The Spring market is here and so are the sales for Greater Vancouver. Sales are up as we saw 965 homes sell in the month of April which is up 13.9% from last April. We are also seeing less homes for sale as the listing inventory is down by -9.3% when we compare the amount of homes that were on the market this April compared to the same time last year.
So for April 2014... we experienced a "Seller's Market" because the list to sales ratio was 29.61%. It is a "Balanced Market" when the ratio ranges from 15% to 20%. It is deemed to be a "Buyer's Market" when we are below 15% and a "Seller's Market" when we are above 20%.
We finished April with 4.15 months of inventory. That inventory level tells me that prices are rising. When inventory is around 5 to 6 months, prices are stable and are fairly flat. When they go below 5 months, we see prices rise and the lower the inventory gets the quicker the prices climb. When we have over 6 months, we see prices starting to decline and the more months of inventory we have, the quicker the price drops.
The average price of a Detached Home is $700,607 which is up 7.7% from this time last year. Burnaby is the most expensive at $1,044,500 followed by Port Moody at $836,000, Coquitlam at $787,750, New Westminster at $685,000 and Port Coquitlam at $571,000.
For Attached Homes, the average price is $318,709 which is slightly down by -2.3% from this time last year. Burnaby is the most expensive at $388,800, followed by Port Moody at $359,950, Coquitlam at $355,660, New Westminster at $292,500, and Port Coquitlam at $292,000.
The hottest sub-area for Detached homes is Port Coquitlam with 66.67% of the listings selling in the first month. In fact, homes are only sitting 14 days on average in that market area.
The hottest sub-area for Attached Homes is Port Moody with 38.46% of the listings selling in the first month. Condos, townhouses and duplexes are being snapped up in 17 days on average.
Lower mortgage rates, less inventory, the increase of the Property Transfer Tax threshold and our steady growth of in-migration is what is causing our overall market to be better this year then it was last year. I am also seeing that the areas near the new "Evergreen Sky Train Line" are seeing an increase in condo sales and property land values.
What to watch for in the upcoming months is what effects (if any) will the increase of the CMHC insurance premiums do?
If you would like to know how your neighbourhood is doing or your particular property type, please feel free in calling me or email us and we can share with you a more detailed report. If you would like to know what this means for the value of your home, please feel free in simply filling out our "What's my Home Worth Form". You can also leave me a comment.
Best regards,Posted by Tony Cikes on