First of the Year Real Estate Sales For Vancouver Washington Looking Strong
We've reported previously that Vancouver Washington's Real Estate Market is not large when compared to the overall Portland-Vancouver-Hillsboro Metro area thus, comparing one individual month to another can improperly suggest a trend that is in fact quite the opposite. For January 2017 we see fewer home sales than the same month in 2016; yet, the 3 month rolling average tells a different story Highlights for January 2017 include:
- 276 Resale Homes were sold in January 2017, which is 21 fewer (-.07%) homes than were sold in January 2016.
- The 3-Month Moving Average Price Trend Line is now at 9.82% higher than the prior year; with the 12-Month Moving Average now up 11.79%.
- Short Sale /Pre-Foreclosure property sales were 5 units (1.8% of total); down from January 2016's 8 (2.7% of total)..
- REO/Bank Owned home sales were 12 units (4.3% of total); compared to 14 units in January 2016 (4.7% of total).
- The Inventory for Resale Homes is still shrinking, now down to 0.8 Months of Supply!
With the availability of pre-owned homes at such an incredibly low - Red Alert Level, we are starting the new year that will likely be very challenging for home buyers; as they will be faced with: 1) a Brisk Sales Pace; 2) Prices will likely rise faster; and 3) we are expecting Interest Rates to increase in a few months time.
From the chart below that shows unit-volume trends, the Short Term (3-months combined - red line) Trend is about 32 units higher than in January last year, which is almost 10% higher.
Vancouver WA Resale Home Sales - Units Sold Trend 2016 Summary
The long-term trend line (12-month moving average) however, has greatly slowed its increase although it is gradually rising.
In the next chart we have the trend-lines for the average sales-price. This is the time of the year we typically see the short-term trend "fall back" to meet, and sometimes break through the long-term trend. Given the low level of inventory discussed above, we are expecting the short-term line to "head north" again very soon.
Vancouver WA Resale Home Sales - Average Sales Price Trend
In January 2017 there were 31 properties (11.2%) that closed at $200,000 or less when sold; with 57 (20.7%) sold that were priced $200,000 to $250,000. In comparison with the 2016-January measurement, 169 or, 56.9% of the sales were at $250k or below; while this year that reading is now at 31.9%.
Our last three charts (from the Regional Multiple Listing Service) show the real estate market action for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Home Sales Inventory & Days on Market Trends
The first chart shows that we have new listings entering the market that slightly exceed the number of closed sales for the month.
The second chart shows that the average list price for the new listings is taking a big jump upwards. Will that upward spike be realized in closed sales prices? Stay tuned!
And finally, both the Average Days on Market and the Median Days on Market are higher than what we typically see in the Spring and Summer months however, with the average less than 60 days, this is still a relatively brisk pace for this time of year.
Thank you for visiting and reading our home sales and real estate market report for Vancouver Washington. Please contact us with any questions, or requests for assistance.
PS - 2017 real estate market for Vancouver WA is expected to favor Sellers in the near term. 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.
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