Vancouver WA Condo Market Report - Recap 2014
The Vancouver WA Condo Market (we count Attached homes + Condos) is a smaller but important subset of the overall real estate market, coming in at 14.14% of the total units sold (8.5% in 2013). 2014 was a break-out year on the upside for Condos, with these highlights:
- Condo Values moved substantially upward by the end of the year, with the 3-Month Moving Average closing up 34.01% over the prior year; and the 12-Month Moving Average closed up 29.15%
- The Price Trend for the 3-Month Moving Average show great strength through the peak Spring and Summer seasons, then dropped in the Fall; and the 12-Month Moving Average just showed Strong Upward movement.
- Approximately 564 Resale Condos were sold in 2014, which is about 197 (53.68%) more condos than in 2013.
- REO/Bank Owned Condo sales were 78 units (13.82% of total); up from 72 (22%) in 2013. This is a consistent result when compared with the other cities in Clark County.
- Short Sale /Pre-Foreclosure property sales were 33 units (5.85% of total); compared to 84 (26.2%) in 2013.
Now for our Condo Charts! This first chart shows 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 2014
With Condos a part of our recent overall Vancouver real estate market report this trend line looks somewhat unique - 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. In our opinion we've 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
As our nation's population ages, we are seeing more and more customers looking at the Condo option as a way to own real estate, while reducing the hands-on maintenance duties a SFR home requires. We expect this trend to grow ever stronger in the years to come!
PS - Visit the Vancouver WA Condos For Sale page at our website, where we have made it Easy to search Condos by Neighborhood, with condo listings from the entire RMLS. Sign-up Not Required!
PPS - Don't delay with your Condo Selling or Buying Plans - Call Us Soon!
The charts 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. 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.
Realtors ® Serving Vancouver, Camas, Clark County and SW Washington! The Alexander-Slocum Team with RE/MAX equity group
John Slocum & Kathryn Alexander - Brokers
Office Located west of the Westfield Mall
