Monday, January 25, 2016

Vancouver WA Real Estate Market Report December 2015

Resale Home Sales Complete a Record Year in December 2015 for Vancouver WA !

Vancouver WA real estate and home sales in December 2015 performed extremely well, capping off an over-the-top 12-month performance.  Highlights for the past month include:

  • 363 Resale Homes were sold in December 2015, which is 42 (13.1%) more homes than were sold in December 2014.
  • The Price Trend Lines show the 3-Month Moving Average moving very sligthly below the peak for the year! - now up 9.93% over the prior year at $270,085; and the 12-Month Moving Average up 8.64%, and now at $264,947.
  • Short Sale /Pre-Foreclosure property sales were only 10 units (2.8% of total); which is a substantial decrease when compared to 23 (7.2% of total) in December of 2014.

  • REO/Bank Owned home sales were 23 units (6.3% of total); quite a decrease from 33 (10.3% of total) in December of 2014.
  • Available Inventory for Resale Homes at the end of December has been shrunk again from 1.3 Months down to 1.1!

Unlike our typical report for December of past years, we have seen an increase in closed sales when compared to November; combined with prices holding relatively steady!  With fewer properties coming onto the market to replace those that have been sold in this sales-surge, there has been another strong decrease in the available inventory for home buyers to shop from. 

Another likely reason for December showing stronger results than November will be the longer interval required now for a financed transaction to close.  Two years ago a typical loan took 30 days to close; then, during the boom of 2015 that time-line stretched to about 40 days owing to the stretching of the capacity of Appraisers and Loan Processing & Underwriting.  Adding to the time-burden, the new federal disclosure rules for home loans is taking us out to 45 days or slightly longer to close a transaction with a home loan. 

The charts below show the most recent action in Vancouver's market for Existing Homes, and how far this market has changed since 2009.  

Vancouver Washington Resale Home Sales December 2015 - Units Sold Vancouver WA Resale Home Sales - Units Sold Trend December 2015

Three years ago Vancouver's sales volume broke out of its doldrums; which was again confirmed by last year's performance.  The unit-sales for 2015 have exceeded the peak for the 2 most recent years by a substantial margin!

Currently we are seeing the typical seasonal pattern with the number of homes sold retreating from their summer-seasin highs. With the inventory level so very low at this time, we would not be surprised if the short term trend line is seen above the long-term trend-line in the next month or two.   

The Average Sales Price Trend, shown in the chart below, is much stronger this year during the Winter season.  Like the short term trend for unit sales, we expect the short-term price trend to turn upwards again in the next month or two.

Vancouver WA Resale Home Sales December 2015 - Average Sales Price Trends Vancouver WA Resale Home Sales - Average Sales Price Trend

84 properties (23.1%) closed at $200,000 or less when sold; with 131 (36.1%) sold that were priced $200,000 to $250,000. In comparison with the 2014 measurement, 66.0% of the December sales were at $250k or below; while this December that reading is now at 59.2%.  

These last three charts (below) from the Regional Multiple Listing Service show the most recent 12 months real estate market action for Unit Sales, Average & Median Prices; and Days on Market:

RMLS Charts of Vancouver WA Resale Home Sales Trends in December 2015 Vancouver Resale Home Sales Inventory & Days on Market Trends

The msot telling of the 3 is the last chart, where the Days on Market for November and December are extremely low for this time of year - especially companed to the 2015 results for January and February!

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.