| A major segment of the Vancouver Washington | | | | with a median sales price of approximately $247,500. |
| economy has traditionally been the construction | | | | On the face of it we have a few more sales in 2010 |
| industry. Today we try to answer: What's the state of | | | | than in 2009 but not by many; and the relative |
| Vancouver WA New Homes For Sale in the first-half | | | | percentage of new homes to total homes sold is |
| of 2010? | | | | slightly less than last year at 11.4% However, the |
| One of the real estate sectors in Vancouver, Camas | | | | median price has increased 6%+! |
| and greater Clark County WA taking the worst hit | | | | Financing for new homes has also become more of a |
| from the great recession has been new home | | | | challenge for builders and new home buyers. Loans for |
| construction, and the sale of these new homes. In both | | | | homes to be built on spec don't seem to exist these |
| 2007 and 2008 New Homes accounted for | | | | days. We have heard from Larry Harris, a mortgage |
| approximately 15.5% of all stick-built homes sold. | | | | officer at TwinStar Credit Union, that he's had more |
| However, in 2009 that relative percentage of all | | | | new construction loans for buyers than he has had in |
| homes sold dropped to less than 12%. In nominal terms, | | | | the past 8 years. These loans require 20% or more |
| 924 new homes were sold in 2007; with only 587 new | | | | down on the part of the borrower however, they |
| homes sold in 2009 -- a reduction of 337 homes per | | | | allow the lot to be purchased and the builder to build |
| year! | | | | the home. |
| Another metric to discuss relative to Vancouver new | | | | With only 6 months to work with it may be too early |
| home sales is what happened to the median price for | | | | to tell how healthy the new construction segment will |
| these homes? From MLS historical data we are | | | | be at the end of 2010. What we have observed |
| calculating an approximate median sales price of | | | | personally is that there are slightly fewer entry-level |
| $350,550 for new homes sold in 2007. In 2009 that | | | | home builders active; and more of the higher-end |
| same number became $232,750 -- a 33.6% reduction! | | | | home builders are missing. The builders left to do the |
| We won't calculate with precision the elements | | | | work are indeed active this season with entry level, |
| contributing to the lower median price however, in our | | | | mid-level and high-end new homes being built. With |
| opinion the main causes are: 1) a large number of | | | | interest rates so low; and lot prices at a much lower |
| higher-priced homes took a drubbing; 2) short sales | | | | level, we expect the new home sales numbers for the |
| and foreclosures of new homes caused lowered | | | | last half of 2010 to be in the 400+- range. |
| prices; 3) home values fell in general. | | | | If you are interested in a new home to purchase this |
| With six months of business in the books for 2010 | | | | year you are invited to visit: Vancouver WA New |
| we've taken a look at the current state of sales for | | | | Homes For Sale and see the current inventory of |
| new homes in Vancouver and here's what the | | | | existing, under-construction and proposed new homes. |
| numbers show us: 302 New homes have been sold | | | | |
