Home Sales Prices Rocketing Up to a New High; as Unit-Home-Sales are 52% Higher for Vancouver WA in May 2021.
Homes for Sale in Vancouver WA are "flying off the self" with the number of homes selling are 52% higher than this month last year, with prices $80k higher! Active Inventory is scarce at 0.4 Month's worth; while Home Loan rates dipped to slightly below 3%;. Here are this month's highlights:
- 463 Resale Homes closed this month, which is 158 more ( 51.8%) compared to the same month last year; and 11 more than last month.
- The 3-Month Moving Average Price Trend moved up approx $10.3k from last month, and is now at $465,299, with a year-over-year gain of 20.79% ; with the 12-Month Moving Average at 15.34%
- Short Sale /Pre-Foreclosure property sales were at 0 units (0% of total); down from 1 in May 2020 (0.33% of total).
- REO/Bank Owned home sales were 0 units (0% of total); down from 4 units in May 2020 (1.31% of total).
- The Active Inventory for Resale Residential Real Estate in now at 0.4 Month's worth of Supply!
Interest Rates for Home Loans are now just below 3% and came in at an average of 2.96% for the month - down from 3.23% last year. We are hearing ever stronger warnings about inflation and the Federal Reserve beginning their "Tapering." It hasn't started yet but we expect these super low rates are nearing their end.
Next up I have my custom chart (below) showing the Number of Homes Sold (Unit-volume) trend, for both short and long term trends:
Vancouver WA Resale Home Sales -Units Sold Trend May 2021
This month we clearly see both lines moving up at their fastest pace in the past 9+ years as the short term line has finally risen above the long term line but only by 3 units!
Next is my custom chart showing the Average Sales Price trend where both short-term and long-term trend-lines are moving upwards quickly an are both at record-highs:
Vancouver WA Resale Home Sales - Average Sales Price Trend
With only 0.4 month's Supply of Active Inventory at any one time, it is clear that homes have been going under contract very, very rapidly once they come on the market. The strong market imbalance is expected to continue for a few more months.
In May 2021 there were 30 properties (6.48%) that closed at $300,000 or less when sold. In comparison with the same month in 2020, 56 or, 18.36% of the sales were at $300k or below.
This report's final charts come from RMLS, using a mix-mode format showing results for Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Resale Home Sales Inventory & Days on Market Trends
The first graph shows Pending Sales barely exceeding New Listings and they both are at a high level. Closed Sales also only moved up slightly but it too is at a high level.
The second chart shows both the Average Prices for New Listings and for Closed Sales clearly hitting a new high for each measure.
Average Days on the Market actually rose by 5 days; while Median Days remained at 4 days for the fourth-straight month. Both are telling us the pace of sales is quite brisk at this time.
Thank you for viewing 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 2021!
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 is worth. 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 Homes 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 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.
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