Seasonal Slowing Continues for Unit Sales, with Sales Price in a "Holding Pattern" for Vancouver WA in November 2021.
We expect sales to be slower at this time of year however, we have lower unit-sales than last year, in addition to dropping off from earlier this year. Super-Low Active Inventory at 0.2 Month's of Supply is reflective of the lower unit-sales - there are just not enough properties to be purchased. Mortgage rates are up slightly at 3.07.% Here are the highlights for this month:
- 423 Resale Residential Properties closed this month, which is 50 fewer (-10.57%) compared to the same month last year; and 70 fewer than last month.
- The 3-Month Moving Average Price Trend rose to almost match this year's high, and is now at $490,336, with a year-over-year gain of 15.62% ; with the 12-Month Moving Average at 17.40%.
- Short Sale /Pre-Foreclosure property sales were at 0 units (0% of total); no change from 0 in November 2020 (0% of total).
- REO/Bank Owned property sales were 0 unit (0% of total); down from 1 unit in November 2020 (0.211% of total).
- The Active Inventory for Resale Residential Real Estate ends the month at a unheard of low level 0.2 Month's worth of Supply!
Interest Rates for residential real estate loans remained just above 3.0% again to an average of 3.07% for the month - up from 2.77% last year.
We next head to my custom chart showing the Number of Properties Sold (Units-sold-volume) trend, for both short and long term trend lines:
Vancouver WA Resale Real Estate Sales -Units Sold Trend November 2021
This month the short-term line is two months down from the seasonal peak (and all-time-high), whereas last year this measure was at the season's peak. The long-term line also shows a downward trend, which is clearly a sign of reduced unit-sales in the trends.
Active Resale Inventory is at 0.2 Month's worth - with such a low level of active inventory, we clearly have one reason for unit-sales to go lower.
Moving on we have 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
The short-term trend is in its third or fourth month of moving essentially sideways; while the long-term trend is still hitting new highs, and still rising strongly.
In November 2021 there were 29 properties (6.86%) that closed at $300,000 or less when sold. In comparison with the same month in 2020, 63 or, 13.32% of the sales were at $300k or below.
These remaining 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, Inventory-by-Month, shows New Listings, Pending Sales and Closed Sales all heading downward. With an inadequate quantity of New Listings, we'll continue to see Available Inventory at a very low level.
For the second graph, the Average Prices for Closed Sales hit a new high for the year; and New Listings came in strong.
Average Days on the Market remained at the still brisk 16 days; while Median Days moved down 1 day to 6-days.
Thank you for visiting our home sales report for Vancouver WA. We're glad to help you with any questions, or requests for assistance with your home purchase or sales needs in 2022!
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 show me 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 - 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 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.
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