Unit Sales Rebound Strongly, Sales Price Moving Up Stronger than ever for Vancouver WA in July 2020.
Home sales in Vancouver WA moved out of their doldrums we've seen in the past two months; although part of this is an adjustment to the un-natural shock to the Economy. Prices hit another all-time high, as there is not enough Active Inventory to absorb the buyer activity. Here are the key points for this month:
- 506 Resale Residential Properties closed this month, which is 27 more (+5.4%) compared to the same month last year; and 101 more than last month.
- The 3-Month Moving Average Price Trend posted another new high, and is now at $398,791, with a year-over-year gain of 6.48% ; with the 12-Month Moving Average at 5.24%.
- Short Sale /Pre-Foreclosure property sales were at 3 units (0.59% of total); up from 1 in July 2019 (0.21% of total).
- REO/Bank Owned home sales were 3 units (0.59% of total); up from 0 units in July 2019 (0% of total).
- The Active Inventory for Resale Residential Real Estate gained 0.1 months-worth and is now at One (1.0) Month's worth of Supply!
Interest Rates for real estate loans dropped again to an average of 3.02% for the month - down from 3.77% last year. As of this writing the rates have slipped below 3%!
The custom chart below shows the Number of Homes Sold (Unit-volume) trend, for both short and long term trend lines:
Vancouver WA Resale Home Sales -
Units Sold Trend July 2020
This month we've seen a very strong surge in the number of homes sold, with the short term line now strongly above the long-term line. At this point we are still about 8% below last years level - which is reflected in the long-term line at a lower level than we've experienced in the past few years.
Next our custom chart for the Average Sales Price trend shows the short-term prices continuing its very strong upward move. The long-term trend's slope is increasing as well:
Vancouver WA Resale Home Sales - Average Sales Price Trend
With 1.0 month's worth of Active Inventory, when at already extremely low levels, is a clear sign of an out-of-balance market. Existing home owners that may perhaps want to sell, are either waiting for the right replacement home to come on the market (and there are fewer homes to choose from) or, they are waiting for less negative news on the virus-front.
In July 2020 there were 30 properties (5.9%) that closed at $250,000 or less when sold. In comparison with the same month in 2019, 36 or, 7.5% of the sales were at $250k or below.
The remaining collection of charts are from RMLS, using a mix-mode show 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 making their strongest run up of the year; with Pending Sales moving up moderately and Closed Sales moved upwards strongly to the highest point of the year. Clearly signs of pent-up demand coming to fruition.
The second chart shows the Average Prices for New Listings coming in near a peak high; and the price level for Closed Sales achieves another all-time high.
Average Days on the Market remained the same; while Median Days moved down by a day. Both measures are showing that properties priced correctly are being snapped up at this time.
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 property purchase or sales needs in 2020!
PS - We love to Sell Homes 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 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 Agent, 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.