While February 2016 saw the Vancouver market turn in a strong tally for closed Units-Sold, February is starting to see the strain caused by the incredibly low-level of available homes on the market. February's highlights include:
With such a tremendous surge of home sales in 2015, it is perhaps little
surprise that at some point we'd start seeing down or erratic behavior in the
unit-sales once we work through the inventory of homes where the sellers had
previously delayed their sales plans. With only One Month of available
inventory, combined with quite low levels of bank owned home sales and short
sales; we think we've hit the point where prices can continue their upward trend
even when unit sales don't break new records.
The Vancouver WA real estate market has changed considerably since 2009, as the following charts show.
The Unit-Sales chart (above) is clearly showing that the greatly reduced sales in February has been strong enough to cause the long-term average line (in blue) to sideways or slightly downwards - which is quite a change over its steady rise the past two-years.
Unlike the typical seasonal dip in average sales prices, this year the "dip" has been extremely small - and looks more like sideways action, as seen below.
47 properties (18.51%) closed at $200,000 or less when sold; with 97 (38.2%) sold that were priced $200,000 to $250,000. In comparison with the 2014 measurement, 72.4% of the February 2015 sales were at $250k or below; while this February that reading is now at 56.7%.
The final 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:
The Average List price has taken a significant jump higher this month. Will we see much higher closed sales-prices a result?
Thank you for viewing our report, and please contact us with any questions, or requests for assistance.
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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.