Condo Market Report for Vancouver WA - Annual 2013 Recap

Vancouver's Condo Market in 2013 Shows Improvement in Units Sold, ending the Year with Little Price Change, and a Reduction in Distressed Sales.

The Vancouver WA Condo Real Estate Market (we count Attached homes + Condos) is a modest subset of the overall real estate market, coming in at 8.5% of the total units sold.  2013 was a relatively good year for Condos, with these highlights:

• Condo Values changed little, with the end of the year showing the 3-Month Moving Average down 2.76% over the prior year; and the 12-Month Moving Average closed up 1.35%
   
• The Year End Price Trend was sharply Downward for the 3-Month Moving Average and Flat-to-Slightly-Downward for the 12-Month Moving Average
   
• The Absorption Rate at the end of the year was: 126 Days for Vancouver Condos - Still in the Moderate "Seller's Market" Range.
   
• Approximately 321 Resale Condos were sold in 2013, which is about 36 (12.6%) more condos than in 2012.
   
• REO/Bank Owned Condo sales were 72 units (22.4% of total); down from 97 (34.0%) in 2012.  This is consistent with the other cities in Clark County.
   
• Short Sale /Pre-Foreclosure property sales were 84 units (26.2% of total); compared to 80 (28.1%) in 2012.

As November's Real Estate Update illustrated, the Autumn season is typically slower, and combined with the economic uncertainty by the shut-down of the US federal government, caused Clark County and Vancouver to see the first significant pause in rising prices in this recovery phase.

Now for the Condo Charts!  This first chart tallies the number of Resale Condos Sold (Excludes New Construction), with a short term trend line equaling the 3-month Moving Average; and the longer term trend line equaling the 12-month Moving Average.  We use this modest "smoothing" technique, as the Condo Market in Vancouver is considered small from a statistical point of view, and the monthly numbers jump quite wildly - a behavior we try to tame to better allow the true tends to be visible.

Vancouver WA Resale Condo Sales - Units Sold Trend 2013

With Condos a part of our recent overall Vancouver real estate market report this trend line looks somewhat different, if not contrary to the main Vancouver Report - again, this is owing to the relatively small number of units sold each month.  However, the 12 month trend-line shows clearly that condo sales have been improving month-over-month for the past 2.5 years or so.

Next we'll look at the results for Average Condo Prices, with the 3-month moving average line (in red) jumping around quite wildly. This is where the 12-month line (in blue) better defines the trend taking place for any point in time in the market.  It is our opinion we have seen the major "bottom" for prices, although there are still great condo deals out there, as we still have a relatively high level of distressed condo sales within the overall condo market.

Vancouver WA Resale Condo Sales - Average Sales Price Trend

The final series of chats below show the month-by-month action for Unit Sales, Average & Median Prices; and Days on Market:

Vancouver Condo Sales Inventory & Days on Market Trends

These final 3 charts clearly show how relatively brisk the market was in the summer of 2013, with higher Unit Volume, and fewer Days on the Market!  Also of note is the Steep Decline in New Listings (similar to the decline in SFR - Detached listings) at the end of the Year.  Home prices may well be firm if the supply of homes for sale becomes any tighter.

If 2014 is going to behave in a fashion similar to 2013, the first quarter of the year will be the time for Sellers to get their homes ready to sell; and for Buyers the best bargains will be right now!

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PS - Visit the Condo Real Estate Search for Vancouver WA page our website, where we have made it Easy to search by Neighborhood, with condo listings from the entire RMLS.  Sign-up Not Required!

PPS - the buzz with our team and at the RE/MAX office is that 2014 is starting out Very Strongly.  Don't delay with your Condo Selling or Buying Plans - Call Us Soon!

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The charts in this report (prepared by 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.  This "smoothing" of the trend-data helps illustrate the short-term and longer term trends in Vancouver's Condo 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.

Annual 2013 Real Estate Market Recap for Camas WA

Resale Homes see "Choppy" Price Action in the Camas WA Real Estate Market, with Fewer Distressed Properties and Increase in Units Sold.

The Camas real estate market appeared to be a year of reasonable improvement in 2013, with these highlights:

• Mixed Prices Indexes ("Choppy"), Rising early but, by the end of the year the 3-Month Moving Average was Down -8.0%; while the 12-Month Moving Average was a positive 8.31%
   
• End of the Year Prices Trended Steeply Downward for the 3-Month Moving Average, and were Flat-to-Dowward for the 12-Month Moving Average
   
• End of Year Absorption Rate was 95 Days (compared to 108 Days for Vancouver) - Still very much in the range of a Strong "Seller's Market."
   
• 464 Resale Homes (approx) closed in 2013, which is about 66 (16.6%) more units closed than in 2012.
   
• Bank Owned / REO property sales were 39 units (8.4% of total); down from 44 (11.1%) in 2012.  This tracks with the decrease in Bank Owned homes for sale in Clark County.
   
• /Pre-Foreclosure / Short Sale property sales were 49 units (10.6% of total); down from 77 (19.34%) in 2012.
  

We reported in last month's Real Estate Update for Clark County the Autumn season is usually slower, combined with the uncertainty the shut-down of the US government caused, Clark County real estate to see the first significant and sustained break in rising prices in this phase of the economic recovery.

Now for the Camas Charts! - The first one represents the number of Camas Resale Homes Sold (Excludes New Construction), with a short term trend line (in Red) calculated as a 3-Month Moving Average; and the longer term trend line (Blue line) equaling the 12-month Moving Average.

Camas Resale Home Sales - Units Sold Trend 2013

This chart is clearly showing we are in the typical seasonal down-turn - shown by the 3-month (Red) Moving Average line; with the strongest season in the Summer. The longer-term 12-month Moving Average (Blue) line has remained in a somewhat narrow range for the past few years.

For Home Prices, this next chart shows quite "choppy" action with the 3-month/short-term trend line, to where it had risen high above the 12-Month line to then drop steeply, where in November it pierced the 12-month/long-term price trend line and continued falling!  The long-term trend line also shows a "leveling-to-downward" direction at the end of the year.

Camas Resale Home Sales - Average Sales Price Trend 2013

While the 3-Month Moving Average line is "choppy" (owing to the quite small market size of Camas), the Long Term trend (blue line) has shown a strong improvement over most of the year.  Thus, given reasonable stable-to-improving broader economic factors (jobs, un-employment, in-migration), we expect prices to continue a longer upward trend.

Camas Resale Home Sales Inventory & Days on Market - 2013

Finally our last set of 3 charts shows the dynamics of the market throughout the year.  The top chart shows a surge of new listings in the Spring, followed by a surge of closed sales from May through August; which ties in with the Days on Market shrinking in the late Spring through early Fall as shown by the 3rd chart.  If 2014 performs in similar fashion, then the first quarter of the year is the time for Sellers to get their homes ready to sell; and for Buyers the best bargains in Camas are right now!

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PS - Visit our website for the Camas Real Estate and Home Search page, where we have 16 neighborhood searches already set up in addition to 7 category searches, with real estate listings from the entire RMLS.

PPS - the buzz with our team and at the RE/MAX office is that 2014 is starting out Very Strongly.  Don't delay with your Home Selling or Buying Plans - Call Us Soon!

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This Repart and Charts (prepared by Realtor® John Slocum, our resident statistician) are based on home sales recorded 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 the Camas 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.

Real Estate and Home Sales Market Recap for Vancouver WA in 2013

2013's Real Estate Market for Vancouver Shows a Strong Increase in Units Sold, ending with a Slow-down for Rising Prices

Real Estate and Home Sales in 2013 was very good, with excellent improvement in many areas, with these highlights:

• Real Estate Values Gained at the end of the year, with the 3-Month Moving Average up 5.77% over 2012; and the 12-Month Moving Average increased 12.4%
   
• The end of year Price Trend turned sharply Downward for the 3-Month Moving Average and went Flat for the 12-Month Moving Average
   
• The End of Year Absorption Rate was: 108 Days for Vancouver (vs. 115 Days for Clark County) - Still well in the "Seller's Market" Range.
   
• Approx. 3,812 Resale Homes closed in 2013, about 467 (13.96%) more than in 2012.
   
• REO/Bank Owned house & condo sales were 439 units (11.5% of total); a decrease from 505 (15.1%) in 2012.  This is matches the other cities in Clark County.
   
• /Pre-Foreclosure/Short Sale property sales were 590 units (15.5% of total); a decrease from 710 (21.2%) in 2012.

Fall is traditionally a slower season in this market, and combined this year with the economic uncertainty by the shut-down of the US government, caused Clark County and Vancouver WA to see the first significant pause in rising prices in the past 2 years.

Now for our Charts!  This first graphic shows the number of Resale Homes Sold (we Exclude New Construction), with a short term trend line (in Red) equaling the 3-month Moving Average; and the longer term trend line (in Blue) equaling the 12-month Moving Average.

Vancouver WA Resale Home Sales - Units Sold Trend 2013

Vancouver is the largest city in Clark County, and its trend line seems to look quite a bit like the total for the County.  However, Vancouver's 3 month trend-line shows much bolder moves, up and down, for the year; with the 12 month line produced a nice up-move before leveling off. Without a doubt the improved number of home-units sold is a welcome improvement for this market.

Now for the current action on Home Prices, with this next graphic showing a strong move up of about $30,000 for the 3-month line, only to have it retreat $15,000 in the final months of the year.  The 12-month line improved nicely about $23,000, with a slight leveling at the end of the year. We also have the 3 month line now lower than the 12-month line, which is something to watch in the next few months.  For now this may be too early to determine the level of significance, as any correcting market is likely to have periods of "sideways" action.

Vancouver WA Resale Home Sales - Average Sales Price Trend

The final chart series show the month-by-month action for Unit Sales, Average & Median Prices; and Days on Market:

Vancouver Home Sales Inventory & Days on Market Trends

From the last charts it is clear to see how Strong the housing market was in the summer of 2013, with higher Unit Volume, higher Average Prices; and fewer Days on the Market!  Also, it is important to observe is the Steep Decline in New Listings at the end of the Year.  Home prices early in 2014 may rise quickly again if the supply of homes for sale becomes any tighter.

In our opinion the first quarter of 2014 will be the time for Sellers to get their homes ready to sell; and for Buyers the best bargains will be right now!
 

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PS - Visit the Home and Real Estate Search for Vancouver page our website, where it is Easy to search by Neighborhood or by Category, with house and real estate listings from the entire RMLS!

PPS - from the water cooler at the RE/MAX office is that 2014 is starting out Very Strongly.  Don't delay with your Home Selling or Buying Plans - Call Us Soon!

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Graphics and charts in this report (prepared by Realtor® John Slocum, our resident statistician) are based on home sales recorded in the Vancouver MLS system (RMLS), excluding manufactured home sales; 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 Clark County's real estate market.

Disclaimer: as with any real estate market 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.