Leading into May as noted in previous updates we had been witnessing the Condo and Townhouse market in Vancouver outpace sales of detached single-family homes quite considerably. There may be a bit of change in the air based upon the most recent stats report received.
In the month of May conditions for buyers of Vancouver Condos and Townhomes have improved. While the numbers suggest we're still firmly in Sellers Market territory throughout the Downtown, Westside and Eastside of Vancouver, there is certainly more competition in the marketplace today that is providing buyers many more opportunities. Inventory levels in all these areas increased in the month of May:
- Vancouver Eastside from 340 active listings in April to 399 to end May.
- Vancouver Westside from 509 active listings in April to 657 to end May.
- Downtown Vancouver from 554 active listings in April to 672 to end May.
Total number of sales were marginally less in each area in May than they were in April as well thus leaving more available units for sale on the market for buyers to ponder.
The result is that sellers and agents will need to be sharper with their pricing strategy and make sure get educated on the conditions within their specific market. As I've noted in the past if you have a 1,500 sq ft Coal Harbour condo you're market is experiencing distinctly different conditions than those of a West End seller of a 1 bedroom condo. You'll want to make certain not to assume that because the sales ratio in the Downtown is at 36% that means you can price well ahead of the market. That number is misleading... that later example, West End 1 bed owner, will face definitive sellers market conditions as 65% of attached home listings priced under $1.25 million in the Downtown sold in May. Meanwhile only 14% of listings priced over $1.25 million sold through the month of May. Those are considerably different environments for the seller and will require different strategies to be most successful.
Meanwhile the slumping detached / single-family housing market of months past is improving considerably. With the appreciation of condo prices, reduced average value of homes on the Westside and more or less stagnant values of homes on the Eastside it appears as though buyers are seeing value again in owning Vancouver land.
- Sales of Detached homes on the Eastside of Vancouver improved from 103 sales in April to 140 sales in May.
- Sales of Detached homes on the Westside of Vancouver increased from 70 sales in April to 91 sales in May.
This has to be very welcomed news to detached homeowners across the City of Vancouver. Most opportune areas for Vancouver detached homeowners are:
- Kitsilano which is sold off 27% of inventory in May
- Cambie neighbourhood which sold 19% of it's inventory in May
- Homes priced between $3 to $3.5 million saw 23% of inventory sell
- Homes priced between $1.5 million and $2.75 million saw 36% of listings sell.
- Mount Pleasant with low inventory and strong sales had 35% of inventory move.
- Main neighbourhood with more sales but more inventory saw 31% of it's listings sell in May
- Anything valued at $1.75 million or below is in high demand with 28% of all listings in this range selling in May.
If you're interested to learn more about how any of this effects your homes value or the competition level you'll be facing on your purchase.. do not hesitate to reach out as I am always happy to help.
Have a wonderful day all!
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