A Decade Low 171 Pre-existing Homes Closed in November; as Prices Drift Lower.
The last time there were fewer than 171 Closed Home Sales in Vancouver Washington took place in early 2009! Typically we do not report on a single month's data however, for the past three months the "Pending Sales" value stayed about the same, and we'd expect the Closed Sales this month to also be similar to last month's number of approximately 250; and perhaps go down to the 225+- area - but no! We ended up 60 to 80 home sales lower!!!
Our first table / graphic shows the November 2023 data vs 2022:
For the "Sold Units" the 171 number posted this month is alarming, to say the least. We'll want to watch next month's results for this element closely to see if this is just a blip in the action or, a strong change in the downward trend.
Our next graphic moves over to Pending Sales, and shows the year-by-year 3-month rolling average for Pending Pre-Existing Home Sales. The 2023 trend is now appearing to have less of a Gap between the late 2022 results; suggesting the market may be finding support at this lower activity level.
We'll watch this chart for next month's results to see if December 2023 comes close to the December 2023 level.
Next up we have the chart showing the Rolling Average trends (3 month and 12 month) for the Number of Closed Homes Sold. This month the 3-month line (in red) has strongly dropped below the (also) strongly declining 12-month average trend-line!
This year we are expecting to see the lowest number of sales, on average, not seen since the great market crash of 2008-2009.
In the Home Sales Price Trend graph up next, we see that we are currently in a Declining phase; although the trend is not as steep as what was seen in last year's declining segment. True, some of the Decline seen here is Seasonal in nature but, we suspect the high financing / interest rates are having an effect too.
We also suspect the increased lack of available homes for sale is dampening the fall in sales prices at this time.
Not graphically shown here: Active Inventory in months dropped slightly to 1.4 months from the 1.6 months-level. Average Cumulative Days on Market (CDOM) increased by 4 days to 37. Sold Units fell by 79 from last month, to 171 total.
Thank you for reviewing our November 2023 Real Estate Market and Home Sales Report for Vancouver WA. If you are Thinking of Selling your Vancouver WA home, we'd be glad to help you! Please contact us soon and we can help you get on the Market and Sold.
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