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 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 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):
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!
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.