Strong Unit Sales Combined with Super-Low Inventory Moves Prices Upward for Vancouver WA in February 2021.
With Strong Demand taking most every listing available, we start the year for Real estate in Vancouver WA with unseasonably strong unit-sales and prices hitting another new high. I Mortgage Interest Rates rose slightly but were still below 3.0% Here are the key points for this month:
- 311 Resale Residential Properties closed this month, which is 34 more (12.27%) compared to the same month last year; and 29 more than last month.
- The 3-Month Moving Average Price Trend broke out of its holding pattern to post a new high, and is now at $440,460, with a year-over-year gain of 16.76% ; with the 12-Month Moving Average at 12.14%.
- Short Sale /Pre-Foreclosure property sales were at 0 units (0% of total); down from 1 in February 2020 (0.36% of total).
- REO/Bank Owned property sales were 1 unit (0.32% of total); no change from 1 unit in February 2020 (0.36% of total).
- The Active Inventory for Resale Residential Real Estate is still at the super-low 0.3 Month's worth of Supply!
Interest Rates for real estate loans edged up again to an average of 2.81% for the month - down from 3.47% last year.
Next up is my custom chart (below) showing the Number of Properties Sold (Unit-volume) trend, for both short and long term trend lines:
Vancouver WA Resale Real Estate Sales -
Units Sold Trend February 2021
The short-term line is now well below the rising long-term line however, it is also well above the level it had in the prior year; which is another visual proof of how strong the recent buying activity has been.
With Active Resale Inventory still at 0.3 Month's worth; it will likely take a strong disruption either on the Demand side; or Supply side for this metric to head back to a more stable zone.
Continuing on is my custom Price-trends chart showing the short-term and the long-term trend lines:
Vancouver WA Resale Real Estate Sales -
Average Sales Price Trend
With such a long run-up in prices since 2012; and now with the ever higher rate-of-change, it is very hard to not consider this a bubble market. Think about it - have average earned wages gone up at a double-digit rate in the past year?
In February 2021 there were 34 properties (10.93%) that closed at $300,000 or less when sold. In comparison with the same month in 2020, 59 or, 21.3% of the sales were at $300k or below.
These final charts are from RMLS, in a mix-mode format showing results for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Real Estate Sales Inventory
& Days on Market Trends
The first graph shows New Listings and Pending Sales easing after last month's nice gain. Closed Sales rose relatively strongly. With Inventory so low expect the Closed Sales number could have been higher if more product was available.
Record highs for the Average Prices for Closed Sales and New Listings are shown in the second graph; providing strong support for the upward short-term and long-term trends in the previous Price-Trend graph.
Average Days on the Market fell by a week to 23 days. Median Days fell to a 4-day level - the lowest level seen in the past 12 months. We are clearly in a much faster market than what we typically see this time of year.
Thank you for visiting real estate 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 2021!
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 My Property is Worth. 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 - Real Estate 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 Real Estate 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.