Camas WA Real Estate Market with Strong Gains in 2014
Unlike the Fourth Quarter of 2013's major price dip, the Fall of 2014 only saw a slight dip in the average sales price, and finished the year with much improvement in Average Sales price and level of Distressed Properties. These are some of the highlights for 2014:
- Prices Indexes Were Strongly Up, with the 3-Month Moving Average Up 27.6% (Dec13 vs. Dec14); while the 12-Month Moving Average went up 10.8%
- The Inventory level for Resale Homes is at 2.4 Months - going still farther into the range of a Strong "Seller's Market."
- Approximately 447 Resale Homes closed in 2014, compared to 466 Sold in 2013; a decrease of 19 homes or, -4.25%.
- REO/Bank Owned property sales were 30 units (6.71% of total); down from 40 (8.58%) in 2013.
- Short Sale /Pre-Foreclosure property sales were 19 units (4.25% of total); down from 49 (10.52%) in 2013.
To be sure, the big news is the ever shrinking inventory of Resale Homes in Camas, as well as the rest of Clark County WA. When a "Normal" market is 6 months of Inventory (amount of homes available for sale in the market), when the home inventory is at 2.4 months it clearly leaves fewer choices for Home Buyers, and puts upward pressure on prices.
Additionally, when the inventory level is this low, it will also cause many home shoppers to expand their geographic search area; and in this case, to include nearby areas such as Vancouver Homes and Washougal Homes.
Now for the Camas Charts! - The first custom chart represents the number of Resale Homes Sold (Excludes New Construction), with a short term trend line (in Red) calculated as a 3-Month Moving Average; and the long term trend line (Blue line) equaling the 12-month Moving Average.
Camas Resale Home Sales - Units Sold Trend 2014
This chart shows slight change in unit-home sales for Camas, while the Vancouver WA home sales trend is up for the year.
Moving to the current results for Average Home Prices (chart below), the short term trend-line shows that Camas jumped up strongly starting early in the year; and with low inventory the buyers have had no choice but to push prices higher. The long-term trend line also shows a upward price-change direction.
Camas Resale Home Sales - Average Sales Price Trend 2014
Now for charts from RMLS:
Camas Resale Home Sales Inventory & Days on Market - 2014
This final collection of 3 charts from RMLS shows the dynamics for Units Sold, List and Sales Price Averages; and Cumulative Days on Market (CDOM). The top chart shows a surge of new listings in March through August, tapering down for the rest of the year; with a very significant number of closings taking place in October (an amount we'd more typically expect in the summer months.). The next chart is showing that the new listings are pulling up the Average Listed price, with the buyer's in there unable to negotiate down. The final graph shows the relatively short time to sell a Camas home early in the year, with the market time appearing more "normal" in the final four months.
Please let us know if you have any questions with this report!
PS - Visit our website for the Camas Home and Real Estate page, where we have 16 neighborhood searches already set up in addition to 7 category searches, with property listings from the entire RMLS.
PPS - we believe Camas home sales will be strong in 2015. Don't delay with your Home Selling or Buying Plans - Call Us Soon!
The Camas Real Estate charts in this report (prepared by Realtor® John Slocum, our resident statistician) are based on home sales recorded in the Camas MLS system (RMLS), excluding sales of mobile home; 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 the Camas real estate 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(4)