Robert Valeriote 604.880.1300

Newsletter E-market update

June 06, 2017

June 2017 newsletter

Spring market activity picks up

Finally, some sunshine arrived after what seems like an endless rainy season!! The long weekend was spectacular and I could do a little salmon fishing just off the coast of Vancouver. It takes some time on a boat, away from the traffic gridlock to appreciate how beautiful our environment is here on the West coast. It’s no wonder everyone wants to live here, regardless of the price tag.

Speaking of price tags, the lack of supply in the condo and townhome market continues to push prices higher. Inventory levels are down 59 percent compared to an eight-year average and completed inventory levels are at an all- time low. Buying a pre-sale condo or townhome is basically the norm/requirement now. First time buyers are competing with downsizers for these types of housing.  Some Vancouver buyers are opting to purchase detached homes priced under two million dollars on the Eastside rather than a Westside condo/townhome. If you are selling a condo/townhome now is the optimal time to up-size to a detached home. I am seeing more sales and more bidding wars on well-priced Vancouver detached homes. The high end (over $8M.) of the detached home market remains slow since the introduction of the foreign buyer’s tax last year.

Overall last month’s sales were 23.7% above the 10-year average driven by the demand for condos and townhomes. New listings were up month-over-month led by detached homes at 27.1%, followed by condos at 22.7% and townhomes at 14.1%. The total number of current listings for sale is up is up 5.7% from a year ago. The sales-to active listings ratio is 31% for detached homes, 76.1% for townhomes and 94.6% for condos.

Metro Vancouver sales of detached homes in May were down 17% from May 2016 with a benchmark price increase of 3.1%. Condo sales decreased 5.8% from May 2016 with a 17.8% price increase. Townhome sales increased 4.9% from last May and showed a 13.1% price increase. Keep in mind that May 2016 was a record month.

On a separate note, we now have a coalition government controlled by the NDP and Green parties so you might want to read this article on how they view this province in terms of real estate. https://www.cwilson.com/ndpgreen-platform-relating-real-estate/.

Enjoy the sunshine ahead…

I offer:

  • Over 20 years of experience in your market area.
  • Professional and honest expertise.
  • A full service and extensive marketing plan to maximize the sale price of your home.

Robert Valeriote
when it is time to sell…call me first!!!

Robert Valeriote, Vancouver Condo

View the current Vancouver Condo Real Estate Listings

 

This communication is not intended to cause or induce a breach of any existing agency agreement.


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