Strong Unit Sales Continue Last Year while Sales Prices Skyrocket for Vancouver WA Condos in February 2021.
Continued extremely low level of Active Inventory combined with strong demand has blown the lid off of prices this month. Sale Prices, as we'll show below, shot up on a trajectory like a skyrocket. Here are the highlights for this month:
- The Short term Condo Sales Price (3-Month Moving Average) blasted up about $42k and is now at $341,997; which is up 16.79% compared to the prior February; and the 12-Month Moving Average is at 12.39% compared to the prior year;
- 53 Resale Condominiums were sold, which is up 18 units compared to February 2020, and 6 more than last month;
- REO/Bank Owned Condominium sales remained at 0 units (0% of total); no change from 0 (0% of total) in February 2020.
- Short Sale /Pre-Foreclosure property sales were 0 units (0% of total); no change from 0 (0% of total) in 2020.
The Active Inventory level rose a paltry 0.1 month's worth to end at the still extremely low 0.7 month's-worth-of-supply.
My custom Unit-Sales chart below shows the Vancouver Condo market Units-Sold trends - both short-term and long-term:
Vancouver WA Resale Condo Sales - Units Sold Trend February 2021
This month the declining short-term line has just gone below the somewhat-rapidly rising long-term line; while last year at this time the short-term line was near its yearly bottom; and the long-term line was declining! With the overall market's Inventory in such short supply, we are no doubt getting action in this segment where the buyer has been unable to purchase a stand-alone home.
Next up is my chart for the Average Sales Price, showing both the short-term and long-term trends:
Vancouver WA Resale Condo Sales - Average Sales Price Trend
We clearly have an abnormally strong run-up in the short-term price trend; with the long-term trend following. With the continued strong demand with insufficient Inventory, we'll likely see prices remain strong in the near term..
Our final charts 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 both New Listings and Pending Sales moved up slightly. Closed Sales moved up this month at a reasonable rate. It is easy to speculate that more sales would have occurred if there were more Condos available for sale!
The middle graph shows both the Closed Sales Price and New Listings Average Price again hitting new highs for both.
The final graph shows the Average Days on Market dropping strongly by 25 Days; while the Median Days on Market dropped at an even faster rate - 21 Days lower! Thus, condos are in short supply and are now selling very, very quickly.
Thank you for visiting my Condo Market Report for Vancouver WA
. I'm happy 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 - February 2021 Report
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.