Available inventory for Condos have fallen to a critically low level, making it tough for condo shoppers and putting upward pressure on sales prices. Here are the highlights for October 2016:
Clearly from the numbers for the "Distressed Property" segment (Bank Owned and Short Sale) this part of the overall real estate market in Vancouver WA has healed substantially from the prior crash. In fact, the number of units sold is leveling somewhat because there are not enough condo sellers on the market!
We have prepared a for Custom Condo Charts shown below, that will assist in telling the story for the remainder of our report.
Moving next to Average Condo Sales-Price, the ever increasing levels are clearly in record territory (see below). We do note, however that the slope (rate of increase) of the long-term curve is slightly less than what we see for Vancouver overall (Condos plus SFR). With such a severe shortage of condos for sale, we expect prices to increase at a similar pace into the near future.
The Unit Sales, Average & Median Prices; and Days on Market information are charted below (from RMLS chart-tools), showing the recent twelve (12) months of condo market results - through October 2016:
The unit sales bar-graph for unit-sales shows how level the number of sales have been for most recent 8 months. This chart is also showing that new listings are barely keeping pace with the sales, overall.
The second graph shows us that list-prices have generally not been too far off from the final sales price.
The final graph shows that October's median days on market was the second highest reading for the year BUT, still well below 20 days! As we move into the Winter season the days on market will likely rise although we can imagine by very much.
Thank you for viewing our report on the Vancouver WA Condo Market. Please contact us with any questions or comments; and to let us know how we can be of assistance!
PPS - Don't wait any longer with your Condo Selling or Buying Plans - Call Us Soon! We also offer a no-cost, no-obligation Vancouver WA Condo Valuation, and invite you to try it out!
The statistical charts for Vancouver WA Condos in this report (prepared by Vancouver WA Condo Listing 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. The "smoothing" of the relatively sparse-data helps to better illustrate the short-term and longer term trends in Vancouver's Condominium market.
Disclaimer: as with all 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.