Wednesday, June 17, 2015

Condo Real Estate Market Report Vancouver WA May 2015

Strong Sales Results for Vancouver's Condo Market in May 2015!

Waterfront Condos at Tidewater Cove in Vancouver WA

 Vancouver Washington Condos (aka Apartments-to-Own) have turned in another outstanding month for both Unit-Sales-Volume, and Average Sales Price.  Here are the highlights for May 2015:

  • Condo Average Sales Prices are on the move up, with the 3-Month Moving Average now at $196,015 closing up 14.8% over the prior May; and the 12-Month Moving Average closed up 23.9% - this on top of substantial gains in 2014!
  • 59 Resale Condos were sold in May, which is about 7 (13.5%) more condos than in May 2014;
  • REO/Bank Owned Condo sales were 5 units (8.5% of total); down from 11 (21.2% of total) in May 2014.
  • Short Sale /Pre-Foreclosure property sales were 1 unit (1.7% of total); compared to 1 (1.9% of total) in May 2014.

On a combined basis the Distressed-property segment for Condos at just over 10% is very close with the rest of the Vancouver market, and a welcome relief of the levels seen just a few years ago.

Now for the Custom Charts for Vancouver Condos! 

Vancouver Washington Condo Sales May 2015 - Units Sold Vancouver WA Resale Condo Sales - Units Sold Trend May 2015

The Vancouver WA Condo market is a sub-component of the overall real estate market in Vancouver  thus, the trend line will look unique owing to the relatively smaller population of units sold each month.  The 12 month trend-line is still showing a Strong Up-Trend in Unit-Sales!!!

Continuing on (below),  the results for Average Condo Sales-Prices, with the 3-month moving average line (in red) moved downward substantially during the most-recent Fall and Winter Quarters; and is now strongly upward again. However, the 12-month line (in blue) has also turned sharply with an upward price-change trend.  This comes as no surprise as a major trend is developing in favor of Condos, Patio-homes - all with less upkeep and size.

Vancouver WA Condo Sales May 2015 - Average Sales Price Trends Vancouver WA Resale Condo Sales - Average Sales Price Trend

The set of RMLS chats below show the month-by-month action - through May 2015, for Unit Sales, Average & Median Prices; and Days on Market:

Charts of Vancouver WA Condo Sales Trends in May 2015 Vancouver Condo Sales Inventory & Days on Market Trends

These last charts further highlight May's strong performance, especially with the Median Days on Market now below 20!  RMLS is showing the Inventory level for Vancouver Condos at 1.9 months (1.5 last month) - which is and improvement but still an extreme Seller's Market level. 

We appreciate you took the time to learn more about the Condo Market in the Vancouver Washington market area.  Please feel free to contact us with any questions or comments; and to let us know your selling or buying plans!

PS - You are invited visit the Condos For Sale in Vancouver WA page at our website, where we have made it Easy to search by Neighborhood for Condos, with listings for condos from the entire RMLS.  You do not have to Sign-up to view Condos!

PPS - Don't wait any longer with your Condo Selling or Buying Plans - Call Us Soon!

The statistical charts for Vancouver WA Condos in this report (prepared by Vancouver WA 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.  The "smoothing" of the relatively sparse-data helps to better illustrate the short-term and longer term trends in Vancouver's Condo market.

Disclaimer: as with all 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.

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