('Vancouver West Attached' covers Condos in the Downtown, Kits, False Creek and West of Main Street areas.)
The Real Estate Board of Greater Vancouver reported that residential home sales in the region totalled 2,795 in November 2017, a 26.2 per cent increase from the 2,214 sales recorded in November 2016.
Here's how that affected pricing and activity:
The Average PRICE for a Condo in October was $780,000, DOWN $38,000 from October.
The Average PRICE for a Townhouse in October was $1,373,000, up $56,000 from October.
The Average DAYS ON MARKET for Condo's was 10 for the third month in a row.
The Average DAYS ON MARKET for Townhouses was 11, for the second month in a row.
Total INVENTORY for Condo's was down from 820 to 717, a historical low.
Total INVENTORY for Townhouses was up to 129 down from Octobers 146
SALES TO ACTIVE LISTINGS RATIO for Condo's was at 53% (48% in October)
SALES TO ACTIVE LISTINGS RATIO for Townhouses was at 31% (30% in October)
A balanced market is 17%
AVERAGE PRICE - CONDO
DAYS ON MARKET - CONDO
TOTAL INVENTORY - CONDO
SALES TO ACTIVE LISTINGS RATIO - CONDO
AVERAGE PRICE - TOWNHOUSE
DAYS ON MARKET - TOWNHOUSE
TOTAL INVENTORY - TOWNHOUSE
SALES TO ACTIVE LISTINGS RATIO - TOWNHOUSE
What Does This Mean?
As a Seller this means that if your property is priced right it will sell, on average, in only 10 days on the market. With inventory this low and demand so high it is common place to see multiple offers on almost every listing that hits the market.
As a Buyer this means that it is more challenging than ever to buy a home. If you see a property you like there is around a 55% chance it will be sold within 1 month. Making an offer becomes incredibly strategic, as you will most likely be in a Multiple Offer scenario. It is imperative to act fast and have a skillful Realtor working for you.
Multiple offer scenarios are still the norm for these property types in Vancouver West, especially condo's priced under $750,000. As news of the new mortgage rules spread, potential buyers have become active buyers and I expect to see a continuation of a strong market with upward pricing pressure for at least the next 5 months.