“Your Source for New Construction Real Estate Information”
Serving Puget Sound, Portland Metro, Salem, Spokane and Boise
Monthly Monitor Report
Washington County, OR
June 2012
4314 148th Street Southeast, Bothell, Washington 98012
425-742-8040
www.NewHomeTrends.com
Washington County, OR
6/11/2012
New Home Trends Inc.
Monthly Monitor
Washington County, OR
New Construction - Single-Family Residential Real Estate
Unsold Available Spec Homes
Remaining Months of Unsold Spec Inventory
(based on 12 mos sales)
300
8
268
230
207
207
6
5.6
200
4.1
4
3.6
3.5
Apr-2012
May-2012
100
2
0
0
May-2011
Mar-2012
Apr-2012
May-2011
May-2012
% of Change from Last Year
-22.8%
New Home Sales Written by Month
60
908
572
56
56
Mar-2012
Apr-2012
48
707
669
750
-37.5%
% of Change from Last Year
New Home Sales Written by Year
1,000
Mar-2012
38
40
500
20
250
0
May 2007 - Apr
2008
May 2009 - Apr
2010
May 2010 - Apr
2011
% of Change from Last Year
May 2011 - Apr
2012
0
Apr-2011
Feb-2012
23.6%
% of Change from Last Year
Median New Home Sales Price by Year
40.4%
Median New Home Sales Price by Month
$450,000
$450,000
$400,000
$400,000
$400,000
$349,900
$329,945
$350,000
$309,995
$300,000
$350,000
$310,000
$300,000
$250,000
$303,839
$299,900
Mar-2012
Apr-2012
$280,000
$250,000
$200,000
May 2007 - Apr
2008
May 2009 - Apr
2010
May 2010 - Apr
2011
% of Change from Last Year
© 2012 New Home Trends Inc.
www.newhometrends.com
May 2011 - Apr
2012
-6.0%
$200,000
Apr-2011
Feb-2012
% of Change from Last Year
-3.3%
Cory Crossman
(425) 953-4713
cory@newhometrends.com
Washington County, OR
6/11/2012
New Home Trends Inc.
Monthly Monitor
Washington County, OR
New Construction - Single-Family Residential Real Estate
# of New Lots Applied for and # of New Lots Recorded (Detached Single Family Product)
60
52
New Lots Applied For
New Lots Recorded
48
# of Lots
40
26
26
20
0
0
0
Apr-2011
Feb-2012
New Lots Applied for % of Change from Last Year
0.00%
0
0
Mar-2012
Apr-2012
New Lots Recorded % of Change from Last Year
8.3%
Resale - Single Family Residential Real Estate
400
Resale Sales
385
Median Sale Price
$300,000
$229,150
$227,000
$229,150
$244,500
276
283
276
$200,000
200
$100,000
0
$0
Apr-2011
Resale Sales % of Change from Last Year
© 2012 New Home Trends Inc.
www.newhometrends.com
Feb-2012
-28.3%
Mar-2012
Apr-2012
Median Price Resale Sales % of Change from Last Year
-6.3%
Cory Crossman
(425) 953-4713
cory@newhometrends.com
Median Sales Price
Resale Sales
Resale Sales
Washington County, OR
6/11/2012
New Home Trends Inc.
Monthly Monitor
Washington County, OR
Single Family Building Permits Issued
Building Permits Issued by Year
1,200
Building Permits Issued by Month
120
1,034
1,000
105
100
924
874
117
108
800
78
80
600
60
423
400
40
200
20
0
0
2009
2010
2,011
2012 (Jan. Apr.)
Apr-2011
Feb-2012
Mar-2012
% of Change from Last Year
Apr-2012
50.0%
Employment & Foreclosures
Washington
Unemployment Rate
Apr-11
Dec-11
7.7
7.8
Washington
Employment
Apr-11
Dec-11
272,761
272,871
Mar-12
7.3
Apr-12
6.9
Mar-12
273,716
845
Apr-12
275,191
1,475
Foreclosures (Properties with Forclosure Filings)
Apr-11
Dec-11
Mar-12
367
340
326
Change
-4%
Apr-12
265
-19%
Change
Washington
© 2012 New Home Trends Inc.
www.newhometrends.com
Change from
last year
-0.8
Change from
last year
2,430
Change from
last year
-28%
Cory Crossman
(425) 953-4713
cory@newhometrends.com
Washington County, OR
6/11/2012
New Home Trends Inc.
Monthly Monitor
Washington County, OR
Employment by Industry
Washington County, OR
Industry
Mining and logging
Construction
Manufacturing
Trade, transportation, and utilities
Information
Financial activities
Professional and business services
Educational and health services
Leisure and hospitality
Federal government
State government
Local government
Source: Oregon Employment Department
Apr-11
Apr-12
300
10,700
41,800
46,300
7,800
15,400
35,000
29,800
19,700
800
2,600
19,800
300
12,100
44,000
47,900
7,700
15,000
37,300
31,000
19,900
700
2,600
19,700
% of
Change
0%
13%
5%
3%
-1%
-3%
7%
4%
1%
-13%
0%
-1%
Out of State Drivers Licenses Surrendered By State, By State of Origin: May 2011 - Apr 2012
FROM / TO
California
Washington
Arizona
Idaho
Texas
Nevada
Colorado
Florida
Utah
Alaska
Illinois
Montana
New York
Hawaii
Michigan
Minnesota
Pennsylvania
Ohio
Virginia
Wisconsin
© 2012 New Home Trends Inc.
www.newhometrends.com
Oregon
Total
Rank
16,751
1
10,171
2
2,879
3
2,344
4
2,015
5
2,003
6
1,951
7
1,545
8
1,345
9
1,182
10
1,074
11
1,057
12
1,048
13
943
14
936
15
787
16
738
17
737
18
711
19
682
20
Cory Crossman
(425) 953-4713
cory@newhometrends.com
Washington County, OR
6/11/2012
New Home Trends Inc.
Monthly Monitor
Washington County, OR
Detached Single Family New Home Closed Sales - US and Washington County, OR
120,000
Detached Single Family New Home Closed Sales by Month
200
100,000
Washington
C
t
New Home Closed Sales Washington County
New Home Closed Sales - US
US
150
80,000
60,000
100
40,000
50
20,000
0
1-2006 7-2006 1-2007 7-2007 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 1-2012
0
Month - Year
US Source: US Census, Washington County Source: New Home Trends
Detached Single Family Building Permits Issued - US and Washington County, WA
150,000
Detached Single Family Building Permits Issued by Month
800
US
Building Permits - US
600
100,000
400
50,000
200
0
1-2006 7-2006 1-2007 7-2007 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 1-2012
Building Permits - Washington
County
Washington County
0
Month - Year
Data Sources:
New Construction - New Home Trends Inc.
Foreclosures: realtytrac.com
Resale & Bank/REO - NWMLS
Building Permits: U.S. Census Bureau
Employment:Oregon Employment Department
© 2012 New Home Trends Inc.
www.newhometrends.com
Cory Crossman
(425) 953-4713
cory@newhometrends.com
Company Profile
Data and Research - “Informed Choices - Not Chances”
If you are part of – or affected by – the residential real estate industry,
NewHomeTrends will provide a competitive advantage to help you stay ahead
of the market.
NewHomeTrends’ combination of expertise, experience and knowledge can
help you gain confidence with virtually any development, building, or sales
and marketing situation. Our team approach taps the talents of builders,
developers, government officials, sales and marketing professionals, and
financial institutions to give you a complete picture of the market.
It starts with an extensive database that is updated daily. NewHomeTrends
tracks almost all data related to the residential building industry, including
plat submittals/approvals, construction start dates, lot sizes, square footages,
selling prices, amenities, sales and closings.
We gather this information the old-fashioned way; by personal, face-to-face
contact with builders, realtors, and city and county officials. We have the “feet
on the street” to search through jurisdiction records, visit sites, track
published information, and conduct focus groups and other surveys.
By utilizing our website, you can access the most current information available
regarding new residential construction 24/7. Our database is more
comprehensive than ever, offering:
•
Detailed information on residential new housing construction
•
Complete tracking for each community from plat submittal to final
closing
•
Continual updates for active communities
•
A comprehensive selection of reports for your business solutions.
Consulting and Custom Reporting – “If you don’t know, don’t build!”
Data itself is not knowledge. Knowledge comes from interpreting data and
understanding how it might impact the real estate industry. Our experience,
vision, and understanding of the marketplace allow us to provide both
quantitative and qualitative reports and make realistic recommendations to
our clients for successful projects.
We tell our clients what they need to hear, even if it isn’t what they want to
hear. While this may not make us the most popular folks at the table, it
certainly makes us among the most valuable.
NewHomeTrends Consulting Services
Market
Research
•
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Master
Planned
Communities
•
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Feasibility
Studies
•
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Trend tracking
Absorption studies
Market intelligence
Market opportunity
analysis
Pricing strategies
Feasibility analysis
Master plan strategies
Land acquisition
consultation
Buyer identification
Land
Planning
Assistance
•
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Lot sizing
Lot evaluation
Market segmentation
Phasing
Street layout
Entrance
Footprint–Placement
Amenities
Buyer identification
Absorption projection
Demographics
Market segmentation
Competitive analysis
Phasing
Amenities research
Absorption projection
prospective buyers
Team participation
Consumer
Attitude
Surveys
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Exit surveys
Post closing surveys
Focus groups
New product acceptance
New home owner analysis
Product
Development
Analysis
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Site evaluation
Product evaluation
Marketing evaluation
Hourly consulting
Marketing
•
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Specifications
Pricing strategy & phasing
Positioning, theme & image
Sales office
Upside issues
Downside issues
Market niche targeting
Identification of buyer
trends
New Home Trends
Is Committed
To Providing
The Best
•
•
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Team players
Extensive database
Flexibility
Market knowledge
Information you can build on!
New Home Trends Clients
We are pleased to have served large and small builders, major developers of
master-planned communities, financial institutions, and others involved in the
residential building industry. Some of the companies that have relied on us
are:
Developers
Aoki Corporation
Finkbeiner Development
Intracorp
Jaquith Development
Jenamar
Marathon Development
Mt. Vernon Associates
Newland Communities
Northwest Commercial
Novastar Enterprises, Inc.
Olympic Resources
Olympic Property Group
Pacific Land Management
Pope Resources
Port Blakely Communities
Quadrant Land
Star Development
Triad
Tucci & Sons
Ueki America Corporation
Weyerhaeuser Real Estate Co.
Master Planned Communities
Cascadia
Harbor Ridge
Northwest Landing
Sunrise
Lakeland
Blakely Ridge
Klahanie
Northridge
Snoqualmie Ridge
Glen Eagle
Harbour Pointe
Port Ludlow
McCormick Woods
Meridian Campus
Thurston Highlands
Overlake in Utah
Briggs Village
Issaquah Highlands
The Lakes at Black Diamond
East Village
Port Gamble
Villbois
Redevelopment Projects
High Point
New Holly
Othello Station
Rainier Vista
Westpark
Sales and Marketing Companies
Windermere–Ryness
Team Builder–John L. Scott
Williams Marketing
Miller Condominium Marketing
Windermere On-Site
Builders
Arbor Homes
Bennett Homes
John F. Buchan Homes
Wm. Buchan Homes
Burnstead Construction
Brownstone Homes
Carino Homes
CamWest Development, Inc.
Centex
Conner Development
Crest Builders
Dally Development
Fortune Development
Capstone Homes, Inc.
Henderson Homes
Intracorp
J. Scott Development
Jefferson Homes
Lexington Fine Homes
Lozier Homes
Lyle Homes
McCaugherty Companies
Newhall Jones, Inc.
Pan-Terra Homes
Quadrant Homes
Shea Homes
Stafford Homes
Lancaster Homes
Wallace Properties
Willamette Builders Group
Triad
Public Offices, Financial
Institutions and Others
Bank of America
City of Mercer Island
City of Renton
City of Tacoma
City of Kent
City of Everett
City of Seattle
Seattle EDC
Cohen Financial
Homestreet Bank
Resmark
Carlyle Group
Price Waterhouse
Renton School District
Threshold Housing
Master Builders Assoc. of Pierce
County
Master Builders Assoc. of King &
Snohomish Counties
Security Capital Pacific Trust
Hearthstone Advisors
Heartland
Schnitzer
Seattle First National Bank
Bremerton Housing Authority
Seattle Housing Authority
King County Housing Authority
Architectural Firms
Mithun
Rice Fergus Miller
GGLO