New Listings Fell Dramatically this month for resale homes in Vancouver Washington; with Number of Homes / Units Sold nearing Decade-long Low; with Prices still facing downward pressure.
We are now looking at a real estate activity level for the existing home inventory at a low level of activity not seen since the Great Financial Crash of 2008/2009! We are also seeing Home Affordability at extremely unfavorable levels, which matches up with the nearly 1/3rd less activity seen in the current market.
Our first table compares key measurements, December 2023 vs December 2022:
Even though the activity in the real estate market had dropped substantially by December 2022; we can still see a large difference a year later in the Active Listings and Sold Units; suggesting we were still in the declining trend for all of 2023.
The next graphic covers the 3-month rolling trend-lines for Pending Sales, over the past 5 or 6 years of date to show how much the real estate market has changed:
The now full-year trend-line for 2023 clearly shows the much lower level of sales activity in the pre-existing home segment of the Vancouver WA real estate market. Also, with the December 2023 & 2022 marks coming in very close to each other; we suspect the resale segment is "firming up" at this lower level, and given the same high level of financing/interest rates.
Moving next to our chart for 3-month and 12-month rolling average Closed Sales, we see that 2023 started and ended the year at about the same low-level; and the "high" for the year had less than one-half the upward move that we see in a typical year:
Given the level of Pending Sales, we don't expect the 3-month (red) trend-line to move much lower at this time.
Looking next at Closed Sales Prices, we have a somewhat interesting / mixed story to tell:
The past few months we've been in an environment of declining prices. We typically see a modest decline this time of the year however, this month we see an "upward" turnaround. Looking a bit further into this, we see a single "whale" of a sale took place this month - a riverfront home sold for over $13 Million!!! The result is the number posted for this month is $6,000 approximately higher than the previous month. However, when this one extremely large sale is removed, December's results would have been $14,000 Lower than the previous month. Thus, this large sale impacted the results for Vancouver by $20,000 - which is no small feat.
Other Stats not graphed/charted here: Active Inventory in months dropped again and is now at 1.2 months from the 1.4 months-level. Average Cumulative Days on Market (CDOM) increased by 4 days to 44.
Thank you for visiting our December 2023 Home Sales and Real Estate Market Report for Vancouver WA. If you or someone you know 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 the process going.
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