A Slower Pace for Peak-Season Condo Sales for Vancouver WA in August 2018
Unit-volume for Condos has continued to decline, even though this is the high-season part of the sales year; with prices peaking a month early as well. Here are some of the highlights for this month's report:
- Short term Condominium Sales Price 3-Month Moving Average is now at $280,151 which is up 18.8% over the prior August; and the 12-Month Moving Average is up 17.8% from the prior year;
- 59 Resale Condominiums were sold in August, which is 12 fewer units sold (-16.9%) from August 2017, and 4 fewer than last month;
- REO/Bank Owned Condominium sales were 0 units (0% of total); no change from 0 (0% of total) in August 2017.
- Short Sale /Pre-Foreclosure property sales were 0 units (0% of total); down from 1 (1.4% of total) in 2017.
The next part of our report includes custom charts, starting with Unit-volume trends - both short-term and long-term, shown below:
Vancouver WA Resale Condo Sales - Units Sold Trend August 2018
With a full-year now of continuing lower unit-sales, it is clear that this market segment has seen its peak, and we should expect some consolidation in the upcoming months.
Vancouver WA Resale Condo Sales - Average Sales Price Trend
It may perhaps seem contradictory that with declining unit-sales, increasing Inventory, and higher interest rates that we'd see prices so much higher this year compared to last year. In the case of this segment in Vancouver, it is relatively small and subject to strong upward spikes/swings such as we see now with a recent $3M+ sale; and another one in Pending status. Once these heavy-hitting high-dollar sales are worked into the data-history, the trend-lines will "stabilize."
These final graphs show Unit Sales, Average & Median Prices; and Days on Market results (from RMLS chart-tools):
Vancouver Condo Sales Inventory & Days on Market Trends
Inventory-by-Month is showing New Listings and Pending Sales both moving up slightly from last month; with Closed Sales at a lower level than we typically see for this month.
The middle graph has returned to a more typical level as there were no big-hitting luxury penthouse closings this month.
In the final graph we see that the Average Days on Market has jumped up to a level we see most often in the Winter season; with the Median Days on Market moving up many days as well. Another tell-tale sign that this market segment is in a period of change towards a Buyer's market.
We hope you find value in our reporting on Condo sales in Vancouver WA for August 2018. We are happy to answer your questions or comments on this topic; and would love to help you Sell or Buy your Condominium!
PS - Our Team, especially John Slocum, loves to help Condominium Owners Sell their home. This market segment is still very popular, and now is a great time to call to get started with a Market Valuation for your Vancouver Condominium, and to learn more on how the sales process works in this fast-paced market.
PPS - We also love to help Condominium Buyers! Contact us at your earliest convenience and discuss your interests and timing. We'll be glad to set you up with an Automated Search program in RMLS or, you may visit the Condominiums For Sale in Vancouver WA page at our website, where we have endeavored to make it Easy for you to search by Neighborhood for Condos, with listings for condos from the entire RMLS. Some of the favorite Neighborhood Searches include Condominiums for sale on the Vancouver WA Waterfront; Condominiums for sale in Downtown Vancouver Washington, Vancouver Washington Luxury Condominiums for sale.
The statistical charts for Vancouver WA Condos in this report (prepared by Vancouver WA Condominium Listing Broker 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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