Unit Sales Jumped Up while Prices Popped for a New High for Vancouver WA Condos in July 2020.
With the nicer weather this time of year, condo buyers and sellers have created their own action in this market segment. We are now seeing good movement in all segments, even the luxury segment for condos. Here are the key points for this month's report:
- The Short term Condo Sales Price (3-Month Moving Average) moved up $4k+ and is now at $299,862; which is up +11.10% compared to the prior July; and the 12-Month Moving Average is at 5.43% compared to the prior year;
- 69 Resale Condominiums were sold, which is up 7 units compared to July 2019, and 19 more than last month;
- REO/Bank Owned Condominium sales remained at 0 units (0% of total); no change from 0 (0% of total) in July 2019.
- Short Sale /Pre-Foreclosure property sales were 1 unit (1.4% of total); up from 0 (0% of total) in 2019.
The custom graph I have prepared below shows the Units-Sold trends - both short-term and long-term:
Vancouver WA Resale Condo Sales - Units Sold Trend July 2020
Although delayed by at least a month or two, we are now seeing a strong number of units being sold and now reflected in the short term trend line moving above the long-term line. The long-term line is reflecting the fact that we are still behind last years volume by about 9%+.
The next chart we have is for the Average Sales Price showing the short-term and long-term trends:
The next chart we have is for the Average Sales Price showing the short-term and long-term trends:
Vancouver WA Resale Condo Sales - Average Sales Price Trend
We have continued the near-term run-up (steeper slope) in prices, now hitting an all-time high. We also see the long-term trend reacting by moving up steeply as well. With low interest rates, and higher demand for smaller towns like Vancouver, we expect prices to remain strong in the near term.
The last charts in this post 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 shows New Listings rocketing up to the highest level seen this year. Pending Sales leveled-off at a high-level for the year. Closed Sales also jump-up to its high for the year. The combined result changed Active Inventory by a gain of 0.4 months.
The middle graph shows both marks for Closed Sales and New Listings Average Price at a strong-level, but well below last month's marks.
The final graph shows Average Days on the Market moving back down over a week's worth; with Median Days on Market rising a mere couple of days.
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Thank you for viewing our Condo Sales update 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 might like:
Vancouver WA Real Estate Sales Report for July 2020
PS - We love to help Condo Owners Sell their home. This market segment is still very popular, and now is a great time to call to get started with a Market Value for your Vancouver WA Condo, and to learn more on how the sales process works in this fast-paced market.
PPS - I also love to help Condominium Buyers! Contact us at your earliest convenience and discuss your interests and timing. We'll be glad to set you up with an Automated Search program in RMLS or, you July visit the Condominiums For Sale in Vancouver WA page at our website, where we have endeavored to make it Easy for you to search by Neighborhood for Condos, with listings for condos from the entire RMLS. Some of the favorite Neighborhood Searches include Condominiums for sale on the Vancouver WA Waterfront; Condominiums for sale in Downtown Vancouver Washington, Vancouver Washington Luxury Condominiums for sale.
The statistical charts for Vancouver WA Condos in this report (prepared by Vancouver WA Condo Specialist 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.
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