Real Estate Market Report for Vancouver WA September 2015

Home Sales Show Seasonal Slowing for September 2015 in Vancouver WA !

The expected evidence of the seasonal peak has made itself clear for the sales data for Vancouver Home Sales for September 2015.  Key stats for this past month:

• 420 Resale Homes were sold in September 2015, which is 3 (<1%) more homes than had sold in September 2014.
   
• The Price Trend Lines show the 3-Month Moving Average trending downward, although up 6.34% over the prior year at $271,847; and the 12-Month Moving Average up 9.40%, and now at $259,441.
    
• Short Sale /Pre-Foreclosure property sales were 13 units (3.1% of total); up slightly from last month; and a substantial positive change compared to 21 (5.04% of total) in September of 2014.
  
• REO/Bank Owned home sales were 14 units (3.3% of total); slowing their downward trend compared to 36 (8.6% of total) in September of 2014.
   
• Inventory for Resale Homes at the end of September has slipped to 1.8 Months! - a Seller's Market that has become more extreme!

The graphical part of our presentation comes with real estate market charts to we have prepared that allow the monthly-reported data to be smoothed into 3-month and 12-month rolling averages.

The Portland/Vancouver metro market area has made national news as being one of the stronger real estate markets in the country; owing to a relatively large in-migration to this area.  This growth appears to reflect itself at this time of the year with the average sales showing more of a "pause" rather than a "retreat."  

Vancouver WA Resale Home Sales - Units Sold Trend September 2015

Although the Unit Sales trend is showing the seasonal slowing, of note this year is the much higher level it has achieved for early Fall - about 10% higher than in the previous two years at this time.    

The chart below is showing Vancouver's Resale Average Home Sales-Prices, and how the flat-top has continued from last month!  When we recall from above that the Inventory level has been reduced from 2+ to 1.8 months, it makes sense there is downward resistance in this price-trend line.

Vancouver WA Resale Home Sales - Average Sales Price Trend

77 properties (18.3%) were priced $200,000 or less when sold; with 151 (36.0%) sold that were priced $200,000 to $250,000. In comparison, in 2014 there 62.35% of the September sales were at $250k or below; while this September that is now at 54.3%.

From the Regional Multiple Listing Service the charts below show the past twelve-month's of action for Unit Sales, Average & Median Prices; and Days on Market:

Vancouver Resale Home Sales Inventory & Days on Market Trends

WOW! - we have now had six straight (6) months where the Median Days on Market are less than 20 days!  The overall Average Days on Market is also at the lowest point for the entire year!

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PS - Please visit our Homes  Currently Listed For Sale in Vancouver WA page.  We've made it Easy to search by Neighborhood or by Category, with Homes  and real estate listings from the entire RMLS.  Sign-up Not Required!

Some of the Popular Searches include: Cascade Park Homes; The Heights Homes; Hazel Dell / Lakeshore Homes; Felida Homes; Fishers Landing Homes; Minnehaha / Walnut Grove Homes; And Salmon Creek Homes.



PPS -2015 is breaking records for the Vancouver Washington real estate market.  Do You Have Home Selling or Buying Plans this Autumn Season? - Call Us Right Away!

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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.

Real Estate Market ReCap for Vancouver WA 2011 Results

Short Sales and Foreclosures Tempered the Real Estate Recovery in 2011 for Vancouver WA

Late in the year 2010 many real estate economists expected the start of the Third and largest wave of Foreclosures in the USA.  We have reviewed the home sales dataˡ from the Vancouver MLS for the year 2011, and summarized it in a form that will let us illustrate the depth of this challenge to our local economy.

Homes For Sale in Vancouver WA -- Composition and Volume Level

The Current Housing Inventory available for sale is the level of homes listed at any one time. The "Normal" level of inventory is about 6 months of supply (calculated by dividing the Active Listings by the Sold listings for that month).  Clark County started January 2011 with 11.7 months of supply (also known as a Buyers Market with abundant inventory relative to the number of home buyers); and ended the year with a 6.5 month level -- which is a substantial reduction during the year.  Removing the inventory of listings categorized as "New" the level is down to 4.8 months; and nearing the range of a Sellers Market!

Even with the greatly reduced level of housing for sale appearing to be a Sellers Market, the continued falling of prices is 2011 shows how powerful the Distressed property segment has been.

Over Half of the 2011 Vancouver WA Home Sales are Distressed Property Sales

The Vancouver MLS was updated in 2009 to allow the tracking of Foreclosures and Short Sales, which allows reporting here.  Another Distressed Property element are the homes purchased at the Foreclosure Auction by Flippers.  Many but not all of the Flipped homes (Flips) were listed and sold; as some were pre-sold and won't be tabulated here.  The Flip segment is also harder to gather all the data within RMLS thus, we'll only have an estimate for the Flips that were listed and sold.

From our review of the homes sold through the Vancouver MLS for the total year 2011, we believe that prediction of the Third and Largest wave of Foreclosures came true.  It is also a fact that a good number of Short Sales are still awaiting their offers to be approved by the bank from the Second Wave, and even the First wave!

Total Vancouver home sales increased by 202 units (6.4% -- 3,335 in 2011 vs. 3,122 in 2010).  However, the Distressed Property segment came in at 1,720 (includes the estimate for Flips), a whopping 51.6% of total sales.  This percentage compares to 50.2% County wide.

Affordability Hits Another High with Prices and Interest Rates Heading Down

Early in 2011 we saw home loan interest rates in the mid-4% range, and even hitting 5% for a moment; until they turned and fell to new historic lows just under 4%.  Combining the low lending rate with the falling prices, the Housing Affordability Index as reported by the Washington Center for Real Estate Research shows Vancouver and Clark County's housing as one of the most affordable areas in Washington's I-5 corridor!

Searching for Equilibrium and the New Normal

Any Recession, and more so in a major housing led Great Recession, the real estate market seeks out a new equilibrium -- which often seems like that mythical place (will we ever get there?) where the supply of houses will match the demand for them; with prices back on a slow and steady upward path.

For 2011 the transaction activity, as evidenced by this chart, shows a much more typical rise and fall of activity throughout the year.  We view this as some sense of purchase normalcy returning as buyers are being motivated to purchase based on their basic needs, and not by at artificial federal incentive program. (more charts and statistics available by clicking on the chart).

During the year, only two months saw the Median Days on Market go slightly above 100 days; and in the summer the median came close to 50 days.  Little by little, many of the key indicators of market health are showing improvement.

What's in store for 2012?  We'll be exploring that in a future updates -- Stay Tuned!
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Note 1: The type of Residential Homes reviewed are Single-Family Detached; Attached (Townhome-style); Condos and PUD.  Excluded are In-Park; Floating and other types.

Real Estate and Homes Sales Snapshot for Vancouver WA Jan 2012

Homes Sales in Clark County Still Challenged with Distressed Properties

This report is a snap-shot look at the Clark County WA real estate results for January 2012.  The table below shows the approximate number of listings Active, Pending and Sold at the end of the month.  The columns then break out the elements by Categories: Total Homes; Short Sales and PreForeclosures; Foreclosures (Bank Owned).

Without too much analysis in this report (the more in-depth report is due out next week - stay tuned!) we see that the total Inventory is way down from prior years; with Closed Sales down (typical for January) to a near-term low; although the Pending Sales were quite strong.
For Home Sellers, this type of market is the near-term "normal."  Do you want to sell now at the market price or, bet that that the market prices won't slip further?  -- not an easy call.

For Home Buyers with a good source(s) of income this is probably the best time to purchase a house or investment property in decades.

The Distressed Property results are the most challenging to the housing recovery for the Clark County real estate market.  With Short Sales and Bank Owned properties combined running at 53% to 54% for Pending and Sold listings, the ability to heal the market quickly faces some tough hurdles.
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This report was prepared by John Slocum, Realtor & Broker with REMAX Vancouver WA.  The data provided by the RMLS is deemed reliable but not guaranteed.

Real Estate Market Statistics for Clark County WA December 2011

Well Performing Home Sales in Vancouver WA and Clark County WA for December 2011

With 2011 coming to a close, Home Sales in Vancouver WA and Clark County beat out November 2011 numbers and 2010 total-year's results, with Closed Volume moving up to 382 units.  However, the 3-month rolling average sales price dropped to another low as very few higher-end homes saw sales action.  Pending Sales were off slightly as well - at 360 units (402 the month before).  With the 4th Quarter sales volume coming in stronger that last year, we clearly beat last years sales level by 136 units: 4,847 sold in 2011 vs. 4,711 sold in 2010.

The information charted below is based on home sales entered into the Vancouver MLS system (RMLS), and exclude sales of mobile homes.

The Chart Below (prepared by John Slocum, our resident statistician) shows the purchase activity since 2009; charting the 3 month rolling average number of sales, and the 12 month rolling average.  This simple "smoothing" of the data better helps illiustrate the short-term and longer term trends in the Clark Conuty homes / real estate market.

Currently, the Affordability Index for real estate and Homes in Vancouver WA is at a major high for this generation; and with continued low interest rates and lower price levels, this index has improved even more!  Thus, our outlook for home buyers is Very Positive in 2012.

The next chart below shows the Average home sales price trends (3 month and 12 month) for the same time period.  As you can see, with the extended higher level of purchasing activity we are clearly seeing support for home sales prices, with the outlook as "Firming up."

Comparing the 3-month moving average for sales price; we have $208,197 for December 2011 vs. $228,461; a net decrease of $20,264 or -8.9%.  The increased level of Distressed properties on the market in 2011 were clearly a strong driver causing the lower prices; combined with the noticeably few luxury home sales (one luxury home sale can move the average up by several thousands of dollars in any particular month).

Finally, the Level of Available Resale Inventory is an important indicator of market health; and we show 5.5 months Clark County-wide; and 4.8 months for the sum of Vancouver zip codes -- a number that is substantially lower than last year.

Charts:  For the enthusiasts that like to examine charts, we have the sales results for the Resold Inventory (excludes new homes) by Community that you may find helpful:

Clark County WA Home Sales Results and Charts
Battle Ground WA Home Sales Results and Charts
Camas WA Home Sales Results and Charts
La Center WA Home Sales Results and Charts
Ridgefield WA Home Sales Results and Charts
Vancouver WA Home Sales Results and Charts
Washougal WA Home Sales Results and Charts

Please let us know if you have any specific questions or comments!

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.

Home Deals in Vancouver WA | Short Sales vs Bank Owned Homes

Which is The Better Deal?  Vancouver WA Bank Owned Homes or Short Sales?

In Vancouver WA and Clark County Distressed Properties - Foreclosures (aka Bank Owned Homes) and Short Sales Homes;  are a weighty part of the available housing inventory. The Big Question arises at this time: for Home Buyers - what's the best Deal? - will Foreclosures or a Short Sales be the better home to buy; or, is it a regular Owner Occupied Home for sale?

In finding an answer, we took a sample of Vancouver and Clark County homes sold in 2011 to see if any trends emerge. For this sample the main components were: Year Built: 1990 to 2010; Size of Home: 1,800' to 2,200'; Lot Size: less than 1 acre; Sold: between May and October, 2011.

This home search found a total of 297 Closed Sales; 152 of the houses sold were non-distressed; 57 were Short Sales; and 88 were Bank Owned (already foreclosed by the bank). Since not all short sales homes listed actually close, seeing fewer total short sales closed vs Foreclosures is not surprising.

We were also concerned that there are a good number of homes being purchased at the Foreclosure Auction, Rehabbed, then Flipped (listed and sold) as a "normal" sale. So, we went back to the list of 152 "normal" sales from the original screen and found 22 homes that were either Flips (16) or, HUD Foreclosures (6) homes that should have been listed as Bank Owned Homes. Revised Totals now show: 130 Normal Sales (43.8%); 57 Short Sales (19.2%); 94 Bank Owned Homes (31.6%) and 16 Foreclosure-Flips (5.4%). Below is a simple chart prepared to compare key elements:

Our findings shown on this chart show Short Sales are sold on average $2 per square foot lower than Bank Owned Homes. However, the Average Days on Market (DOM) figure for bank owned homes is much lower. Thus, it makes sense that home buyers that can be patient will be in a better position to pursue purchasing a short sale home.

Are you currently in the market for a home in Clark County or Vancouver WA? Whether you want Short Sales, Bank Owned Homes (including Foreclosures and HUD Foreclosures) we are experienced Brokers with REMAX Vancouver WA and will be glad to provide the assistance you need!

Home Affordability in Vancouver WA at Record High Level for Q3 2011

One of the "Gifts" the current real estate downturn has given us in Vancouver Washington and Clark County, is that the Home Affordability Index (HAI) is at a very high level.  In fact, the data provided by the Washington State University's Washington Center for Real Estate Research (WCRER) shows we are at a High not seen in at least two decades!

The Quarterly Report prepared prepared by WCRER (Third Quarter 2011 Report can be seen --> Here) is an accumulation of data by County within Washington State, allowing us here in Clark County to see how our real estate market has tracked over time; and to see how we compare to other Counties and the State Average.  The public report is only in tabular form for any given quarter, and we thought it would be informative to prepare a graph, visually showing over time just how amazing the current position is.  The resulting chart below starts with the Second Quarter in 1994 through the Third Quarter of 2011:

Reading the Chart: The Housing Affordability Index (HAI) measures the ability of the Median Household Income (as currently reported by the US Census Bureau) for Clark County to purchase a Median Priced Clark County Home.  The home purchase will be made with a 20% down-payment at the current rate of interest.  A benchmark number of 100 means that the Median Household Income equally matches the requirement to purchase a Median Priced home.  Numbers above 100 mean improved Affordability; while numbers below 100 indicate decreased Affordability.

For the current heights of the HAI, we know that soft home prices and falling home loan rates have weighed in significantly.  On the Household Income measure, apparently Clark County on whole, has not had enough of a drop in income to keep the HAI from rising up.

As we can see the most recent peak in the HAI was at the time of the previous housing recession in the early 2000's.  Once that recovery turned to Boom, and then on to Bubble, the HAI dropped to it's lowest level.  Of note, even at the peak of the Bubble, the HAI for Clark County was just under the 100 benchmark level.

A Word to Wise Home Buyers: we do not expect Clark County and Vancouver WA Homes and Houses to be any more affordable than they are right now!  We've already started seeing home prices firm up, and no one expects home loan interest rates to stay below 4%.  Clark County is also more affordable than most other metro areas in Washington; and we are seeing inbound moves from the Seattle area, for example, as they take advantage of such a move!

We'd love to hear your questions or comments on this topic!

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The above information was assembled from data provided by the WSU Washington Center for Real Estate Research, and is deemed reliable but not guaranteed.  The chart was created by John Slocum, Broker with Vancouver WA REMAX using this data.

Steamboat Landing Home Sold - Vancouver Washington

Steamboat Landing Vancouver WA -- Stratford Floorplan Home Sold!

A favorite Columbia River Waterfront Gated Community in Vancouver Washington of ours is Steamboat Landing Vancouver WA.  We recently had the pleasure of placing our clients into a "Stratford" model -- one of the most popular floorplans in this community. 

Some of the great fetures of this home besides curb appeal include: Master and Den on the Main Level; Great Room concept with vaulted ceiling.  Given the great condition of this home, along with the desireability of this design, we quickly found ourselves in a multiple-offer situation and the listing was only a few days on the market!  Since our clients found this neighborhood and home to be their favorite, they upped-their initial offer, and literally won by the slimmest of margins.   In fact, it was so close that it came down to an All-Cash offer beating out a financed offer.

Although many of the homes right on the Steamboat Landing waterfront will often be priced over $1,000,000; there will also be found a good selection of homes in the lower price ranges -- down to the mid-$200's (as of 2011, the time of this writing).   A fine Marina is also located on the river behind the gate but, owning a boat is not a requirement of owning a home here!

As one of the largest waterfront community in Vancouver, Steamboat Landing is relatively unknown by most home shoppers looking to live in Fishers Landing, Fairway Village or Cascade Park.  One of the reasons is that much of the residential real estate located between the SR-14 freeway and the Columbia River is much higher priced than much of the rest of Vancouver.  Add a gated entry to the neighborhood, and you have a combination making this place one you must "know where to look!"

As Brokers / Realtors(r) with Remax Vancouver WA we always enjoy showing our qualified home-buyers the amenities and homes found in the Steamboat Landing!

Can you see yourself living here?  If you'd like to know about this excellent waterfront community please give us a call!  Kathryn: 360-281-4150; or, John 360-241-7232.

For a list of most of the currently available homes for sale visit Steamboat Landing Homes For Sale from the Vancouver WA MLS.

Below is a partial panorama of the Columbia River taken from the Steamboat Landing Marina:

September Home Sales Report for Clark County and Vancouver Washington

Clark County Home Sales Rally of 2011 Continues with a Good Showing in September

From the beginning of 2011, Homes and Real Estate Sales volume in Vancouver WA and Clark County have shown regular improvement, either on a month-over-month basis; or, when compared to the same results in 2010.  However, sales prices have taken a while to respond but, have finally done so in a positive manner.

One very important consideration we must take care of early is the impact the Federal Home Buyer Tax Credit had on the sales volume and prices during 2010, and perhaps into 2011.  With the eligibility for the tax credit expiring in the first half of 2010, we saw many home shoppers move up their purchases from just a few months, and on up to a year sooner for others.  This created an
artificially higher volume of sales in early 2010; high enough to provide support for the otherwising falling home values; along with a much lower volume of sales for the six or more months following the expiry.

When the tax credit incentive were in-place, homes purchased effectively cost less to the eligible purchaser.  Last Summer,the removal of the Incentive caused home prices to fall so that home prices are now Less; probably so much lower that it may be that those who waited until this year obtained a much better net price.

That said, on to our report.  This information is based on home sales entered into the Vancouver MLS system (RMLS), and exclude sales of mobile homes.

For the first 9 months of 2011 we show 3,702 closed sales; compared to 3,722 for the same period in 2010.  If this trend continues for the last 3 months of 2011 (and it should), we expect that 2011 will post a higher sales volume than in 2011.

The Chart Below (prepared by John Slocum, our resident statistician) shows the purchase activity since 2009; charting the 3 month rolling average of sales, and the 12 month rolling average.  This simple "smoothing" of the data better helps illiustrate the short-term and longer term trends in the Clark Conuty real estate market.


The next chart below shows the Average home sales price trends (3 month and
12 month) for the same time period.  As you can see, with the extended
higher level of purchasing activity we are finally seeing some support building
in the past 3 months for home sales prices.



One final statistic we'll discuss here is the Inventory Level.  We find that a very high percentage of the "New" homes listing in the MLS are merely prospective homes to be built and thus, we have no good way to scrub out these "phantom homes" from the actual finished or near-finished product. 
Therefore, in search of a meaningful Inventory Statistic, we run the report excluding homes built in 2011.  The result is our best approximation of a Resold Home Inventory calculation of 5.8 months -- a number that is substantially lower than last year, and another indication that home prices could rise with a continued higher level of demand.

Please let us know if you have any specific questions or comments!

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 Vancouver WA | Market Statistics and Trends for May 2011

Homes For Sale in Vancouver WA Again Sees More Buyers with a slight increase in Sellers...

Real Estate in Vancouver WA for the third straight month has seen excellent action with Pending Sales moving up about 3.7% over the prior month (44% increase in March!); with a modest 2.3% increase in the total Active listings. Average home sale prices stayed about the same as last month, as we are still digesting a relatively large segment of inventory in the Distressed Property
categories.

Of the single-family houses and condos for sale that went pending in May, we saw both the Short Sales and the Bank Owned Homes segments capturing 41.7% of the market; a slightly higher number than last month; but still much lower than December's 61.0% of the total Pending Sales, and March's 45.2%.
The chart below is a matrix representation of the highlights for homes for sale in Vancouver, WA
May 2011:

While the level of Active homes is showing a slight increase, the volume of Pending Sales again picked up nicely. The table below shows the most recent three months of activity for comparison purposes  (right-click on the image to see the enlarged
view).



The Charts below shows the past 12 months trend of home prices and sales volume for Vancouver WA.  For home prices to start going up, we will typically first see a meaningful AND sustained increase in the number of homes purchased in both Vancouver and the other major Pacific Northwest cities. Although there had been increases in home buying activity for the past three months, we are cautious about the results to expect for this summer.



In our opinion we have positive improvement in several areas: including a Decrease in the relative
weight of the Distressed Properties; Relatively stable prices; and Improved Volume these past three months.  In response to RMLS and newspaper reports discussing lower sales volumes for both March and April, both of these outlets Fail to mention that last year the Federal Home Buyers Tax Credit incentive was in full swing, which very much distorted any such comparisons.  Thus, we are somewhat bullish on the current trends when the tax credit stimulus is discounted from the comparison.
If you are looking to sell your home in Vancouver WA, and Clark County Washington in this Opportunity Market please call or e-mail us with the details of your situation and we'll customize a marketing plan to get your Clark County Home Sold!

Some of the major parts of town you may want to look for include Homes in Downtown Vancouver, The Heights Homes, Orchards Homes, Cascade Park Homes, Fishers Landing Homes For Sale, Evergreen Homes, Hazel Dell Homes For Sale , Felida Homes and Salmon Creek Homes.
The largest city in Clark County WA is Vancouver Washington. Other towns include: Amboy, Battle Ground, Brush Prairie, Camas, Ridgefield, Washougal, parts of Woodland and Yacolt.
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Disclaimer: this information is drawn using custom search parameters from the predominant MLS system covering Vancouver Washington and is not guaranteed to be accurate.
Current Vancouver WA Real Estate Market Reports:

• Clark County and Vancouver WA Real Estate | Market Update Report for May 2011
• Vancouver WA Real Estate | Market Report for May 2011
• Battle Ground Real Estate | Market Report and Statistics for May 2011
• Camas WA Real Estate | Market Report and Statistics for May 2011
• La Center WA Real Estate | Market Trends and Statistics May 2011
• Ridgefield WA Real Estate | Market Trends and Statistics - May 2011
• Washougal WA Real Estate | Market Report for May 2011

Previous Vancouver WA Real Estate Market Reports:

• Clark County and Vancouver WA Real Estate | Market Update Report for April 2011
• Vancouver WA Real Estate | Market Report for April 2011
• Battle Ground Real Estate | Market Report and Statistics for April 2011
• Camas WA Real Estate | Market Report and Statistics for April 2011
• La Center WA Real Estate | Market Trends and Statistics April 2011
• Ridgefield WA Real Estate | Market Trends and Statistics - April 2011
• Washougal WA Real Estate | Market Report for April 2011

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The above information was provided by John Slocum and Kathryn Alexander, recognized as one of the top teams at Vancouver WA REMAX . We hope you enjoy the information in our posts, including videos on real estate and Homes for sale in Vancouver Washington and the rest of Clark County.

Thinking of selling your home in this challenging market? We have the passion and insight for selling homes to get you moving!

For Southwest Washington homes and Real Estate in Vancouver WA visit Vancouver WA Real Estate. If your interest is in foreclosures, pre-foreclosures (short sale homes) ; and when looking for Bank Owned Homes in Vancouver Washington we have our website set up for you to easily search for each of these categories!
PS - Nobody sells more homes than RE/MAX. Look to the Alexander ~ Slocum Team
for your Vancouver WA real estate! These are other popular recent searches on our website:

Camas WA Real Estate
Luxury Homes Vancouver WA