Unit Sales Fall While Prices Rise to a New High in Vancouver WA for Condos in March 2020.
We are now seeing a reduced number of condos sold owing to the State-wide, and Nation-wide response to the current Pandemic. Here are the key points for this month:
- The Short term Condo Sales Price (3-Month Moving Average) edged up to a new all-time high at $296,874; which is +18.06% compared to the prior March; with the 12-Month Moving Average also moved up and is now at 0.92% compared to the prior year;
- 41 Resale Condominiums were sold, which is down 8 units compared to March 2019, and 7 more than last month;
- REO/Bank Owned Condominium sales are still at 0 units (0% of total); down from 1 (2.04% of total) in March 2019.
- Short Sale /Pre-Foreclosure property sales were also at 0 units (0% of total); no change from 0 (0% of total) in 2019.
The Inventory level remained un-changed at 1.3 months-of-supply.
Next up is a custom chart I created to illustrate the Units-Sold trends - both short-term and long-term:
Vancouver WA Resale Condo Sales - Units Sold Trend March 2020
Even with lower sales the short-term line was able to turn upwards from its seasonal low; although the long-term trend is pointing in the negative direction. With April being more fully impacted by the economic slowdown we expect the trends to be weakly-positive or perhaps go negative.
The next chart is for Average Sales Prices showing the short-term trend moving into record territory:
Vancouver WA Resale Condo Sales - Average Sales Price Trend
With the effects of the Pandemic not fully present in this data, it is expected that we'll see a softening of prices before too long.
Our remaining set of charts up 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 finds New Listings rocketing up; while Pending Sales falling when they would typically be rising this month; and Closed Sales rose less than typical. Never the less, Active Inventory did not change.
The middle graph shows Closed Sales prices at an all-time high; and New Listings Average Price actually below closed sales prices - which is likely a sign of the higher-priced condos staying out of the market.
The last chart shows the most dramatic change, with the Average Days on the Market dropping 26 days; with Median Days on Market dropping by 33 days! Again, we expect these measurements will very likely change with the current economic/pandemic situation.
Thank you for reviewing our Condo Sales Report for Vancouver WA
. We'll be glad to answer your questions or comments on this type of home; and would love to assist you in Selling or Buying your Condo!
Like to see more like this? Then you may like: Vancouver WA Real Estate Sales Update for March 2020
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.