This publication covers the downtown Vancouver, Washington condominium market.  It addresses only those units that are in buildings of four stories or higher.  It addresses units that are 1,250 square feet or larger.

There are four buildings that fit this description.  Amongst them (by my count) there are just under sixty units that fit the above description.  All have sold since their coming available on the market.  Of these it appears that about 50 of them sold while listed with the MLS.

A cursory look suggested that only one of these is bank owned (REO) at this time.  However, the road to REO takes time.  First there is delinquency in payments.  Then notice of trustee sale (NTS), then the sale, then the transfer of title and listing in public records.  All this is to say that more could be on the way.  One would have to read all of the NTS  recordings to find out.

In the last 12 months there were nine units in this study category that sold in downtown Vancouver.  The low sale price was $435,000.  The high sale price was $862,000.  The average was $600,500.  The low days on market (DOM) was 23.  The high was 625 and the average 354.

In the previous 12 months (November 2005 to November 2006) there were six sales.  The low was $379,500.  The high was $670,000.  And, the average was $539,131.  The low DOM was 5, with a high of 335 and and average of 103.

In the November 2004 to November 2005 time frame there were 13 sales.  The low was $375,000.  The high was $543,840.  And, the average was $449,165.  The low DOM was zero.  The high was 274.  And, the average was 122.

The days on market went from 122 in 2005 down to 103 in 2006.  And, in 2007 has risen to 354.  Wow, what a difference.

Another element of interest was the list price to sales price ratio.  In 2005 it was 102%.  In 2006 it was 97% and this year is at 86%.  Wow again.

In the last 12 months the rate of sales per month for this product was .75 per month.  There are seven current listings.  This suggests a supply of over nine months currently on the market.

The data available is too limited to say that the prices of these condominiums are falling, stable or rising.  In the last 12 months the average sales price was $600,500.  In the previous 12 months it was $539,131.  And the 12 months before that it was $449,165.  This looks like a steady rise, however, there are a number of very large units (over 2,200 square feet) the presence or absence of which in any data group, greatly influence the statistics.  A much more in depth study would be needed that includes sale date, sale price, square footage, floor location, view, etc. to get a clear picture of the real direction and velocity of the market.  That kind of study is beyond the scope of this publication.  If you want one done, give a call.

All the data presented here is from the county records and/or from the RMLS.

Ralph Olsen, appraiser

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