Decline in Property Sales Due to Ultra-Low Inventory in Vancouver WA for January 2020.
January Vancouver WA Real Estate Sales slid compared to last year, as the Active Inventory has dropped to an ultra-low 0.6 month's of supply; which in turn has kept upward pressure on sales prices that we typically don't see this time of year. Here are the key points for this month:
- 238 Resale Residential Properties closed this month, which is 19 fewer (-7.3%) compared to this month last year; with 43 fewer than last month.
- The 3-Month Moving Average Price Trend Line declined slightly, and now at $373,951, with a year-over-year gain of 5.36% ; with the 12-Month Moving Average positive at 3.15%.
- Short Sale /Pre-Foreclosure property sales were 1 units (0.42% of total); down from 2 in January 2020 (0.78% of total).
- REO/Bank Owned home sales were 2 units (0.84% of total); compared to 3 units in January 2019 (1.16% of total).
- The Active Inventory for Resale Residential Real Estate slipped 0.2 to an ultra low level of 0.6 Months of Supply.
Mortgage Interest Rates decreased modestly, averaging in the 3.6x% range for the month; which is at an extremely low level historically.
I've prepared custom graphs below to show the Number of Homes Sold (Unit-volume) trend, for both short and long term trend lines:
Vancouver WA Resale Home Sales -
Units Sold Trend January 2020
With the number of closed sales trending lower, the bottom for this year is likely a couple of months away; with the long-term trend starting to tilt downwards again.
Average Sales Price trend-graph shown below, highlights the short-term line which atypically for this time of year very near the all-time high. The long-term rising trend has "flattened" but still positive:
Vancouver WA Resale Home Sales - Average Sales Price Trend
With such a low availability of homes for sale we are clearly deep in a Seller's Market yet, the rate of price rise is now being constrained by the Affordability of properties at these high prices!
In January 2020 there were 27 properties (11.34%) that closed at $250,000 or less when sold. In comparison with the same month in 2019, 37 or, 14.3
4% of the sales were at $250k or below.
The remaining graphs are from RMLS, using a mix-mode to highlight real estate sales results for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Home Sales Inventory & Days on Market Trends
In the first graph New Listings and Pending Sales both moved strongly positive; while Closed Sales moved lower. New Listings rose less than Pending Sales, continuing to cause the decline in Available Inventory.
The middle chart shows Average Prices, with the New List Price again coming in at the top of their recent range; while Closed Sales price dropped slightly from last month's high.
Average Days on the Market increased by over a week - typical in the early Winter; while Median Days remained also increased by about a week. This increase is likely due to older listings "clearing out" and getting sold; while our expectation is new listings priced right are will move much faster.
Thank you for viewing our real estate sales report for Vancouver WA. We're happy to help you with any questions, or requests for assistance with your property purchase or sales needs in 2020!
PS - We love to Sell Real Estate in Vancouver 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 Real Estate 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.