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Vancouver WA Real Estate Market Update March 2024

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

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.

Vancouver WA Home Sales by month comparison 2023 vs 2024The 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:

Vancouver WA Pending Home Sales Trend March 2024

Next we show the 3-month rolling average trend for Closed Unit Sales for pre-existing homes in Vancouver WA:

Vancouver WA Closed Home Sales Unit Trends for March 2024
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. 

Vancouver WA pre-existing Home Sales Price Trends for March 2024
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!

Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

Great report !   Please follow me, I just did likewise.

Apr 04, 2024 03:15 PM
John Slocum

Hi Michael Elliott - Glad you like our report. Now following - thanks!

Apr 10, 2024 11:37 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for sharing this report.  Best wishes!

Apr 05, 2024 07:22 AM
John Slocum

Hi Jim Crawford - thanks for checking out our report on Vancouver WA home sales. Cheers!

Apr 10, 2024 11:38 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Apr 06, 2024 08:07 PM
John Slocum

Hi Myrl Jeffcoat - Glad you like our Vancouver Washington real estate update, and thanks  for stopping by!

Apr 10, 2024 11:39 AM