Tuesday, January 31, 2017

Condo Market Report for Vancouver WA - 2016 Summary

Robust Sale Activity Throughout 2016 for Condos in Vancouver Washington!

Viewpont at VancouverCenter Condos in Downtown Vancouver WA
 One of the most popular segments of the local real estate scene are Condos for sale in Vancouver Washington.  This past year we've seen record demand, without a concurrent increase in new listings; leaving us with an incredible Seller's Market. Here are the highlights for the year 2016:

  • The 3-Month Moving Average Condo Average Sales Prices are at $213,427 - record high levels,  closing up 4.9% over year-end 2015; the 12-Month Moving Average also closed up a strong 7.9% from last year;
  • 644 pre-owned Condos sold in 216; down about 18 (-2.7%) from 2015's condo sales - clearly  we are at Capacity for the Condo segment of  the overall Vancouver WA Real Estate Market;
  • 21 REO/Bank Owned Condo units sold (3.3% of total); down from 50 (7.6% of total) in 2015.
  • 10 Short Sale Condo units sold (1.6% of total); compared to 19 (2.9% of total) in 2015.
With 18 fewer units sold this year compared to 2015's sales, combined with rising prices assures us we are still in a Seller's Market for Condos.

We'll continue with our Custom Charts below: 
Vancouver Washington Condo Sales total year 2016 - Units Sold Vancouver WA Resale Condo Sales - Units Sold 2016
We see a clear leveling in the long-term chart, with a higher-low, and lower-high for the short term trend line. We see this as a good sign that the condos are selling about as fast as they come on the market, no matter what time of the year.

Vancouver WA Condo Sales total year 2016 - Average Sales Price Trends Vancouver WA Resale Condo Sales - Average Sales Price

For over a year now the long-term price trend has been in a steady up direction, with the short-term trend staying above that line.

Finally, Unit Sales, Average & Median Prices; and Days on Market information shown below (from RMLS ), shows the recent two-year's worth of condo market results - January 2015 through December 2016:
Charts of Vancouver WA Condo Sales Trends for total year 2016 Vancouver Condo Sales Inventory & Days on Market Charts

Inventory-by-Month is shown first, with the closed sales in 2016 fairly consistent from month-to-month.

The second graph shows the gradually higher list-prices, and sales prices.

Lastly, the Pace of Sales, as measured by the Average Days on Market and Median Days on market was very brisk in 2016 compared to 2015!

We hope you found our report helpful on the 2016 Condo Market in Vancouver WA.  Please let us know your questions or comments; as we are glad to be of assistance!

PS - Do you have Condo Selling or Buying Plans in 2017 - then Call Us Soon!   We also offer a no-cost, no-obligation Vancouver WA Condo Valuation, and know you'll want to try it out! 

PPS - You may also want to 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 Condominiums and Townhomes!

The information and charts for Vancouver WA Condos in this report (prepared by Vancouver WA Condo Listing 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.

No comments:

Post a Comment