We are entering the typically slower Winter season with an incredibly low level of available inventory, and only a slight moderation to the average sales price. Here are the highlights for November 2016:
The Condo market in Vancouver is relatively small, at an estimated level less than 10% thus, this segment can appear to be more "volatile" than just SFR homes alone for the Vancouver WA Market. For example, so far this year there have been 16 fewer sales yet, the months of Available Inventory at 1.0 is much, much less than what we had at this time a year ago.
Next we have prepared a for Custom Condo Charts shown below, that will assist in telling the story for the remainder of our report.
The Average Price trends shown in the chart above are demonstrating the typical seasonal slowing in the short-term (red-line); while the longer term trend (blue-line) is still in a strong-positive direction. We note however, that the increase in prices has not been as strong for the SFR homes in Vancouver.
Next we have the Unit Sales, Average & Median Prices; and Days on Market information charted below (from RMLS chart-tools), showing the recent twelve (12) months of condo market results - through November 2016:
The Inventory-by-Month chart is showing that for the past three months the New Listings; Pending Sales and Closed Sales have tracked each other very closely. Thus, it is easy to see how the Inventory Level has not improved.
The second graph shows the up-and-down nature of overall prices in this market, owing to such a small population of sales-events.
The final graph shows that November's median days on market is still below 20 days; and the Average Days on Market less than 40! With Inventory at such a low, low level we don't expect these numbers to change by much in the coming months.
Thank you for visiting and reading 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.