A Surprising Bump in Pending Sales this Month; although Average Closed Sales Units and Sales Price is Easing
Active listings this month are slightly higher than a year ago, and from last month; with Closed Sales down modestly from last year. The big change is with Pending Units going up by almost 32%! The Average Sold Price is less than $1k higher than last year, reflective of the market slowing down with respect to prices.
The next chart shows the year-by-year average trend line for Pending Sales for resale homes in Vancouver WA. The bump this month in Pending Sales is strong enough to move the 3-month average trend up a visible distance above the "new normal" trend we've been experiencing the last two years.
Next up we show the 3-month average trend line going back 15 years for the Closed Home Sales. We see that the market has peaked for the season and is at least one month into the seasonal slow-down as measured by the 3-month line; while the 12-month trend is still holding steady:
The Sales Price Trends chart is our final one for this report, and it shows that we've likely already hid the peak price for this season, and are now declining slightly. With prices significantly above the amber line (longer term price trend) it is clear our current bubble is still "inflated" somewhat:
Also, not shown above for this month include: Active Inventory is again at a 2.4 months level, an improvement but it hasn't moved much recently. Time on the Market as measured by Average Days is slowing and is now at 40 Days; with the Median at 23 Days.
Even with the Fed implementing a 50 basis point cut in rates, we are still seeing the average rates coming in at about 6.0% to 6.5% In our opinion this is still going to slow the ability of this market to return to a previously seen higher level of activity.
Thank you for reading our September 2024 Real Estate and Home Sales Market Report for Vancouver Washington. Please let us know if we can help you with your Home Selling needs in this area!
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