Competition from home buyer’s keep home sellers in the drivers seat.
Residential sales in the region totalled 4,172 a bump of 36.3% over last years sales, and a 65.5% jump over January this year. Sales where 56.3% above the 10 year sales average and rank as the highest February sales total on record.
The overall market is driven by low inventory numbers, we are in a very competitive and fast moving cycle. We are now seeing an increase in home listings but we need additional inventory to meet buyers demand.
The MLS Home Price Index for a Detached home in Metro vancouver is $795,000. This represents a 22.2% increase over February 2015.
Westside Detached Market.
With a slow start to the year looking like it’s picking up, Detached listings have doubled from last months 21 listings to 42 active listings. Median sales prices are down slightly siting at $2,526,000 but up dramatically from December 2015’s median of $1,930,000. The quick market is obvious as Median days on market is down at 8 days.
Average price per foot is sitting at $1,049/ foot, numbers we saw for most of last year then back in November 2014 when prices rose to $1,153/ foot.
Kitsilano Detached – Total Inventory
New Construction VS Resale – Detached Homes
Sellers. Please get in touch with us if you are interested in selling your home. Proper marketing and presentation of your home, coupled with expert negotiation techniques become very important in a market this busy.
Buyers. Start working with professionals. You need to be knowledgable , prepared and ready to move if you want to be successful in this market. Contact us to get started.
Charles Filer – LiveKitsilano.com – 604.441.7140 – Charles@LiveKitsilano.com