Increasing Action in Vancouver, Washington
Market Snapshot 2009/02/15
Tightest active to pending ratio since July of last year! This week there are 3282 homes for sale, 524 under contract and last week, 31 sales were finalized. This is looking better, from a selling point of view. Buyers definitely have the advantage, but it may be that sellers are not having to take it on the chin this week.
I haven't checked it myself, but someone mentioned to me that housing affordability has improved. The next several weeks should see an increasing number of closed sales if that's the case, I'm supposing (hoping).
(Regional Multiple Listing System) RMLS monthly report came out today too. That report collects data for all of Clark County. I noticed their report showed an increase in active listings. That's interesting to me because my tally (roughly Vancouver north to, but not including, Ridgefield, and east along Highway 14, out to Washougal) shows a decrease in active listings (since a high in August of 4159). Has the cost of fuel affected the desire to move closer to town? Something to watch, I suppose. Quite distressing was the 21 months of inventory based on number of listings and number of closed sales. So, that pending ratio is a hint, but that number of closed is important to watch. Inventory, being supply, will cause price to have downward pressure, most likely resulting in more reductions.
Seasonal buying activity will probably continue to increase. Of course, it's also the time of year when we see a bump in homes for sale, so I'll be watching those ratios. The RMLS report suggests we'll need much tighter ratios while the market absorbs the inventory.
You may think that is a "wait, don't buy" signal, but it's not. Rates could still cost you more than waiting will save you and we could be as low as it's going to go.
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