Condo Sales in Vancouver WA See Strong Activity Throughout 2016!
We have been seeing ever increasing popularity in Condo-style living here in Vancouver Washington. The year 2016 has seen exceptionally strong demand, leaving us with a final Inventory Level of 0.8 Months - a Super Strong Seller's Market. Here are the highlights for the year:
- Condo Average Sales Prices are at record high levels, with the 3-Month Moving Average now at $213,427 closing up 4.9% over the prior December; with a peak seen in August at $215,658; and the 12-Month Moving Average also closed up 7.9% from the prior year;
- 644 Resale Condos were sold in 216, which is down about 18 (-2.7%) from 2015's condo sales - clearly a sign we've reached Capacity for this segment of the overall Real Estate Market;
- REO/Bank Owned Condo sales were 21 units (3.3% of total); down from 50 (7.6% of total) in 2015.
- Short Sale /Pre-Foreclosure property sales were 10 unit (1.6% of total); compared to 19 (2.9% of total) in 2015.
Even though we report here that 18 fewer units were sold this year when compared to 2015, the combination of ever rising prices, along with the extremely low level of available condos for sale in Vancouver has kept the sales for this type of home brisk throughout the year.
Our Custom Condo Charts shown below, that will continue in telling the condo story for the remainder of our report.
Vancouver WA Resale Condo Sales - Units Sold Trend Through 2016
Vancouver WA Resale Condo Sales - Average Sales Price Trend
Moving next to the Average Condo Sales Price trends shown in the chart above, the "Slope" of the increase trend for the past two years has been remarkably moderate and contained, especially given the low level of available inventory. We suspect that if the inventory situation does not expand soon, the pressure to keep prices contained will change the slope to a more vertical (faster increase) direction.
We'll finish up with the Unit Sales, Average & Median Prices; and Days on Market information charted below (from RMLS chart-tools), showing the recent twenty-four (24) months of condo market results - January 2015 through December 2016:
Vancouver Condo Sales Inventory & Days on Market Trends
The Inventory-by-Month chart is showing that the level of closed sales had less variability in 2016 than what we see for 2015. We also see a definite difference between the two years for the New Listings line.
The second graph shows the general progression of higher closed sales, with resulting higher list-prices.
The final graph shows that the Pace of Sales, as measured by the Average Days on Market and Median Days on market has been very, very brisk in 2016 when compared to 2015. We expect this rapid pace to continue until we either have less buyer-demand, or more inventory!
Thank you for visiting and reading our report on the 2016 Summary-Review for the Vancouver WA Condo Market. Please contact us with any questions or comments; and to let us know how we can be of assistance!
PPS - Don't wait any longer with your Condo Selling or Buying Plans - Call Us Soon! We also offer a no-cost, no-obligation Vancouver WA Condo Valuation, and invite you to try it out!
The statistical charts for Vancouver WA Condos in this report (prepared by Vancouver WA Condo Listing Realtor® 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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