The Spring market is in full swing! Sales are up as we saw 1,104 homes sell in the month of May, which is up 16.7% from last May. We are also seeing fewer homes for sale as the listing inventory is down by -9.1% when we compare the amount of homes that were on the market this May compared to the same time last year.
So for May 2014... we entered a "Seller's Market" because the list to sales ratio was 23.14%. 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 May with 4.3 months of inventory. Those inventory level tells us 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 $725,343, which is up 11.5% from this time last year and up 3.5% from last month. Burnaby is the most expensive area for houses with an average price of $1,060,000 followed by Port Moody at $889,000, and then by Coquitlam at $775,000.
For Attached Homes, the average price is $336,564 which is up 6.7% from this time last year. Port Moody is the most expensive at $397,000, followed Burnaby at $389,250 and CPort Coquitlam at $346,000.
The three hottest area for Detached homes are in Port Coquitlam with 51.06% of the listings selling, Pitt Meadows with 44.12% of the homes selling, and Coquitlam with 31.29%. In these areas homes are selling in just 2 weeks on average.
The three hottest area for Attached Homes are in Port Moody at 43.06%, Coquitlam at 25.34% and Burnaby at 21.63%. In these areas Condos, townhouses and 1/2 duplexes are being snapped up in less than a month on average.
Low mortgage rates, the current transfer of wealth, and our supply levels is what is helping the market outperform last years market and is continuing to gain month after month.
If you would like to know how your neighbourhood is doing or your particular property type, please feel free in calling or emailing me 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".Â
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Best regards,
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