Generally, analysts say downward pressure on home prices occures when the sales-to-active listing ratio dips below 12%. When we look at our micro markets' performance in April, we see market types well above the 12% and prices trending above last year. Overall we do not expect to see a market correction on prices. Only West Vancouver detached property sales seems to be hovering around the 12% mark, mostly due to slower sales of high priced homes, yet their median sale price is above last year.
While the market is not operating at the same record pace of last year for detached properties, demand for condos and townhomes continues to out pace supply, which is making multiple offer scenarios the norm.
With such strong condiditons for Seller's, the key to success in any market is to be well prepared, and getting you ready for all market conditions is my top priority in 2017! If you are planning a change in lifestyle, let's work together to make it happen. I look forward to working for you. Regards, Dodi 604.644.3634
The MLS® HPI Benchmark Price of residential properties in Metro Vancouver* April 2017 vs April 2016 were::
- North Vancouver +7.5% for a single family home, +17.2% for a condo, and +17.9% for a townhome
- West Vancouver +7.2% for a single family home, +16.1% for a condo
- Coal Harbour -2% for a condo
Market types in April 2017
- Metro Vancouver's market type is still a seller's market at 45.5% with 4.5 out of every 10 properties sold.
- North Vancouver Detached properties is a sellers market at 39.9% with 110 sales out of 276 listings
- North Vancouver Condo properties is an accelerated seller's market at 87.6% with 106 sales out of 121 listings
- North Vancouver Townhome properties is an accelerated seller's market at 82.1% with 32 sales out of 39 lsitings
- West Vancouver Detached properties is a balanced market at 15.3% with 66 sales out of 432 listings
- West Vancouver Condo properties is a seller's market at 45.8% with 22 sales out of 48 listings
- West Vancouver Townhome properties is a seller's market at 38.9% with 7 sales out of 18 listings
- Coal Harbour Condos are in a seller's market at 30% with 19 sales out of 63 listings
If you are interested in a report for another market don't hesitate to contact me: 604.644.3634 or firstname.lastname@example.org
*Areas covered in Metro Vancouver include: Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver, West Vancouver, Richmond, Tsawwassen, Ladner
The accuracy and completeness of the information is not guaranteed. Data was captured on May 2, 2017 from the Real Estate Board of Greater Vancouver