Vancouver WA Condo Market Report October 2016

By
Real Estate Agent with Premiere Property Group, LLC - Vancouver Washington 88349
http://activerain.com/droplet/4XMQ

RED ALERT for Vancouver WA Condo Market in October 2016!

Waterfront Condos in Vancouver WA
  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:
  • Condo Average Sales Prices are at record high levels, with the 3-Month Moving Average now at $211,944 closing up 10.0% over the prior October; and the 12-Month Moving Average also closed up 10.0% from the prior year;
       
  • 60 Resale Condos were sold in October, which is about 9 (17.6%) more condos than in October 2015;
     
  • REO/Bank Owned Condo sales were 1 units (1.7% of total); no change from  (1.96% of total) in October 2015.
     
  • Short Sale /Pre-Foreclosure property sales were 1 unit (1.7% of total); compared to 0 (0% of total) in October 2015.

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. 

Vancouver Washington Condo Sales October 2016 - Units Sold Vancouver WA Resale Condo Sales - Units Sold Trend October 2016
This first chart is showing how the number of unit-sales has risen to a much higher post-crash level (as evidenced by the long-term blue line) and that the seasonal peaks and valleys have been taking place at much higher levels. For the 2016 seasonal changes, the low seen early in the year was still at a higher level when compared to 2015; while this year's peak is lower than 2015's peak.  On average, the long-term trend is somewhat level, however.

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.
Vancouver WA Condo Sales October 2016 - Average Sales Price Trends Vancouver WA Resale Condo Sales - Average Sales Price Trend


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:

Charts of Vancouver WA Condo Sales Trends in October 2016 Vancouver Condo Sales Inventory & Days on Market Trends


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!


PS - Please visit the Condos For Sale in Vancouver WA page at our website, where we have made it Easy to search by Neighborhood for Condos, with listings for condos from the entire RMLS.  You do not have to Sign-up to view Condominiums and Townhomes!

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.

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Alexander- Slocum

Realty Team- Vancouver WA Real Estate
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