At the beginning of 2016 we opined this would be a good year for home sales in Vancouver WA however, the year we had just finished - 2015, was a blockbuster year so, if 2016 matched the prior year it would have been amazing. Turns out, 2016 did perform better and this report will briefly summarize the total-year activity. Highlights for the full-year 2016 include:
As the market snapshot above shows, we did in fact sell more homes in the year 2016 than the prior year. A surprise for we Realtors in Vancouver WA is that the average sales price did not shoot to the Moon! Perhaps the Post-Crash revised Appraisal Rules have moderated the ability for prices to run up as quickly as had occurred in this area in 2004 to 2007.
It is also clear that the Distressed Property Sales - Bank Owned Homes / REO's plus Short Sale properties are at about 5.5% of the total sales. Most of the sales in this segment are residual from the Crash-era, as we suspect a more typical long-term level would be well under 5% of the total. The now-relative scarcity of properties in this segment has put a damper on owner-occupied buyers wanting a great deal, as the Rehabbers/Flippers are running out of targets to go after. We checked on one fixer short-sale that has been "Short-Sale-Pending" for quite a quite, and we were told they had a solid cash-buyer in first-position, with 13 cash-buyers in backup!!!
The remainder of our report is aided by our custom charts are displayed below. The first one shows the Unit-Sales trends for the Short Term (red line) and Long Term (blue line) to the end of 2016.
The long-term trend line (12-month moving average) was almost flat for much of the year, rising very gently, and closing out the year at 418 units per month; while the same year-end number last year was 407. With the available inventory at such a low level it is no wonder it did not rise much on a long-term basis.
The next chart shows the trend-lines for the average sales-price. At this point the average sales prices for Vancouver WA are well above their prior peak set 10 years ago.
In 2016 there were 622 properties (12.4%) that closed at $200,000 or less when sold; with 1359 (27.1%) sold that were priced $200,000 to $250,000. In comparison with the 2015-total-year measurement, 2,755 or, 56.4% of the 2015 sales were at $250k or below; while this year that reading is now at 39.5%.
For this Summary 2016 Report, these final three charts (from the Regional Multiple Listing Service) 24 months (2 years) worth of real estate market action for Unit Sales, Average & Median Prices; and Days on Market:
For the first chart the big change is that New Listings plummeted at the end of 2016, far more than we saw in 2016; while the monthly closings look about the same for each year.
The second chart shows that the closed sales price average is clearly higher in 2016.
And finally, both the Average Days on Market and the Median Days on Market were substantially lower in 2016, indicative of very fast-moving sales in a real estate Seller's Market.
In Summary, 2016 Real Estate and Home Sales in Vancouver WA set many records, and will perhaps, be tough to beat in 2017.
Thank you for visiting and reading our real estate market report for Vancouver Washington. We trust you'll contact us with any questions, or requests for assistance.
PS - 2016's real estate market action has set several records for Vancouver WA. If you ace planning on Selling or, just want to know what your home is worth - we offer a no-cost, no-obligation Comparative Market Analysis for your Vancouver WA Home. We also have on-line form to request your Home Market Analysis,, Either way we trust you won't delay!
PPS - Now is a great time to visit our Homes For Sale Vancouver WA page, or the separate page for Condos for sale in Vancouver WA. We've put much custom work in to make it Easy for You to search by Neighborhood or by Category, with Homes and real estate listings from the entire RMLS. Sign-up Not Required!
Some of the Popular Searches include: Cascade Park Homes; The Heights Homes; Felida Homes; Fishers Landing Homes; Hazel Dell / Lakeshore Homes; Minnehaha / Walnut Grove Homes; and Salmon Creek Homes.
We also have Category searches including: Acreage Homes Vancouver WA; Listing Real Estate Agent Vancouver WA; One-Level Ranch Homes for sale in Vancouver WA.
This report and custom charts (prepared by John Slocum Realtor®, our resident statistician) are based on home sales posted in the Vancouver 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 Vancouver WA's 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.