Another Month of Lower Unit - Sales As Prices Hold at a High Level
It is turning out to be unusual for the end of this year to see the number of homes-sold declining measurably, while at the same time our expected seasonal-decline in sales prices has not happened at all. In fact, we have fewer resale homes sold combined with Shrinking Available Inventory! Here are the key points for Vancouver's Home Sales this month:
- 296 Resale Homes were sold this month, which is 60 fewer (-16.9%) than were sold in the same month in 2017.
- The 3-Month Moving Average Price Trend Line, edged up to another High, while gaining 9..03% over the prior year; with the 12-Month Moving Average up 9.33%.
- Short Sale /Pre-Foreclosure property sales were 0 units (0% of total); down from 2 in December 2017 (0.6% of total).
- REO/Bank Owned home sales were 2 units (0.7% of total); compared to 2 units in December 2017 (0.6% of total).
- The Active Inventory for Resale Homes fell again down to 1.2 Months of Supply.
The almost total lack of distressed properties being sold in today's market is another telling sign that we are in a seller's market. Prices in this market are also showing great resistance to a seasonal decline like we usually see in the late Fall and Winter season.
Unit-volume sales trends, with both short and long term trend lines are shown in our first chart below:
Vancouver WA Resale Home Sales - Units Sold Trend December 2018
The significant drop in sales for each of the past several months is clearly causing the long-term line (in blue) to decline measurably from the several-years plateau we've experienced.
The trends, short-term and long-term, for Average Sales Prices are shown in our next chart:
Vancouver WA Resale Home Sales - Average Sales Price Trend
At this point in time we are seeing the short-term trend in essentially a hold-pattern unlike we've ever seen in the past 10+ years. With such a low inventory level, we have strong reason to believe prices will remain high for the next quarter or two.
In December 2018 there were 9 properties (3.04%) that closed at $200,000 or less when sold; with 23 (7.8%) sold that were priced $200,000 to $250,000. In comparison with the same month in 2017, 56 or, 15.7% of the sales were at $250k or below; while this year that reading is now at 10.8%.
Our final set of graphs come from RMLS, illustrating real estate sales results for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Home Sales Inventory & Days on Market Trends
The first graph - Inventory by Month; New Listings fell the strongest, with Pending Sales and Closed Sales also falling; clearly a combination that will cause available inventory to decline.
The second chart showing Average Sales Prices, curiously showing the New List Price lower than the Closed Sales Price.
Finally, the Average Days on the Market and the Median Days moved upwards moderately, which is not unexpected at this time of the year.
Thank you for visiting our home sales report for Vancouver WA. We are glad to help you with any questions, or requests for assistance with your real estate needs.
PS - Happy New Year! We love to Sell Real Estate and Homes 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!
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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.