Both New Listings and Pending Sales Moved Up, with New Listings taking a slight Lead.
After the slow start at the first of the year, two key items show improvement: Active Listings caught up to last year's mark; and Pending Units came in 10.32% higher.
The lower level of Sold Units is a reflection of how January and February were slower for sales than they were for the same two months one year ago.
The next chart shows the 3-month rolling average Trend for Pending Home Sales in Vancouver. With the the trend-line catching up to 2023's line, and March actually exceeding it, perhaps we are now seeing the activity level coming up off the Low for this cycle:
Next we show the 3-month rolling average trend for Closed Unit Sales for pre-existing homes in Vancouver WA:
We see in the above 3-month trend line (red line) that the bottom for the Season has taken place (February, sometimes March is the lowest month for this line); while notably the declining 12-month trend line (in blue) has greatly slowed its descent, and is now looking like it is going to at least level-off.
Lastly we move to the Sales Price Trends. Although the average sales price for March by itself was up, the 3-month trend is still in a down-direction. The 12-month trend is at its all-time high but, appears to be leveling off.
With the typically busier time of year now upon us, we expect prices to firm-up, if not rise again.
Other Statistics for this month not shown in our graphics include: Active Inventory moved up slightly to 1.2 months (vs 1.1 last month); and Average Days on the Market fell by 5 days to 36. The biggest mover was Median Cumulative Days on Market - moving from 30 days to 14; which is a clear sign that homes have begun to sell faster like we usually see in Spring!
A question we are often asked: "are we in a Seller's or Buyer's Market?" In my opinion for the Average/Median price-range we are in more of a Seller's market owing to: 1) such low available Inventory relative to the number of qualified home buyers; 2) the Averaged Days on Market and Median Days on Market numbers are quite brisk for this time of year; 3) this is a rather popular region to move to / live in.
Thank you for checking in our market report for home sales in Vancouver Washington for the month of March, 2024. If you have an interest in us helping you out please contact us soon!
Comments(3)