Condo Real Estate Market Report Vancouver WA - November 2018

By
Real Estate Agent with Premiere Property Group, LLC - Vancouver Washington 88349
https://activerain.com/droplet/5gwk

Vancouver WA Condo Unit Sales Down, Prices Way Up in November 2018


We seem to be in another classic situation where there is an insufficient supply of condos to support the strong demand, causing unit-sales to post low numbers while the sales-prices keep rising. Here are some of the highlights for our report this month:

  • Short term Condo Sales Price 3-Month Moving Average is now at $297,997 which is up 21.95% over the prior November; and the 12-Month Moving Average is up 19.16% from the prior year;
       
  • 43 Resale Condominiums were sold in November, which is 7 fewer units sold (-14%) in November 2017, and 10 fewer than last month;
     
  • REO/Bank Owned Condominium sales were 0 units (0% of total); down from 1 (2% of total) in November 2017.
     
  • Short Sale /Pre-Foreclosure property sales were 0 units (0% of total); no change from 0 (0% of total) in 2017.
Inventory slipped slightly to 1.7 months-of-supply; with both new listings and Pending sales showing a decrease. With low levels of active inventory, and strongly rising prices, we are see more and more buyer frustration with this segment and must ask - how much longer can this imbalance continue?      

Continuing on with our custom charts, starting with Unit-volume trends - both short-term and long-term, shown below:
 
Vancouver Washington Condo Sales November 2018 - Units Sold Vancouver WA Resale Condo Sales - Units Sold Trend November 2018
The seasonally-falling short-term trend-line has caught and gone below the descending long-term trend-line; and we expect it to perhaps plumb a new bottom as measured over the past 5 years.

Vancouver WA Condo Sales November 2018 - Average Sales Price Trends Vancouver WA Resale Condo Sales - Average Sales Price Trend

We find this segment of the market defying its own seasonal trend and rising upward to a new all-time high as we start the Winter season! The popularity of condos in Vancouver, combined with the low availability is making an environment for strongly rising prices indeed.

Our remaining charts describe Unit Sales, Average & Median Prices; and Days on Market results (from RMLS chart-tools):

Charts of Vancouver WA Condo Sales Trends in November 2018 Vancouver Condo Sales Inventory & Days on Market Trends

Inventory-by-Month is in the typical seasonal trend with both New Listings and Pending Sales dropping measurably. Closed Sales came in higher than last month, although lower than the same month last year.  

The Price graph is showing that New Listings are aware of the rapidly rising prices, and are entering the market at much higher price-points.

In the final graph we see that both the Average and Median Days on Market shrank, at a time when we expect these two measures to rise.

Thank you for visiting our report on Condo real estate sales in Vancouver WA for this month.  We are happy to answer your questions or comments on this topic; and would love to help you Sell or Buy your Condo!


PS
- Our Team, especially John Slocum, loves to help Condo Owners Sell their home.  This market segment is still very popular, and now is a great time to call to get started with a Market Valuation for your Vancouver Condominium, and to learn more on how the sales process works in this fast-paced market.

 PPS - We also love to help Condominium Buyers!  Contact us at your earliest convenience and discuss your interests and timing.  We'll be glad to set you up with an Automated Search program in RMLS or, you may visit the Condominiums For Sale in Vancouver WA page at our website, where we have endeavored to make it Easy for you to search by Neighborhood for Condos, with listings for condos from the entire RMLS. Some of the favorite Neighborhood Searches include Condominiums for sale on the Vancouver WA Waterfront; Condominiums for sale in Downtown Vancouver Washington, Vancouver Washington Luxury Condominiums for sale.  


The statistical charts for Vancouver WA Condos in this report (prepared by Vancouver WA Condominium 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.
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Rainmaker
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Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
In Tune with your Real Estate Needs - Olympia WA

Very nice presentation of the condo sales and availability in Vancouver WA.

Dec 12, 2018 03:05 PM #1
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Rainmaker
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Alexander- Slocum

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