It's May and our Real Estate market is booming! I have analyzed all of the stats from April and here are 5 things you should know about our real estate market right here in Metro Vancouver:
- Supply: We had 6,361 Active listings in April which is down -25.7% from April 2014. Leaving us with only 2.2 months supply of houses and 3 months of supply for attached homes (condos, townhouses & 1/2 duplexes).
- Demand: 2,377 properties sold in April which is up +39% from April 2014.
- Prices: The average price of a house is $1,463,643 which is up +18.5% from April 2014 and the average price of an attached home is $509,425 which is up +4% from April 2014.
- Market Type: We are in a seller's market for houses with 55% of the houses selling within a month and we are in a seller's market for attached homes with 40% selling within a month.
- Areas:
- For selling a house it's in the Vancouver Eastside with sellers getting 102% of their asking price and homes are selling in 8 days on average.Â
- For Buyers, if you are looking to buy a house I would suggest West Vancouver as there is a growing selection of homes available with 4.3 months worth of inventory and prices are being negotiated 3% below the list price on average.
- For selling an Attached home it's in North Vancouver with sellers getting 100% of their asking price and selling within 22 days on average.Â
- For Buyers, if you are looking to buy an Attached home I would look in West Vancouver as there is a good selection of homes available with 4.9 months worth of inventory and prices are being negotiated 3% below the list price on average.
Most Expensive Areas
For houses:
1) Vancouver Westside with an average price of $2,630,000 and an average price of $883 per square foot.
2) West Vancouver with an average price of $2,412,500 and an average price of $748 per square foot.
3) North Vancouver with an average price of $1,265,000 and an average price of $479 per square foot.
For Attached Homes:
1) West Vancouver with an average price of $687,000 and an average price of $518 per square foot.
2) Vancouver Westside with an average price of $580,500 which works out to $626 per square foot.
3) Downtown Vancouver with an average price of $514,750 which works out to $696 per square foot.
If you have any questions about the market in your neighbourhood or need assistance in planning your next real estate move, please feel free in calling me or simply filling out our contact form.
Posted by Tony Cikes on
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