Sales Price Hits New High, With a Big Drop in the Number of Properties Sold in Vancouver WA for March 2020.
Vancouver WA Real Estate Sales posted lower unit-sales (number of properties sold) as the combination of Low-Inventory, Financial Market angst and Pandemic angst all came into play. Sales Prices however, edged up again to a new High; which is likely just typical Inertia, and will likely stall and decline as well. Here are the key elements for this month:
- 304 Resale Residential Properties closed this month, which is 38 fewer (-11.11%) compared to the same month last year; with 29 more than last month.
- The 3-Month Moving Average Price Trend Line edged up to another new high, and is now at $382,273, with a year-over-year gain of 8.83% ; with the 12-Month Moving Average positive at 4.04%.
- Short Sale /Pre-Foreclosure property sales was 1 unit (0.33% of total); no change from 1 in March 2020 (0.29% of total).
- REO/Bank Owned home sales were 3 units (0.99% of total); which is no change to 3 units in March 2019 (0.88% of total).
- The Active Inventory for Resale Residential Real Estate moved up 0.2 to the still low level of 1.0 Months of Supply.
Mortgage Interest Rates eased slightly to an average of 3.45% for the month - down from 4.27% last year. This low, low rate will likely be helpful to many buyers in this market.
In the custom graphs below I 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 March 2020
This is the month we typically see this trend move in an upward direction, and with some vigor to it. This year it has made the term but the performance is very anemic. I believe it is likely to continue to rise but still in an anemic manner in the near term.
The next chart shows the Average Sales Price trend, and the inertia in the price-move has allowed the short-term line to achieve another all-time high. This will likely much neutral or negative in the coming months. The long-term trend is still holding a positive slope:
Vancouver WA Resale Home Sales - Average Sales Price Trend
We finished 2019 and started 2020 with a market way to short on Active Listings available for sale. With the current Financial and Societal disruption, we do not believe this high level of sales-prices will remain. Stay tuned for the performance the next several months.
In March 2020 there were 18 properties (5.92%) that closed at $250,000 or less when sold. In comparison with the same month in 2019, 40 or, 11.7% of the sales were at $250k or below.
The remaining charts are from RMLS, using a mix-mode to display 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 shows New Listings taking off like a typical early season month; while both Pending Sales and Closed Sales are now lagging due to the disruptive market conditions.
The middle chart shows both Average Prices for New Listings and Closed Sales at an all-time high - a scenario I doubt we'll see last much longer.
Average Days on the Market steadily; while Median Days plummeted to a very robust-market type of condition. After this month a more full-month effect of the Emergency Declaration will likely change one or both of these measures.
Thank you for visiting our real estate 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 Real Estate in Vancouver Washington. Are you in the market to sell your property? - the first step to take is to ask us to find out what your Property will Sell For. We'll prepare a confidential Market Analysis and Valuation, and a road-map for the Real Estate 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.