 

-- Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Living in Clark County! Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA

Jan. 30, 2008 - Vintage Small Town Movie Theater Marches On!

WHY I LIKE CLARK COUNTY!

I'm so glad to hear it:  the little 500-seat Kiggins Theater on downtown Vancouver's Main Street (1011 Main St.) has a new owner who plans to continue it's operation as a movie theater operated by Historic Movie Theater, Inc..  I love these little old movie theaters, and hate to see them go as old buildings become transformed into something new.  Downtown Camas also has a charming old movie theater on its little main street, and there are surprisingly quite a few such theaters still operating in Portland neighborhoods.  I love seeing films at Vancouver's fabulous new Cinetopia movie complex, but there's something about these little older theaters that makes going to the movies a nostalgic experience that, well, just feels right sometimes! 

Do you have a favorite among the old vintage theaters in the Portland-Vancouver area?  Please send a comment to let us know what it is and why you like it!  

--Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Living in Clark County! Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA

Jan. 30, 2008 - At last! City of Vancouver takes control of historic Vancouver Barracks!

WHY I LIKE CLARK COUNTY!

This is some nice news for Vancouver!  After a decade of waiting, the city of Vancouver has at last received title to the sixteen buildings on 11.65 acres west of Fort Vancouver Way, near Officers Row, which Congress in 2000 authorized be transferred to the city at no cost.  The property is part of the 366-acre Vancouver Historic Reserve and is managed for the city by the Vancouver National Historic Reserve Trust, a non-profit group, who recently hired an architect to begin planning for the conversion of the 103-year-old former artillery barracks building into an inn.  I'm all for combining sensitive historic preservation with quality new uses that maintain the historic integrity and character of older buildings, and look forward to seeing this project evolve into something very special for Vancouver residents and visitors alike.

The strong interest in the area's rich history and demonstrated support for architectural preservation I noted when I first came to explore the Portland-Vancouver region as a possible future home was something that made me feel good about the area and the character of its population, and it is one of the reasons I chose to move here.  It's wonderful to live in a region that is rooted in its history and that gives value to the architectural treasures, large and small, which reflect it.  It's one of the things I in the past so much enjoyed about living in San Francisco, where I was a member of the Foundation for San Francisco's Architectural Heritage and was a docent tour guide at the historic old Haas-Lilienthal House as well as gave historic architectural walking tours of several of the city's old neighborhoods.  What fun that was!  Paying attention to the history of a city, and to its older homes and other buildings, makes it all come alive in a most wonderful way!

Perhaps you also appreciate older "vintage" houses and buildings?  Do you have a favorite you'd like to tell us about?  Post your comments below!

-- Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Good Living in Clark County, Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA  

Jan. 29, 2008 - Hot Off the Press: Annual Local Real Estate Market Review!

REAL ESTATE NEWS

Hot off the press is my annual Clark County real estate market review, including an overview of the local real estate market over the past year, discussion of current market conditions, and initial projections for the year to come. 

If you'd like to receive a copy of this full-color newsletter by e-mail or by postal mail, telephone me at (360) 449-4364 or (360) 513-5067 or email me at carolsundstrom@cbseal.com. 

-- Carol Sundstrom, M.A., ABR, e-Pro, and Your Guide to Good Living in Clark County! Coldwell Banker Barbara Sue Seal Properties, University Branch @ Salmon Creek, Vancouver, WA.