Thursday, December 17, 2015

Vancouver WA Real Estate Market Report November 2015

Resale Home Inventory Shrinks Again in November 2015 for Vancouver WA !

Pressure on Sales-prices continued as the available supply of resale (pre-owned) homes shrinks to an extremely low level for Vancouver WA in November 2015.  Key elements to review for this past month:
  • 308 Resale Homes were sold in November 2015, which is 15 (5.1%) more homes than had sold in November 2014.
  • The Price Trend Lines show the 3-Month Moving Average reversing direction and trending upward again! - now up 10.92% over the prior year at $271,893; and the 12-Month Moving Average up 9.13%, and now at $263,610.
  • Short Sale /Pre-Foreclosure property sales were 7 units (2.27% of total); up 1 unit from last month; and a big decrease when compared to 17 (5.8% of total) in November of 2014.
  • REO/Bank Owned home sales were 13 units (4.2% of total); similar to last month but a nice decrease when compared to 31 (10.6% of total) in November of 2014.
  • Available Inventory for Resale Homes at the end of November has been reduced again and is now at 1.3 Months from 1.5 last month!
This local real estate market is still very much in the extreme end of the Seller's Market spectrum; as the nation-wide available inventory for resale homes is at 4.8 months (slightly into a seller's market) while Vancouver WA is currently at 1.3 months!  With our market in such an out-of-balance condition, the typical seasonal "decrease" in the average sales price is under severe pressure!

The charts below show how far Vancouver's market for Existing Homes has improved since 2009.  
Vancouver Washington Resale Home Sales November 2015 - Units Sold Vancouver WA Resale Home Sales - Units Sold Trend November 2015

The above chart for Units-Sold clearly show the increased level of activity for the past 12+ months.  The seasonal pattern is still evident in the 3-month line however, the turning-points have been much higher than in previous years.  For the year-to-date volume we are 738 homes (19.9%) above 2014's volume!   

Continuing with the chart below, one of the not-so-surprising results of the low inventory is slight up-tick for the short-term average sales price - which would typically be trending downward at this time of the year.  The long-term trend line is continuing upward at about the same rate of increase (positive slope) that it has show for the past three years.
Vancouver WA Resale Home Sales November 2015 - Average Sales Price Trends Vancouver WA Resale Home Sales - Average Sales Price Trend

58 properties (18.8%) closed at $200,000 or less when sold; with 97 (31.5%) sold that were priced $200,000 to $250,000. In comparison with the 2014 measurement, 62.8% of the November sales were at $250k or below; while this November that reading is now at 50.3%.

Finally, we have three charts (below) from the Regional Multiple Listing Service showing the recent real estate market action for Unit Sales, Average & Median Prices; and Days on Market:
RMLS Charts of Vancouver WA Resale Home Sales Trends in November 2015 Vancouver Resale Home Sales Inventory & Days on Market Trends

The string of seven (7) straight months has been broken where the Median Days on Market were less than 20 days; although the November results show a much quicker turn-around in market times than what we would expect to see for November.

Thank you for viewing our report, and please contact us with any questions, comments or requests for assistance.

PS - Please visit our Homes  Listed For Sale in Vancouver WA page.  We've made it Easy to search by Neighborhood or by Category, with Homes  and real estate listings from the entire RMLS.  Sign-up Not Required!

Some of the Popular Searches include:  Felida Homes; Fishers Landing Homes; Cascade Park Homes; The Heights Homes; Hazel Dell / Lakeshore Homes; Minnehaha / Walnut Grove Homes; And Salmon Creek Homes.

A few of the Category searches include: Foreclosures Vancouver WA; Vancouver WA Short Sale Listing Agents; Lots and Land for sale in Vancouver WA.

PPS -2015 has broken records for the Vancouver Washington real estate market.  Do You Have Home Selling or Buying Plans this Autumn/Winter Season? - Call Us Right Away!

This report and custom charts (prepared by John Slocum Realtor®, our resident statistician) are based on home sales posted in the Vancouver MLS system (RMLS), excluding sales of mobile home; 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 WA's real estate 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.

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