June 2017 Market Update
('Vancouver West Attached' covers Condos in the Downtown, Kits, False Creek and West of Main Street areas.)
The Average PRICE for a Condo in June was $782,500, up $22,500 from May.
The Average DAYS ON MARKET was at 8 for the second month in a row. (A 10 year low)
Total INVENTORY was at 685, down from 702 in May.
SALES TO ACTIVE LISTINGS RATIO was at 67% (75% in May) A balanced market is 17%
DAYS ON MARKET
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 8 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 67% 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.