Vancouver WA Real Estate Market Update September 2023

By
Real Estate Agent with Premiere Property Group, LLC - Vancouver Washington 88349

Home Sales Prices are Facing Headwinds; With Already Lower Unit Sales Dropping Lower.

With Lower Availability of Active Listings, the Home Buyers that are capable of purchases at these high price levels have been holding up the price trend but, we are seeing signs of that capability slipping away.  

With the continued Rising Trend with Home Loan / Mortgage Rates, Homes in Vancouver WA, and across the USA, are becoming more and more Un-Affordable.

This first chart below shows the month-only comparisons for September:

Year over year comparison of September 2023 vs September 2022
Clearly the number of Homes on the Market and being Sold are at a much lower level than this time last year - and 2022 was in a steeply declining mode at this same time of the year!

Our next chart shows that we are now 2 months beyond the peak of the year for Unit-Sales; and the gap is narrowing between last year (2022) for this month.

Vancouver WA Rolling Average Pending Home Sales September 2023

We continue to expect the trend for this year to end up very close to last year's mark - UNLESS, we see another major move higher to loan rates; or, some other major nationwide financial disruption.

Looking next at the Closed Sales trends (3-month and 12-month rolling averages); we see that the Peak for 2023 is the Lowest mark that we've ever posted in this chart (we can only go back to 2009's data)! 

Home Sales Trends for Vancouver WA - Closed Sales Averages September 2023

From here on until next Spring we'll want to see if this measurement makes an new Low for this century!

Lastly, we come to the Average Sales Price trends for Existing / Resale Homes in Vancouver:

Vancouver WA Average Home Sales Prices for September 2023

So far this year the 3-month line (red) has eked out a new High and is now holding near that level; with the 12-month (blue) line edging slightly upward this month but, still below its Peak from last year. With the continuing rise in Interest Rates for the rest of this year, we believe there is more pressure for lower sales prices than there is for "Price Stability" at this high level.

For other home sales measurements not shown here: Active Inventory in months remains at the low 1.6 months-level. Average Cumulative Days on Market (CDOM) increased by 6 days to 28. Sold Units dropped by 70 from last month, to 245 total!

If you are thinking of Selling your Vancouver WA home, and want to achieve a relatively strong price for it, we believe that window of opportunity is closing rather quickly. Please contact us soon and we can help you get Sold quickly!

Comments (1)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Vancouver home buyers and sellers are sure to value your real estate market report, John.

Oct 05, 2023 07:59 PM