As November's Real Estate Update illustrated, the Autumn season is typically slower, and combined with the economic uncertainty by the shut-down of the US federal government, caused Clark County and Vancouver to see the first significant pause in rising prices in this recovery phase.
Now for the Condo Charts! This first chart tallies the number of Resale Condos Sold (Excludes New Construction), with a short term trend line equaling the 3-month Moving Average; and the longer term trend line equaling the 12-month Moving Average. We use this modest "smoothing" technique, as the Condo Market in Vancouver is considered small from a statistical point of view, and the monthly numbers jump quite wildly - a behavior we try to tame to better allow the true tends to be visible.
With Condos a part of our recent overall Vancouver real estate market report this trend line looks somewhat different, if not contrary to the main Vancouver Report - again, this is owing to the relatively small number of units sold each month. However, the 12 month trend-line shows clearly that condo sales have been improving month-over-month for the past 2.5 years or so.
Next we'll look at the results for Average Condo Prices, with the 3-month moving average line (in red) jumping around quite wildly. This is where the 12-month line (in blue) better defines the trend taking place for any point in time in the market. It is our opinion we have seen the major "bottom" for prices, although there are still great condo deals out there, as we still have a relatively high level of distressed condo sales within the overall condo market.
The final series of chats below show the month-by-month action for Unit Sales, Average & Median Prices; and Days on Market:
These final 3 charts clearly show how relatively brisk the market was in the summer of 2013, with higher Unit Volume, and fewer Days on the Market! Also of note is the Steep Decline in New Listings (similar to the decline in SFR - Detached listings) at the end of the Year. Home prices may well be firm if the supply of homes for sale becomes any tighter.
If 2014 is going to behave in a fashion similar to 2013, the first quarter of the year will be the time for Sellers to get their homes ready to sell; and for Buyers the best bargains will be right now!
PPS - the buzz with our team and at the RE/MAX office is that 2014 is starting out Very Strongly. Don't delay with your Condo Selling or Buying Plans - Call Us Soon!
The charts in this report (prepared by Realtor® John Slocum, our resident statistician) are based on condo sales recorded in the Vancouver MLS system (RMLS), excluding sales of newly constructed condos; and shows the purchase activity since 2009; charting the 3 month Moving average number of sales, and the 12 month Moving average. This "smoothing" of the trend-data helps illustrate the short-term and longer term trends in Vancouver's Condo market.
Disclaimer: as with any real estate statistics, we do our best to provide the best representation at the time the data was acquired. We deem the data and reports reliable but not guaranteed.