Friday, December 25, 2020

Friday, December 18, 2020

How Does Vancouver Compare to the 20 Biggest American Cities on Home Prices?

Keeping with the recent theme, I compiled a list of median home prices in America's largest cities. I figured I would start with a market update locally. Sales continue to be brisk and well priced properties are quickly snatched up often with multiple offers. I say "well priced" because home owners that price above the typical values for like properties and the neighborhood will see lagging performance in the market. That said everything else is 'flying off the shelves'

The median home price in Vancouver USA runs just shy of $390k so take a look at the list of our nations largest cities and see how we compared on home prices. If someone is living in one of these large cities and are moving here we might be a "bargain" or we might be "super expensive." Eleven of the twenty cities are less expensive than Vancouver.

Just like the capital city list, these are just the city proper not the metro area and I used Zillow's median mid priced values. On a local note, Portland is the 26th largest city in America so it fails to make this list. The list is ordered by largest population to smallest.

Friday, December 11, 2020

Median Home Prices in our Capital Cities

Last week I wrote about Sacramento, CA median home values being below that of Vancouver, WA. That got me thinking about median prices around the country and in state capitals, like Sacramento. So here is a ranked list of Capital Cities in the USA by median home price arranged highest to cheapest (Zillow mid tier median used for all cities):

You might be tempted to think that Jackson, MS is a typo. It is not. In fact, I found this 1248 SF, light fixer online featuring 4 bedrooms and 1.5 baths on a 10,000 foot lot for $29,000. That house is a 1960s ranch with a very dated interior and in need of TLC. But it appears to be livable. This guy is priced about the same as a typical mid priced new car. Wow! I have no idea what kind of neighborhood this is so that $29k might be misleading, but you could rent this thing for $220 a month and still have a 7% cap rate.

For those wondering what the high end neighborhoods offer, take a look at this brick beauty with 3900 SF, 4 beds and 3.5 baths on a rather lovely one acre lot. Price? $276,000. This is easily a million bucks here in America's Vancouver. Jeez, that's a nice house. Looks good inside too, this is a really solid house.

Before you pack up and head to the deep south, take a look at what you money buys in the top city, Honolulu, or better put, doesn't buy. This little 2 bedroom, 1 bath cottage is on a tiny 1332 foot lot, yes 1332 SF lot and features 560 SF. There are no interior photos, I wonder why? Priced about the same as the 3900 SF mansion in Jackson. $275,000. 

Life is good here in Clark County, WA. Our housing is expensive, but not outrageous, and do you really want to live in Central Mississippi? Seriously, summers are like a steam bath... all day and your dressed. 

Friday, December 4, 2020

Median Home Price in Vancouver higher than Sacramento, CA

According to real estate giant, Zillow, the Median home price for Sacramento, CA was $378k as of December 1, 2020. They show Vancouver, WA at $385k. Sacramento County, CA stands at $417k compared to Clark County, WA at $412k. 

It should be noted that Sacramento is well under the California statewide median which is $599k. But Vancouver is also lower than the Washington statewide median of $451k. Clark County has been a great opportunity for homeowners with median prices climbing faster than most of California which may be why cities like Sacramento are now less expensive for homes than we are. 

There are a number of reasons this has happened and median pricing is not always directly translated across states or even large regions. But Sacramento used to be notably more expensive than Vancouver and now they are a tad less. All of this shows that demand for real estate in SW Washington continues to be strong and people will continue to seek an opportunity to own rather than rent. It also could mean fewer Californians will move here. Most of the people living in the Central Valley areas in California can't afford to move here.

This is why I worked so hard to help people buy homes back in 2010-2012. Many buyers were nervous, having just witnessed a severe market downturn. Prices were depressed from the rotten economy and everyone of the dozens of people I sold homes to, made a fortune when things turned around. Even in the last couple of years with higher prices the market has provided equity gains for home buyers.

Real estate continues to be a very important part of the American dream.