The Spring market is in full swing!  Sales are up as we saw 1,898 homes sell in the month of May, which is up 11.1% from last May.  We are also seeing fewer homes for sale as the listing inventory is down by -3.8% 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 experienced a "Seller's Market" because the list to sales ratio was 26.83%.  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 4.4 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 $1,286,125, which is up 11.3% from this time last year and up 3.9% from last month. West Vancouver is the most expensive area for houses with an average price of $2,300,000 followed by a close second, the Vancouver Westside at $2,295,125, North Vancouver comes in at $1,010,000, Richmond at $965,000 and the Eastside of Vancouver at $950,000.

For Attached Homes, the average price is $481,831 which is down -3.2% from this time last year but, slightly up from a month ago at .4%.  West Vancouver is the most expensive at $775,000, followed by the Vancouver Westside at $520,000, Downtown Vancouver at $503,000, North Vancouver at $470,000, and Richmond at $431,700.

The hottest area for Detached homes are in North Vancouver with 38.46% of the listings selling and on the Vancouver Eastside with 36.38% of the homes selling within 11 days on average.

The hottest area for Attached Homes is on the Vancouver Eastside at 28.48% and Downtown Vancouver where Condos and townhouses are being snapped up in 24 days 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"

You can also leave me a comment.


Best regards,

Posted by Tony Cikes on

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.