Vancouver Real Estate Report - April 2016
The upward pressure on pricing has been fierce. The average selling price of a westside detached home in Vancouver was over $4,000,000 in March! The average price for an attached home was almost $1.4m and the average sale price westisde apartment was over $850,000!!
What is driving these huge price increases? Sales volumes are at or near all time highs.
More signifficantly, active listing volumes are at ultra low levels not seen in the past decade for apartments and attached homes.
In spite of huge recent price gains for apartments and attached homes, the spread between their median prices/sq.ft. and that of detached homes remains over $300/sq.ft!!! It is a great time to downsize.
This is probably the hottest apartment and attached home market Vancouver has ever seen and that is saying something. I was in a multiple offer on the buying side for a 1100+ sq.ft. late 80's wood frame townhome in Fairview Slopes yesterday, the asking price was $789,000 - it sold for over $1,100,000. That is $1100/sq.ft. for 1980's wood frame. How long this will continue is anyones guess. If you don't need all the space you are living in or you are thinking of leaving town, now is a pretty good time to sell ;-)
*Remember that Months of Inventory (MOI) is a measure derived from the number of active listings during a given month divided by the number of sales that month. It indicates the theoretical length of time it would take to sell all of the properties on the market if nothing changed. Historically, 0-5 months of inventory has generally implied upward price pressure for the ensuing six months, 5-8 months of inventory meant a flat market with respect to pricing and over 8 months of inventory has, for the most part, precipitated downward price pressure.
Do not hesitate to call me if you have any questions. Please pass this and my contact information along to any friends or family who might benefit from my services.
- Sam Wyatt Vancouver Realtor