Vancouver WA Condo Market Report November 2016

By
Real Estate Agent with Premiere Property Group, LLC - Vancouver Washington 88349

Strong Demand Continues for Vancouver WA Condo Market in November 2016!

Waterfront Condos in Vancouver WA
  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:
  • Condo Average Sales Prices easing slightly from record high levels, with the 3-Month Moving Average now at $208,606 closing up 6.6% over the prior November; and the 12-Month Moving Average also closed up 9.0% from the prior year;
       
  • 48 Resale Condos were sold in November, which is about 3 (6.7%) more condos than in November 2015;
     
  • REO/Bank Owned Condo sales were 1 units (2.1% of total); no change from 1 (2.2% of total) in November 2015.
     
  • Short Sale /Pre-Foreclosure property sales were 0 unit (0.0% of total); compared to 1 (2.2% of total) in November 2015.

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. 

Vancouver Washington Condo Sales November 2016 - Units Sold Vancouver WA Resale Condo Sales - Units Sold Trend November 2016
As this first chart shows us the actual number of units sold has been at a "Plateau" level for many months now.  However, this level is at a much higher place than previously seen.  It is our opinion that we are likely "at Capacity" with respect to unit-sales, with the possibility of a bold move upward from this point as very unlikely.

Vancouver WA Condo Sales November 2016 - Average Sales Price Trends Vancouver WA Resale Condo Sales - Average Sales Price Trend


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:

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


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!


PS - You are invited to 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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Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Thanks for the market update.  It is helpful to see what is going on in other parts of the country. 

Dec 28, 2016 08:25 PM #1
Ambassador
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Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
Get Results Team...Just Call (408) 252-8900! - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thank you for the detailed market update on your real estate area.

Dec 28, 2016 09:47 PM #2
Rainmaker
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Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

Hi Lise Howe, we're glad to produce these reports as we know it does help to know what is going on in other parts of the country.   It also helps relocation customers have a better idea of the current market conditions here in Vancouver WA.

Dec 29, 2016 03:28 PM #3
Rainmaker
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Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

Hi Michelle Carr-Crowe, thanks for stopping by and your support!

Dec 29, 2016 03:29 PM #4
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Rainmaker
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Alexander- Slocum

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