Rising Prices with Slow Home Sales for Vancouver WA in May 2018
Unit volume showed softness this month while prices are in the double-digit range higher when compared to last year at this time. The highlights for Vancouver Home Sales include:
- 401 Resale Homes were sold in May 2018, which is 49 fewer (-10.9%) homes than were sold in May 2017.
- The 3-Month Moving Average Price Trend Line is 11.2% higher than the prior year; with the 12-Month Moving Average now up 10.38%.
- Short Sale /Pre-Foreclosure property sales were 4 unit (1.0% of total); down from May 2017's 11 (2.44% of total).
- REO/Bank Owned home sales were 9 units (2.24% of total); compared to 11 units in May 2017 (2.44% of total).
- The Inventory for Resale Homes moved up again slightly to 1.4 Months of Supply.
Like other parts of the country, we are starting to see softening sales attributable to the combination of Higher Prices and Higher Home Loan Interest Rates.
Freddie Mac's report on the history of the 30 year Interest rate for home loans came in at an average of 4.59% for the month, which is again up from last month, and higher than last year's 4.01% rate - which was falling at that time.
The chart below shows the Unit-volume trends, and the "Slowing" of unit sales is appearing as the long-term trend-line is drifting lower, and the short-term (red) line should be at or above the long-term line for this time of year.
Vancouver WA Resale Home Sales - Units Sold Trend May 2018
It is important to keep in mind that this report captures the home sales data for Vancouver that is posted in RMLS. At this stage of the housing recovery the New Home Builders have been at or near full-capacity, causing many buyers to switch from the pre-owned sub-market to the new home sub-market when the price difference decreases.
The chart below clearly points to the strong rising slope for prices in the short-term trend (the red line); and for the long-term trend too.
Vancouver WA Resale Home Sales - Average Sales Price Trend
In May 2018 there were 18 properties (4.5%) that closed at $200,000 or less when sold; with 36 (9%) sold that were priced $200,000 to $250,000. In comparison with the 2017-May measurement, 81 or, 23.3% of the sales were at $250k or below; while this year that reading is now at 13.5%.
These remaining charts come from the Regional Multiple Listing Service, showing the real estate market results for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Home Sales Inventory & Days on Market Trends
The first graph shows a slight increase to Pending Sales, with both New Listings and Closed Sales dropping slightly.
The second chart shows average new-listing-prices easing just slightly, with closed sales prices moving up.
Finally, the Average Days on the Market fell by almost a week, while the Median dropped about a day - with both indicators clearly in a Seller's Market.
Thank you for visiting our real estate market report for Vancouver Washington. We'd love to help you with any questions, or requests for assistance with your real estate needs.
PS - We love to Sell Real Estate in Vancouver and Clark County Washington. Are you in the market to sell your home? - the first step to take is to ask us to find out what your home will Sell For. We'll prepare a confidential Market Analysis and Valuation, and a road-map for the Home Selling Process. Give us a Call - we'd love to help you out!
PPS - Home 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 Homes 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 Listing Real Estate 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.