Home Sales Still Running Behind Last Year for Vancouver WA
Although this month's closed unit-volume achieved last year's level, we are still very much behind in the number of homes sold year-to-date. This report's main points for Vancouver Home Sales include:
- 462 Resale Homes were sold in July 2018, which is the same number as were sold in July 2017.
- The 3-Month Moving Average Price Trend Line, while drifting slightly higher, is 10.15% higher than the prior year; with the 12-Month Moving Average now up 10.02%.
- Short Sale /Pre-Foreclosure property sales were 2 unit (0.4% of total); no change from July 2017's 2 (0.4% of total).
- REO/Bank Owned home sales were 1 units (0.2% of total); compared to 5 units in July 2017 (1.1% of total).
- The still growing Inventory for Resale Homes is now at 1.9 Months of Supply.
Higher Interest Rates on home loans is clearly one element affecting home sales unit-volume. Freddie Mac reports the 30 year Interest rate for home loans averaged 4.53% for the month, down only slightly from the high for the year, and much higher than last year's 3.97% rate.
Our first chart below illustrates the Unit-volume trends, with the short-term line (red) substantially below July 2017's level; and the long-term line (blue) still drifting lower.
Vancouver WA Resale Home Sales - Units Sold Trend July 2018
One of the other elements we haven't brought up that is causing a slow-down in our area - slowing in-migration from other areas as their markets are slowing. When real estate markets in one area start to slow, with prices starting to fall, potential sellers planning on moving out of their area have difficulty in selling at the price they want. Either their sale is delayed a short while, or postponed altogether. We see this with retirees that want to move here.
The next chart below shows that the Price increases are slowing, at least for the year, if not for this multi-year market run-up.
Vancouver WA Resale Home Sales - Average Sales Price Trend
In July 2018 there were 20 properties (4.3%) that closed at $200,000 or less when sold; with 30 (6.5%) sold that were priced $200,000 to $250,000. In comparison with the 2017-July measurement, 89 or, 19.3% of the sales were at $250k or below; while this year that reading is now at 10.8%.
The final set of graphs are from the Regional Multiple Listing Service, showing the real estate market results for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Home Sales Inventory & Days on Market Trends
The first graph shows a slight increase to Closed Sales, with New Listings and Pending Sales both dropping.
The second chart shows both the average new-listing-prices and closed sales prices up from the prior month.
Finally, the Average Days on the Market remained about the same, while the Median rose modestly. Both are still in the High-Season / Seller's Market zone.
Thank you for visiting our real estate market report for Vancouver Washington. We are glad to help you with any questions, or requests for assistance with your real estate needs.
PS - We love to Sell Homes in Vancouver and Clark County Washington. Are you in the market to sell your home? - the first step to take is to ask us to find out what your home will Sell For. We'll prepare a confidential Market Analysis and Valuation, and a road-map for the Home Selling Process. Give us a Call - we'd love to help you out!
PPS - Home Shopping or, looking to right-size to another Home or Condo? We wouldn't have a real estate market if there weren't home buyers, and we love to help Home Buyers! As a part of our service we make it ease to Search all the available Homes for sale in Vancouver Washington or, separately Search all the available 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 is Not Required but recommended as you can Save your own custom search!
This report and custom charts (prepared by John Slocum Vancouver WA Listing Real Estate Broker, 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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