Vancouver Washington Real Estate Market Conditions

Posted on August 26, 2007
Filed Under Vancouver Homes | Leave a Comment

According to Yahoo 8/20/2007 there are 3826 homes for sale in the local MLS. 304 Foreclosures. I think the term foreclosures means data from the courthouse and could include pre-foreclosures or notices of default.

The median home price is $289,9000. This means the priced of homes that falls in the middle of all the homes for sale in a given area. Half of the homes are more than the median figure and half are lower than the median.

These figures change rapidly, of course. There is also quite a bit of inventory now in this marketplace and price reductions. One statistic I found said that in May there were 7.1 months of inventory and than the other day a broker told me that currently the inventory is 10 months. That is shocking!

With those kind of figures is it time to buy or time to sell? I suggest buying if you need to buy and selling if you need to sell but if you don’t need to do either than reconsider your options. However, I do not advocate “timing the market”. You are welcome if you want to but once you see signs of the bottom than make sure to get in before the market takes off again.

Vancouver Washington has lot’s of nicely priced homes for sale. First time buyers, move up buyers and high end luxury home buyers can find good deals in this buyers market.

The market has cooled off a bit from the fast paced sellers market of last year. But, that opens up opportunities for buyers to purchase a home that they may not have been able to afford a year ago. Sellers may be more inclined to offer concessions in a buyers market.