Vancouver WA Real Estate Market Update October 2023

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

Falling Sales Prices with Fewer Active Listings and Fewer Sales makes for a Very Challenging Market Time!

This month we are clearly seeing the effect on the Vancouver WA real estate market from the continued high home loan financing rates. With far fewer Active listings than what we saw 2 or more years ago, there are also fewer buyers thus, the number of Closed Home Sales are down by a third or more!

This first chart compares the monthly market data for October, 2023 vs 2022. Last year the market was well into the downturn but, we can see we've fallen even farther one year later:

Vancouver WA Real Estate Market Activity Comparison- 2023 vs 2022
The next graph clearly shows not only the much lower level of activity in Vancouver WA for the number of homes sold; it also shows a "Flatter" and lower Spring + Summer bump!

Pending Home Sales Trends - Vancouver WA October 2023
Without sustained reduction in home loan interest rates, we expect the activity level remain at a relatively lower level, and perhaps rise as home-buyer incomes and savings can adjust to the current financial environment.

Looking at the next chart, which covers the number of homes sold over a longer period of time, it is clear the activity level hasn't been this low in over 10 years!

Vancouver WA Home Sales Units-Sold Trends October 2023If the above downward-trend continues, we may be seeing the lowest level of sales activity in over 20 years!!!

And finally, although the Average Home Sales Prices barely hit a new High this summer season, the underlying market is not able to support that price level; and we are now seeing a modest decline in sales prices:

Vancouver WA Home Sales Price Trends October 2023

Other measurements for home sales not shown here: Active Inventory in months again comes in at the low 1.6 months-level. Average Cumulative Days on Market (CDOM) increased by 5 days to 33. Sold Units increased by 1 from last month, to 250 total.

Thinking of Selling your Vancouver WA home, and want to achieve a relatively strong price for it? Now may be the time to do it as the window of opportunity may be closing rather quickly. Please contact us soon and we can help you get on the Market and Sold!


Comments (2)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em:

Great information regarding the Vancouver market. Thanks for sharing and enjoy your week!

Bill Salvatore, Realtor- Arizona Elite Properties

Nov 30, 2023 04:14 AM
John Slocum

Thanks Bill Salvatore - East Valley Glad you like our report!

Nov 30, 2023 10:27 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Dec 08, 2023 09:26 AM
John Slocum

Hi Myrl Jeffcoat - glad you like our report on Vancouver's real estate scene and thanks for commenting!

Dec 09, 2023 07:28 AM