Strong Unit Sales were Extremely Strong with Prices 18%+ Higher for Vancouver WA in April 2021.
Super-Low Active Inventory relative to Very Strong Demand; combined with un-reasonably low mortgage loan rates is driving prices for Real estate in Vancouver WA strongly up at 18%+ for the month. Here are the key points for this month:
- 450 Resale Residential Properties closed this month, which is 144 more (47.06%) compared to the same month last year; and 66 more than last month.
- The 3-Month Moving Average Price Trend is shooting up like a skyrocket to post a new high, and is now at $454,962, with a year-over-year gain of 18.23% ; with the 12-Month Moving Average at 13.68%.
- Short Sale /Pre-Foreclosure property sales were at 0 units (0% of total); no change from 0 in April 2020 (0% of total).
- REO/Bank Owned property sales were 1 unit (0.10% of total); down from 5 units in April 2020 (1.63% of total).
- The Active Inventory for Resale Residential Real Estate is still at an unbelievably super-low level - 0.4 Month's worth of Supply!
Interest Rates for real estate loans slipped below 3.0% again to an average of 2.96% for the month - down from 3.23% last year.
Next up is my custom chart (below) showing the Number of Properties Sold (Unit-volume) trend, for both short and long term trend lines:
Vancouver WA Resale Real Estate Sales -Units Sold Trend April 2021
The short-term line's seasonal-bottom was the highest ever recorded, and is now moving up strongly. The long-term line is also moving up rapidly and is expected to be in new all-time-high territory soon.
Active Resale Inventory is at 0.4 Month's worth; which is triggering many multiple-offer situations, and prices being bid over the listed price.
Continuing on is my custom Price-trends chart showing the short-term and the long-term trend lines:
Vancouver WA Resale Real Estate Sales - Average Sales Price Trend
Once again the rapidly rising prices have required the chart-axis to be reformatted to accommodate the higher level! We are starting to hear of "headwinds" however, as the affordability of residential real estate is being strained considerably.
In April 2021 there were 30 properties (6.67%) that closed at $300,000 or less when sold. In comparison with the same month in 2020, 47 or, 15.36% of the sales were at $300k or below.
My final charts are from RMLS, in a mix-mode format showing results for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Real Estate Sales Inventory & Days on Market Trends
The first graph shows New Listings and Closed Sales making strong gains. Pending Sales actually fell slightly; which is one of the "headwind" signs mentioned previously. Inventory has not yet budged much, even with the New Listings exceeding Pending Sales.
New Record highs for the Average Prices for Closed Sales and New Listings are shown in the second graph. These two measures are expected to stay at this high, or higher level in the near term.
Average Days on the Market fell substantially and is the lowest mark for this measure in the past 12 months. Median Days remained at a 4-day level for the third straight month. These easily confirm we are in an extremely fast-paced market.
Thank you for visiting real estate sales report for Vancouver WA. We're glad to help you with any questions, or requests for assistance with your property purchase or sales needs in 2021!
PS - We love to Sell Real Estate in Vancouver Washington. Are you in the market to sell your property? - the first step to take is to ask us to find out what My Property is Worth. We'll prepare a confidential Market Analysis and Valuation, and a road-map for the Real Estate Selling Process. Give us a Call - we'd love to help you out!
PPS - Real Estate 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 Real Estate 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 Real Estate Sales 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.
Comments(2)