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Vancouver WA Real Estate Market Update February 2024

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

A Nice Up-Tick in New Listings and Pending Sales; While Sales Prices Remained Unchanged from Last Month.

With warmer weather coming into the area, we have seen a nice move up in both Active Listings and Pending Sales; while Closed Sales moved up only slightly; and the Average Sales Price also moved up slightly, as shown in our first graphic below:

Vancouver WA Real Estate Stats for February 2024 vs 2023The increase in Active Listings is a welcome improvement over last month, as the January statistic was only one (1) unit higher than January 2023! With the improvement in available homes to purchase, it is also a welcome sign to see strong improvement in the Pending Sales.

Our next graphic shows the 3 month rolling average trend for Pending Sales, covering the current year plus the 5 previous years:

Vancouver WA Pending Home Sales Trends February 2024
This month we can clearly see a somewhat strong move upward in the 2024 trend, with January being much below the 2023 mark; while the February mark moved up strongly to almost catch the February 2023 mark.  Clearly there are Home Buyers making a move, even at this still-high home loan interest rate levels.

Next up we show the 3-month Rolling Average Trend for the Number of Closed Sales:
Vancouver WA Rolling Average Home Sales Trends for Unit Sales February 2024This chart provides a nice look at the Year-to-Year Seasonality to our home sales market; as well as how Deep the current slump is. The date available here only goes back to 2009; and we are clearly at the lowest level during that time-span - which is even lower than the slump from the 2008/9 Great Financial Crisis!  This month we do see the line turning upwards so, let's watch this in the coming months.

Our final chart shows the 3-month rolling average sales prices for existing home sales:

Vancouver WA Home Sales Rolling Average Sales Price Trend February 2024We are still in the now-Late Winter period of softer sales prices, and see the 3-month trend-line going in a moderately downward direction.  The 12-month line however, is still showing some positive gains thus, we are still likely in a generally Up Market, as far as prices go.

Other Statistics for this month not shown in our graphics include: Active Inventory moved up slightly to 1.1 months (vs 1.0 last month); and Average Days on the Market fell by 3 days to 41.

With this Leap Year February giving us one more day of activity; this one extra day does not fully account for the nice increase in Active Listings and Pending Sales. We feel that if Interest Rates can moved down to a more reasonable level, we should expect a much higher level of home sales activity in the Vancouver Washington market after that change.

Thank you for viewing our update on the Vancouver WA real estate and home sales market for February 2024. Please don't hesitate to contact us of we can help you with your home sale or purchase in 2024!

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello John and thank you for sharing your market report with us here in  the Rain.  Make it a great start to the week.

Mar 25, 2024 10:43 AM
John Slocum

Hi Will Hamm - glad to share these reports and thanks for stopping by. Have a great month of April and beyond!

Apr 01, 2024 04:33 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

John Slocum this is good information to both Buyers and Sellers in your area.

Mar 25, 2024 01:46 PM
John Slocum

Hi George Souto - our customers do like this info, especially in this unusual market climate. Thanks for stopping by and commenting!

Apr 01, 2024 04:32 PM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for sharing this report!  This is exactly what buyers and sellers need to make informed decisions.

Mar 26, 2024 04:41 PM
John Slocum

Hi Jim Crawford - glad you like our report and thanks for stopping by!

Apr 01, 2024 04:31 PM