Low Property Sales Due to Extremely-Low Inventory in Vancouver WA for February 2020.
February Vancouver WA Home Sales are at a very low level, as the Active Inventory is at an extremely-low 0.8 month's of supply; forcing continued upward pressure on sales prices. Here are the highlights for this month:
- 273 Resale Residential Properties closed this month, which is 7 more (2.6%) compared to the same month last year; with 27 more than last month.
- The 3-Month Moving Average Price Trend Line returned upward enough to hit another new high, and is now at $377,395, with a year-over-year gain of 7.01% ; with the 12-Month Moving Average positive at 3.2%.
- Short Sale /Pre-Foreclosure property sales were 1 units (0.36% of total); up from 0 in February 2020 (0% of total).
- REO/Bank Owned home sales were 1 unit (0.36% of total); which is no change to 1 unit in February 2019 (0.38% of total).
- The Active Inventory for Resale Residential Real Estate edged up 0.2 to the still extremely low level of 0.8 Months of Supply.
Mortgage Interest Rates decreased again, averaging 3.47% for the month - down 0.15%; which an extremely low level.
Next up we have custom graphs below I've prepared 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 February 2020
We are at the traditionally low-point-zone for the year, and typically see a rising trend in the coming months. This year withe the Emergency Declaration in our State and Nation, we expect this trend to be abnormally lower in the near future.
The Average Sales Price trend-graph shown next, with the short-term line hitting another all-time high. The long-term trend has returned to a more positive slope:
Vancouver WA Resale Home Sales - Average Sales Price Trend
Finishing the month with low availability of homes for sale is typically a clear sign of a Seller's Market however, we are truly entering an unprecedented time where it is not yet clear whether we'll see sales and prices fall substantially in the coming months.
In February 2020 there were 17 properties (6.23%) that closed at $250,000 or less when sold. In comparison with the same month in 2019, 23 or, 8.6% of the sales were at $250k or below.
These final three charts are from RMLS, using a mix-mode to display home sales results for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Home Sales Inventory & Days on Market Trends
The first graph shows New Listings and Pending Sales both moving up; with Closed Sales moving up as well. New Listings rose slightly more than Pending Sales, helping to increase Available Inventory slightly this month.
The middle chart shows Average Prices, with the New List Price again coming in at the top of their recent range; with Closed Sales price coming in rather high as well.
Average Days on the Market dropped by a large measure; while Median Days almost fell by half. Like the other measures of the home sales market we expect a slowing in both these measures as the full effect of the Emergency Declaration takes effect.
Thank you for visiting our home sales report for Vancouver WA. We're glad to help you with any questions, or requests for assistance with your home purchase or sales needs in 2020!
PS - We love to Sell Homes 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 Home Sales 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.