Condo Market Running out of Supply in Vancouver for September 2015!
Condos
for sale in Vancouver WA (aka Apartments-to-Own) have done so well,
especially in terms of Unit-Sales-Volume, we have entered an extreme scarcity of
condos available for sale! Here are the highlights for September2015:
- Condo Average Sales Prices have actually moved more of a sideways direction, with the 3-Month Moving Average
now at $198,428
closing down 0.44% over the prior September; and the 12-Month Moving Average closed up
9.0%
- 50 Resale Condos were sold in September, which is about 17
(-28.3%) Fewer condos than in September 2014;
- REO/Bank Owned Condo sales were 0 units (0.0% of total); down from 11
(16.4% of total) in September 2014.
- Short Sale /Pre-Foreclosure property sales were 1 unit (2.0% of total); compared to 2 (3.0% of total) in September 2014.
Like we have seen for
Single-Family Residential (SFR) Homes for sale in Vancouver WA, Condominiums and Attached-Homes have
perform very well so far in 2015. However, the demand has been so great
that the available inventory is in extremely short supply currently - at 1.5
months of available inventory!
Our Custom Condo Charts for Vancouver will
help tell the story!
Vancouver WA Resale Condo Sales - Units Sold Trend September 2015The units-sold chart (above) is showing the typical seasonal retreat however,
since the inventory level is so very low, we suspect there would be much less
indicated slowing if there were more condos available for sale! Is this a
trend that suggest more Condo projects need to be built in Vancouver?!
In fact we are seeing new condo or attached homes going in at places like
The Lakes Condos;
Renaissance at Hiddenbrook Townhomes;
Stoneleaf Townhomes; and
Erickson Farms.
This month's Average Condo Sales-Prices are
slightly contradictory showing an inability for the short-term trend line to
surpass the level achieved in 2014. However, we must remember this is a
relatively small market where a sale or two at the luxury end of the market can
cause the price-averages to move quite a bit for any particular month/quarter.
It is worth noting that the Long Term trend-line is clearly showing a "Top
Formation" with the direction being in a side-ways to slightly downward
direction at this time.
Vancouver WA Resale Condo Sales - Average Sales Price Trend
The set of RMLS chats below show the
most recent twelve (12) months of action - through
September 2015, for
Unit Sales, Average & Median Prices; and Days on Market:
Vancouver Condo Sales Inventory & Days on Market Trends
September's very strong performance is shown in this last trio of charts. With
now 5 Months for the Median Days on Market at the sub-20 market. This is
clearly a good time for a Condo Seller to put their home on the market, and a
Condo buyer to be one-hundred (100%) percent prepared to make their purchase
when that right condo becomes available!
We hope you found this
Vancouver WA Condo Market to be informative. Please contact us
with any questions or comments; and to let us know your selling or buying plans!
PS - Please 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 Condos!
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 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 Condo 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.
