Vancouver's Condo Market in February 2014 Shows Continued Upward Momentum.
The Condo Market in Vancouver WA (equals Attached homes + Condos) is currently one of the stronger sub-components of the total Vancouver WA Real Estate scene. February 2014 continued to show good results for Condos, with these highlights:
- Condo Values moved upwards, with the 3-Month Moving Average up at $156,358 vs. $136,95 the prior year; and the 12-Month Moving Average closed up at $148,6 vs. $138,003 the prior year.
- 26 Resale Condos Closed, an increase of 1 units over the prior year; and 44 went Pending vs. 18 in February 2013.
- REO/Bank Owned Condo sales were 5 units; up from 4 in February 2013.
- Short Sale /Pre-Foreclosure property sales were 4 units; compared to 9 in February 2013.
With the Condo market being rather small for Vancouver thus, it is important to note that the statistics we report here must be used with care. A good example of how often the numbers can be volatile, this month one of the luxury condos closed for $750,000. Removing this one sale from the February pool reduces the average sales cost per square-foot from $110 down to $95 per square-foot!
Next up are the February 2014 Condo Charts! The number of Resale Condos Sold populates our first chart, with a short term trend line in Red equaling the 3-month Moving Average; and the longer term trend line in Blue equaling the 12-month Moving Average. We use this simple-but-effective "smoothing" technique, as Vancouver's Condo Market is rather small from a statistical point of view, and the monthly numbers jump quite wildly - a behavior this method tames in a way that allows the true tends to be visible.
Vancouver WA Resale Condo Sales - Units Sold Trend February 2014
Condos are a sub-part of our recent Vancouver WA real estate market report, although this trend line looks somewhat unique - again, this is due to the relatively lower number of condos sold every month. The long-term 12 month trend-line shows condo sales are improving month-over-month, and have been for the past 2.5 years or so -- including February 2014!
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 continue upward this year.
Vancouver WA Resale Condo Sales - Average Sales Price Trend
The set of chats below show the month-by-month action - including February 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 February one of the slower month of the year for Closed Condo Sales.
With January and February 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 Condominiums 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 in Clark County is that 2014 will be a Great Year! 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.
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