Condominium Unit Sales Post Reasonable Results while Prices Ease Slightly
As we close out 2018, Condominium sales came in at just under the all-time high for Sales Price; while the actual number of units sold is off 89 (-14.17%) from last year as the number of units available for sale has not kept up with Demand. Here are some of the highlights for our report this month:
- Short term Condo Sales Price (3-Month Moving Average) is now at $292,519 which is up 17.53% over the prior December; and the 12-Month Moving Average is up 17.34% from the prior year;
- 40 Resale Condominiums were sold in December, which is 4 fewer units sold (-9.1%) in December 2017, and 3 fewer than last month;
- REO/Bank Owned Condominium sales were 0 units (0% of total); no change from 0 (0% of total) in December 2017.
- Short Sale /Pre-Foreclosure property sales were 0 units (0% of total); no change from 0 (0% of total) in 2017.
Inventory dropped again to 1.5 months-of-supply; with New listings Down, and Pending sales Up. Such an extremely low level of Active Inventory is a clear sign this Seller's Market is sticking around awhile longer.
Next up I've prepared custom charts, starting with Unit-volume trends - both short-term and long-term, shown below:
Vancouver WA Resale Condo Sales - Units Sold Trend December 2018
Unlike the overall local real estate market, sales numbers for the Condominium segment are relatively stronger, with the long-term trend appearing to be leveling out, albeit at a lower level than what we've seen in the most recent few years.
In contrast to falling unit-sales, Average Sales Prices are still working their way to new highs (below):
Vancouver WA Resale Condo Sales - Average Sales Price Trend
One of the major trends that keep good-to-strong value in this segment is the growing popularity of owning a home with the HOA taking care of the outside maintenance chores, like Yard Work, House Painting, Fixing the Roof, etc. The too-restrictive rules on the creation of new condominiums has been a major cause for few (to none) new construction of this type of home.
The last graphs below show 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 shows why the Inventory level shrank again - New Listings dropped while Pending Sales Increased; with Closed Sales coming in at a reasonable level for the last month of the year.
The Price graph shows the Average Prices for both New Listings and Pending Sales, with prices for new listings dropping quite a bit this month.
In the final graph we see that both the Average and Median Days on Market jumping significantly to their highest level for the past 12 moths.
We hope you found value in our report on Condominium 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!
Like to see more like this? Then you may like: Vancouver WA Home Sales Report for December 2018 Clark County WA Home Sales Report for Decembor 2018
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.