As the summer winds down it’s hard to say we’ve had the typical slow summer. Vancouver buyers spent the summer months looking for their new homes. Between July and August, homes sales were 25-30% above the ten-year sales average.
As we’ve seen before a saturated and motivated buyer pool mixed with low inventory numbers have made for a very fast paced market. Those working with Realtors are getting the upper hand by determining a sound buying strategy and an understanding of current price trends are having the most success in the market place. Average sales prices are up in all segments of the market, not that last months numbers were too shabby. Here’s how those numbers break down:
This is where we really see the low inventory numbers, down 15% from last months 29 listings. This goes hand in hand with higher sales prices and determined buyers are looking to close on whats available, often going into multiple offer situations. Average sales price up 10% from last months $476,200 vs $524,077. A solid 51% sales ratio (78 listings 38 sales )to boot makes for very happy Sellers!
Townhomes & Half Duplex
The Town-home and Half Duplex market is much of the same. Lower inventory numbers than last month, down 6 listings to 29. The few sellers are happy as average sales price jumped over 9% from last month to $1,238,062 This market looks to stay strong with a 55% sales ratio (29 listings and 16 sales)
Those who bought last year are looking at a steady investment as average price per square foot is up nearly 16% from last years $733/ft now sitting at $850/ft.
The biggest jump we see this month is in Single Family homes. Sales are up 40% from last month – a little more reflective of those 10 yeas records we spoke about earlier. With 30 listings and 15 sales we are siting at an strong 50% sales ratio, or 1 in 2 homes selling.
Average sales prices up 10% from last year and 12% from last month, it seems like everyone is bidding on land. The Average price for your own piece of Kitsilano paradise now sitting at $2,595,750. The largest portion of this market are high end homes, with 12 of the 30 homes listed about $2,800,000 and 18 of the 30 having 5 or more bedrooms.