('Vancouver West Attached' covers Condos in the Downtown, Kits, False Creek and  West of Main Street areas.)

The summer month of July saw a slight cooling of the market.  That said, some areas like Mount Pleasant and Lower Lonsdale only increased in activity.  Here are some of the numbers for Vancouver West:

The Average PRICE for a Condo in July was $779,000, down $3,500 from June.

The Average DAYS ON MARKET crept up to 9, from 8 the past 2 months.

Total INVENTORY was at 918, up from 887 in June.

SALES TO ACTIVE LISTINGS RATIO was at 43% (52% in June)  A balanced market is 17%

AVERAGE PRICE

DAYS ON MARKET

TOTAL INVENTORY

SALES TO ACTIVE LISTINGS RATIO

What Does This Mean?

As a Seller this means that if your property is priced right it will sell, on average, in only 9 days on the market. With inventory this low and demand so high it is common place to see multiple offers on almost every listing that hits the market.

As a Buyer this means that it is more challenging than ever to buy a home.  If you see a property you like there is a 43% chance it will be sold within 1 month.  Making an offer becomes incredibly strategic as you will most likely be in a Multiple Offer scenario.  It is imperative to act fast and have a skillful Realtor working for you.