Unit Sales Blast-Off with Sales Prices In-Tow for Vancouver WA Condos in March 2021.
Unit sales are almost twice the level seen last year, partly because of a dip last year, while this year is in a super-strong bull-run. With a few luxury condo closings, Sale Prices hit a new high by taking a huge leap up. Here are the highlights for this month:
- The Short term Condo Sales Price (3-Month Moving Average) leapt up about $28k and is now at $369,643; which is up 25.46% compared to the prior March; and the 12-Month Moving Average is at 13.92% compared to the prior year;
- 73 Resale Condominiums were sold, which is up 27 units compared to March 2020, and 19 more than last month;
- REO/Bank Owned Condominium sales remained at 1 units (1.37% of total); up from 0 (0% of total) in March 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 sank 0.2 month's worth to end at the extremely low 0.5 month's-worth-of-supply.
I have prepared the Unit-Sales chart below showing the Vancouver Condo market Units-Sold trends - both short-term and long-term:
Vancouver WA Resale Condo Sales - Units Sold Trend March 2021
We see that the short-term line bottomed last month - and at a level far, far above last years bottom. The long-term trend was knocking at the door last month to a new high, and has powered well up this month to a new high! With super low Inventory, and if we don't get enough new listings, the unit-sales may struggle to hit higher levels.
Continuing on, I have a custom chart for the Average Sales Price, showing both the short-term and long-term trends:
Vancouver WA Resale Condo Sales - Average Sales Price Trend
Wow! This month we see that with a few luxury condo sales weighing in, along with the rest of the activity we have just a Huge Jump in the short-term trend line for Sales Prices! With Active Inventory in such low territory, we expect prices in this graph to fluctuate but overall remain very high.
These remaining 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 strongly in nearly lock-step; a sure sign of a fast-paced market. Closed Sales moved up strongly too. It is easy to speculate that more sales would have occurred if there were more Condos available for sale!
The middle graph showing both the Closed Sales Price and New Listings Average Price, finds both of these measures in very high territory.
The final graph shows an 8-Day Drop in the Average Days on Market; with the Median Days on Market dropping by 5 Days (cut in half)! Truly signs of a very brisk pace of sales for Condos in Vancouver!
Thank you for visiting our Condo Market Sales Update 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 Homes For Sale - March 2021 Battle Ground WA Homes For Sale - March 2021 Report Camas WA Homes For Sale - March 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.