New Sales Price High Attained, while number of properties Sold is still Greatly Reduced!
As we continue to see ever increasing interest rates for the main types of home loans, the number of Resale homes sold has remained much lower than anything we've seen in many years. (Sales of New Homes are not included in this report).
Our first chart shows the July-only comparison - 2022 vs 2023:
For this chart please remember that the slowdown we are in had begun prior to July 2022, and was still declining at a strong rate.
The graph coming up next shows how the Pending Sales started their decline in 2022; and the 2023 line is showing a somewhat seasonal "shape" although at a greatly lower level of activity:
Continuing on, the graph we show with a longer history (more years in the data) for Closed Sales is also showing some seasonal upturn in activity, although much much weaker than what we typically see:
In July the 3-month trend line finally pierced the 12-month line from below - although several months later than what we typically see; and at a much lower level of closed sales!
Last up we have the chart for Closed Sales Prices, which show an all-time high has been achieved for Vancouver Resale Homes:
With a substantially reduced level of available Inventory, and a modest mis-match of Home Buyers (too many) chasing too-few Homes; we have a situation where prices can still rise.
Some other July tidbits we don't have charts for: the Number of New Listings fell from June's (high) level; we now have 1.3 Months of Active Inventory; CDOM (Cumulative Days on Market) = 33 Average; 14 Median which is higher than last month but still a rather brisk pace; the number of Closed Sales remained relatively Flat for the past 3 months at about 300 per month!
To be sure - Vancouver WA needs more Home Sellers! If you are looking to sell, please contact me soon, and I'll be glad to help you out.