Though it's only the fourth largest city in Washington State, Vancouver is unique in a number of ways. Just a heartbeat from Portland and the Oregon border, the city shares a special relationship with its neighbor, that state's capital city. Many residents of Vancouver work in Portland due partly to the increase in technology jobs available such as web designer for a women's online clothing store. Thusly, the population of Vancouver has grown steadily in the last ten years, currently sitting at over 160,000.
The local real estate market, on the other hand, was quite steady over the last ten years. That is, until the recent economic turmoil. Home sales for this year have dropped more dramatically than bubbles from aquarium filters, down 96% from this time last year. In fact, sales dropped from around 125 in January to just 8 in March.
Though the number of sales is way down, selling prices have found a little more balance. When compared to last year, the average listing price is on par and the median selling price down just 0.6%. There is a substantial difference between listing price and selling price, however. The average listing price in Vancouver is $288,873 and the median selling price $195,592, a difference of over $90,000. Even the shoddiest basket strainers don't lose a third of their contents, so what is the cause for the difference?
Like so many cities and states around the country, job loss is rampant all over, and with job loss comes home foreclosures. Those who can no longer afford to pay their mortgage are forced to sell their homes, and most times these homes sell for far less than market value. With 1,595 foreclosures in Vancouver lately, it doesn't take a room full of Guelph real estate agents to see what this means for the market. What it does mean for buyers in the area, however, is major savings. Many first time buyers can get a great deal on foreclosed properties, so it's a great idea to speak with a real estate agent to get a feel for what's out there.
One distinct advantage the Vancouver real estate market has over surrounding cities, particularly Portland, is price. None of the nearby cities, save for Battle Ground, have a lower median selling price currently than Vancouver. The average listing price for homes in Portland is nearly double that of Vancouver. In fact, the median selling price is more in Portland than the average listing price of its metropolitan neighbor. If you're preparing to make your own business cards for that new job you found in Portland, don't discount Vancouver as a place to call your home.
It may not be as big as Portland, and it may not have the international recognition of the Canadian city who shares its name, but Vancouver, Washington is still a great little place for anyone to make a living.
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