New Listings and Sold-Prices are Rising Strongly while Pending Sales remain a Lagging metric, coming it a comparable low-level like last year for Real Estate Sales in Vancouver Washington.
Although the number of Active Listings has moved up from the Winter Low, we are 76 units below the count at this time last year (-14.5%). This month we see Pending units slightly up from last year, with sold units down slightly. The Average Sold Price is up strongly at over $22k.
Our next chart plots the 3-month rolling average Trend for Pending Home Sales in Vancouver. With the the trend-line catching up to 2023's line in the February to March time, it has otherwise been hugging last year's trend quite closely:
Without a great improvement in real jobs / wages; combined with some truly lower finance rates, we expect this lower level of sales to be the new normal for quite some time.
The 3-month rolling average for Closed Unit sales is up next:
At this point confirming our remarks above about the new-normal lower level of activity, the 12-month trend-line (blue) is leveling off; while the 3-month line (red) is moving up as it does in this season but it is not rising up to anywhere near the previous levels.
Finally we have the Sales Price Trend to show you:
In this environment of both constrained supply, and higher financing costs, the short-term trend (red) has now hit an all-time high; while the long-term trend (blue) has been hitting new highs, although slowly, for each of the past few months.
Additional Statistics for this month not shown above include: Active Inventory moved up strongly to 2.0 months (vs the low 1.x's); and Average Days on the Market remained at the same brisk 23 Days. With the Average DOM at 23, and Median at 7 Days, for the buyers that are active, they are responding very quickly!
We are hearing that the Federal Reserve is not intending to raise interest rates in the near future, and with current buyer demand reasonably strong, we'll continue to call this a Seller's Market with conditions (conditions such as: you can find an affordable replacement home where you want to next live at,...).
Thank you for visiting our market report for home sales in Vancouver Washington for the month of May, 2024. If you have an interest in us helping you out with selling real estate or, buying a home, please contact us soon!
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