Newsletter E-market update
April 12, 2015
Usually the term “March Madness” refers to the US college basketball championships, but the recent Vancouver detached housing market can be described in the same terms. This past month I have seen more multiple offers on homes than I have seen in a long time. “Buy the dirt” is the motto of the day!
Last month’s sales were 26.8% above the 10 year sales average. From a Westside home that sold for more than 2 million dollars over asking to a well-publicized East side home that sold for more than $550,000. over list price, this has been one of the strongest spring markets in a while, and is leading to upward pressure on home prices. For sellers, it is taking less time to sell your home. The number of homes for sale is below what is typical for this time of year and anyone thinking of putting their property on the market should consider doing it now. It’s the old story of supply and demand.
Condo sales were up 47.1% over March 2014 and townhome sales were up 72.3% over last March. Both condos and townhomes are seeing price increases of 3.3% and 4.9% respectively over last March. I have noticed an increase in the number of mid –range priced condos ($750-$1million) sold in the past few months. This is a turnaround from last year when they were sitting on the market for a longer time.
While the higher end market 20% of the market seems to be fueled by Asian buyers, there is quite a bit of money being passed down from generation to generation in Vancouver and a lot of this money is going into our real estate market. I see more and more baby-boomers inheriting money and then helping their children buy property in Vancouver. Another trend I see is the baby-boomers selling their Westside home, moving to the Eastside and pocketing the difference. Expect to see much more of these trends as our population ages.
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