Wednesday, February 3, 2016

Vancouver WA Condo Market Report for December 2015

Vancouver WA Condo Market Post Strong Sales in December 2015!

Luxury Waterfront Condos at the Meriwether in Vancouver WA

 Vancouver WA's Condo and Attached-Home market is experiencing an extreme shortage of available pre-owned units for sale!  Here are the highlights for December 2015:

  • Condo Average Sales Prices reversed the attempt at a seasonal downward direction and are now at the highest level seen in 3+ years, with the 3-Month Moving Average now at $203,354 closing up 4.26% over the prior December; and the 12-Month Moving Average closed up 4.26% from the prior year;
  • 53 Resale Condos were sold in December, which is about 5 (10.4%) More condos than in December 2014;
  • REO/Bank Owned Condo sales were 3 units (5.7% of total); down from 4 (8.3% of total) in December 2014.
  • Short Sale /Pre-Foreclosure property sales were 0 unit (0.0% of total); compared to 3 (6.25% of total) in December 2014.

 Condos + Attached-Homes are quite popular these days in the Vancouver market. We are now down to 0.8 months of supply for pre-owned condos; and have experienced 8 straight months where the Median Days on Market has been less than 20 Days!

We've prepared our Custom Condo Charts shown below to help tell the story! 

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

This segment displayed the peak in the short-term number of units sold in August at 69, with the previous seasonal "turning point" in the prior January.  However, this season we appear to have made the turn in November!

Average Condo Sales-Price trends (shown below) for this month moved sharply upwards, and this makes sense they would with so few units available for sale. We expect the trend for the next few months to stay firm to increasing.

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

The RMLS chats below illustrate the recent twelve (12) months of condo market results - through December 2015, for Unit Sales, Average & Median Prices; and Days on Market:

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

We have now had eight (8) months with the Median Days on Market at the sub-20-day mark. This month's average sales price is also at the highest level for the past 12 months. With the average list price is less than the Sales price, it is clear we are seeing either Full-Price or Competitive Bids for the successful purchasers.

We hope you found this report on the Vancouver WA Condo Market to be helpful in your process to sell or buy in this market time.  Please contact us with any questions or comments; and to let us know how we can be of assistance!

PS - Please visit the Condominiums 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 Condominiums and Townhomes!

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 Condo 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 Condominium 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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