Sales Pace Picking Up for Vancouver WA Condo Sales in April 2018
We are finally seeing a return to more "normal" unit-sales numbers, although this segment of Vancouver real estate is down 12% for the year-to-date; while prices are up substantially. Following are some of the highlights for April:
- Condo Sales Prices moved up strongly, with the 3-Month Moving Average coming in at $261,042 which is up 16.57% over the prior April; and the 12-Month Moving Average closed up 14.01% from the prior year;
- 42 Resale Condos were sold in April, which is 1 fewer units sold (-2.3%) from April 2017, and 3 more than last month;
- REO/Bank Owned Condo sales were 1 units (2.4% of total); up from 0 (0% of total) in April 2017.
- Short Sale /Pre-Foreclosure property sales were 0 units (0% of total); no change from 0 (0% of total) in 2017.
Active Inventory moved up another 0.2 to 1.3 months (still very, very low), while keeping strong pressure on prices.
Unit-volume trends - short-term and long-term, are shown below in the custom charts we've prepared using RMLS data:
Vancouver WA Resale Condo Sales - Units Sold Trend April 2018
The 3-month trend did indeed hit the low point for the year last month, and has made a modest rise from that level. Pending Sales took a strong jump for the month so we should see a rapid rise in the 3-month trend line for the rest of the season.
Vancouver WA Resale Condo Sales - Average Sales Price Trend
With the stung jump upwards in closed sales prices this month, both the short-term and long-term trend lines increased their slope. With Inventory seemingly stuck in such a low level we expect the price increases this year to remain in the double-digits.
Our remaining set of charts illustrate Unit Sales, Average & Median Prices; and Days on Market information below (from RMLS chart-tools):
Vancouver Condo Sales Inventory & Days on Market Trends
Inventory-by-Month is showing both Pending Sales and New Listings moving up very well, while Closed Sales only increased slightly. The top line - New Listings, is nicely above the Pending Sales for the time being, which will provide some relief for the low inventory..
The second graph is showing Closed Prices higher than previously but, clearly below the Average Price for New Listings.
Finally, we see a Huge Drop in both the Average Days on Market and the Median Days on market; a clear signal we have started the hottest sales months of the year.
Thank you for reading our information on the Condo market in Vancouver WA
for April 2018. We look forward to your questions or comments; and would love to help you Sell or Buy your Condo!
The statistical charts for Vancouver WA Condos in this report (prepared by Vancouver WA Condo 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.