Property / Unit Sales dropping, with Slight Price Rise to a New Record for Vancouver WA in January 2022.
We are starting the new year with greatly reduced Unit Sales compared to last year, although last year's posting was unusually strong. Prices however, are on the move back up, with a small gain they hit another New High. Abnormally Low Active Inventory is no doubt one of the reasons unit sales are down this month. Mortgage rates have moved up strongly to 3.45%. Here are the key points for this month:
- 257 Resale Residential Properties closed this month, which is 25 fewer (-8.9%) compared to the same month last year; and 191 fewer than last month.
- The 3-Month Moving Average Price Trend rose to a new high, and is now at $493,536, with a year-over-year gain of 16.06% ; with the 12-Month Moving Average at 16.84%.
- Short Sale /Pre-Foreclosure property sales were at 0 units (0% of total); no change from 0 in January 2021 (0% of total).
- REO/Bank Owned property sales were 0 units (0% of total); down from 2 units in January 2021 (0.71% of total).
- The Active Inventory for Resale Residential Real Estate finishes the month at a stubbornly low level 0.2 Month's worth of Supply!
Interest Rates for residential real estate loans went to the mid 3% range with an average of 3.45% for the month - up from 2.74% last year.
We now have my custom chart showing the Number of Properties Sold (Units-sold-volume) trend, for both short and long term trend lines:
We are seeing the continuation of a strong downward move this month. In addition to the seasonal slow-time; we have such a low-level of Inventory that is tough to post much better numbers here. The Long-Term line had stopped moving up a few months ago, and is showing just a slight decline at this point; which won't last if Inventory won't increase.
Active Resale Inventory remained at the low 0.2 Month's worth - meaning home shoppers won't have much to select from at any point in time.
We next we go to my custom Price-trends chart showing the short-term and the long-term trend lines:
The short-term trend is showing signs of resuming its upward move, like it has since 2012. The long-term trend is still rising although this month it is showing a less-steep slope.
In January 2022 there were 12 properties (4.67%) that closed at $300,000 or less when sold. In comparison with the same month in 2021, 43 or, 15.25% of the sales were at $300k or below.
This final set of charts are from RMLS, in a mix-mode format showing results for Unit Sales, Average & Median Prices; and Days on Market:
The first graph shows Inventory-by-Month, with New Listings and Pending Sales rising at about the same pace. Closed Sales dropped quite a bit, although last month was unusually high.
For the second graph, the Average Prices for Closed Sales came in strong although below the 12th-month high; with the Average Prices for New Listings modestly higher than the closed-sales price.
Average Days on the Market fell by 1 day to 17; while Median Days remained at the quite low 5 days.
Thank you for visiting our real estate 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 into 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.
Thank you Myrl Jeffcoat for visiting and commenting on our Vancouver WA home sales report. Certainly is a challenging and fast moving market these days!