In April 2017, there was a total of 3,553 sales which is a 25.7% decrease from the record 4,781 sales in April 2016 and an 0.7% decrease compared to March 2017.
The sales in April were 4.8% above the 10-year sales average for the month.
During the last few months, condo’s and townhome sales have dominated the residential market in Metro Vancouver. They’ve accounted for 68.5%, on average, of all residential sales.
There is HOT, HOT, HOT demand for condos and townhomes as shown in the infographic.
The benchmark price for condo’s is $554,100. There were 2,094 active listings, 1,722 sales, resulting in a sales-to-active listing ratio of 82.2%. For townhomes, the benchmark price is $701,800. There were 1,066 active listings, 620 sales, resulting in a sales-to-active listing ratio of 58.2% which indicates a good demand. As for detached homes, the benchmark price for detached properties is $1,516,500. There were 4,653 active listings, only 1,211 sales, resulting in a sales-to-active listing ratio of 26%.
The demand for condo’s and townhomes is coming both from older buyers downsizing, and younger buyers trying to get into the market.
Across the Lower Mainland, the benchmark price for condos has gone up 8.2% over the past three months, compared to 5.5% for townhomes and 3.2% for single-family homes.
Over that period, the biggest changes in condo prices were in:
· Coquitlam: 10.1% increase.
· Vancouver East: 9.5% increase.
· Richmond: 9.0% increase.
Some areas did still see large increases in single-family detached home prices, including Port Coquitlam 9.9% and Coquitlam 7.2%.
Sales-to-Active Listing Ratio in recent months:
January 2017 21%
February 2017 31.9%
March 2017 47.2%
April 2017 45.5%
To put this into perspective, 14% or under indicates a Buyer's market, 20% or above is a Seller's market, and 14%-19% is a balanced market.
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