Vancouver's Condo Market in January 2014 Improves in Units Pending and Sold, with a Strong Upward Move in Average Sales Price.
The Vancouver WA Condo Market (we count Attached homes + Condos) is a subset of the overall real estate market, coming in at 11%+ of the total housing units sold. January 2014 saw good results for Condos, with these highlights:
- Condo Values moved upwards, with the 3-Month Moving Average up at $154,118 vs. $140,351 the prior year; and the 12-Month Moving Average closed up at $145,650 vs. $105,167 the prior year.
- 21 Resale Condos Closed, an increase of 10 units over the prior year; and 40 went Pending vs. 30 in Jan. 2013.
- REO/Bank Owned Condo sales were 8 units); up from 5 in January 2013.
- Short Sale /Pre-Foreclosure property sales were 3 units; compared to 3 in Jan. 2013.
It is important to note that the Condo market is rather small for Vancouver thus, the statistics we report here must be used with care. A good example of how volatile the numbers can sometimes be, this month one of the luxury condos closed for $630,000. Removing this one sale from the pool reduces the average sales cost per square-foot from $113 down to $100 per square-foot!
Next up are the Condo Charts! Our first chart shows the number of Resale Condos Sold (Excludes New Construction), with a short term trend line equaling the 3-month Moving Average; and the longer term trend line equaling the 12-month Moving Average. We use this modest "smoothing" technique, as the Condo Market in Vancouver is considered rather small from a statistical point of view, and the monthly numbers jump quite wildly - a behavior we try to tame to better allow the true tends to be visible.
Vancouver WA Resale Condo Sales - Units Sold Trend January 2014
Condominiums are a sub-component of our recent Vancouver WA real estate market report, although this trend line looks somewhat unique - again, this is due to the relatively small number of units sold each month. The longer-term 12 month trend-line shows condo sales are improving month-over-month, and have been for the past 2.5 years or so -- and January 2014 was no exception!
The next chart shows Average Condo Prices, with the 3-month moving average line (in red) jumping around quite widely. This is where the 12-month line (in blue) best defines the trend taking place for any point in time in the market. There are indications that prices will make a strong upward move again this year.
Vancouver WA Resale Condo Sales - Average Sales Price Trend
The set of chats below show the month-by-month action - including January 2014, for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Condo Sales Inventory & Days on Market Trends
These final 3 charts tell us that January is typically the slowest month of the year for Closed Condo Sales; and that the One Sold Luxury Condo on the Waterfront helped the Average Sales Price for the month to stand out quite a bit!
With January 2014 off to a great start, the first quarter of the year will be the time for Condo Sellers to get their homes ready to sell; and for Buyers the best condominium bargains will be right now!
PS - Visit the Search for Vancouver WA Condos page our website, where we have made it Easy to search by Neighborhood, with condo listings from the entire RMLS. Sign-up Not Required!
PPS - the buzz with our team and at the RE/MAX office is that January 2014 is in the Books as a Great Month! Don't delay with your Condo Selling or Buying Plans - Call Us Soon!
The charts in this report (prepared by Realtor® John Slocum, our resident statistician) are based on condo sales recorded in the Vancouver MLS system (RMLS), excluding sales of newly constructed condos; and shows the purchase activity since 2009; charting the 3 month Moving average number of sales, and the 12 month Moving average. This "smoothing" of the trend-data helps illustrate the short-term and longer term trends in Vancouver's Condo market.
Disclaimer: as with any real estate statistics, we do our best to provide the best representation at the time the data was acquired. We deem the data and reports reliable but not guaranteed.
Comments(0)