As we get ready to swing into the summer, the end of the Spring market has brought some welcome stability and an uptick in activity. We've been busy the last month, with sales rolling along and bunch of new happy Buyers and Sellers. While sales in May were still below the 10 year average, the numbers climbed compared to last year and represented a significant increase over the past few months. We're seeing great properties (fantastic outdoor space, desirable building, good floor plan, etc.) sell very quickly (and many times in multiple offers), whereas many decent listings seem to sit on the market (and these statistics show an average of about 2 months). Sellers, keep in mind there is a Buyer out there, it just may take awhile for them to appear. And Buyers, don't get discouraged by quick sales. Prices aren't increasing... you just need to be ready to act quickly for that special home.
Vancouver West saw a lot of Buyers last month! Sales increased 27% over April without a corresponding increase in listings. The average price and the average price per sqft also rose, probably due to many highly desired properties garnering multiple offers (which often lead to higher sale prices). Not surprisingly, the sub $650k Condo market (generally 2 bedrooms or less) is where most of the sales have been. For those wondering how much prices have changed the last year - the answer is not much. Average price is down about $15,000 over May 2012.
Looking specifically at the Downtown Condo market, there were a significant number of sales over last month, perhaps many Buyers saw the increase in activity and jumped on something that suit their needs. Average prices in the downtown market are higher, but that isn't reflective of the entire market. Luxury properties in Coal Harbour really skew the numbers towards to be expensive, whereas the West End and Yaletown are affordable options for many people, with average prices generally lower than $500k.
Looking at East Van, we see a huge increase in the number of sales - over 50% more than last month! In the last few months the East has seen some slow activity in the condo market, so this is great news for Sellers and Buyers alike. Most sales fell below $370k (likely the 1 bedroom units), though there was a good number of homes selling between $370k and $600k. With an increase in activity also brought an increase in prices, only slightly, though the average sits around $371k and $434 per sqft.
Things are starting to slow down in the North Van Condo Market. We saw a decrease in sales, and a pretty big jump in average price from $405k to $451k leading to a more days on market. North Van is still an affordable option for most, as many of the listings are 2 bedrooms units hovering around the $400k mark.
Moving into townhomes, we'll start with Vancouver West. There was a significant number of new listings this month, which is typical of the spring market, and also an increase in sales (and a fairly large increase in sales over this time last year). Prices changed slightly - the median lowered meaning there are more lower priced units on the market, and the average increased, meaning there was also an increase in the number of high end listings, which is evident when you take a look at the average prices Downtown.
We're seeing good action in Vancouver East, with a big jump in sales (40%) thanks to a decline of over 10% in prices. With prices for 2 and 3 bedroom townhomes hovering around $585k, this is a great market for young families who need a little bit more space and want the private front door.
The North Van townhome market is similar to the condo market in that it's slowing down. Even with an increase in listings and a decrease in prices, we're seeing less sales than we did last month (and last year). Ironically, though average and median prices decreased, the average price per sqft increased meaning homes are getting smaller. This could be due to a higher number of newer buildings hitting the market, whose square footage is typically lower than older townhomes.
Onto detached houses. Business was booming in Vancouver West, with a 30% increase in sales and almost no change over last month in the number of listings or the prices. The days on market dropped significantly to only 23 days, meaning Buyers were ready and the product was good. Most sales occurred in the $1 million to $3 million mark, with the median price being just over $2 million.
Business was also strong in East Van, with a 19% increase in sales and about $40k increase in prices. Most sales were in the $700k to $1 million range, with the homes near $700k needing renovations or having a smaller amount of square footage (and most likely no more than 3 bedrooms).
In North Vancouver, we're seeing a pretty steady market with no significant changes in sales, listings or prices. Most sales occur between $700k and $1.25 million. Thanks to these prices, North Vancouver is seeing a steady stream of Vancouver families buying homes up here (thanks to the affordability of turnkey homes), which is leading to the consistent market. Many of our own Buyers are either looking or have recently purchased a detached home in North Vancouver.
The previous month has been one of the busiest in a long time! Lots of deals were done and we still have lots of interested Buyers. The number of listings might start to dwindle as we get closer to summer, so if you're looking to sell, start preparing your listing.
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