May 2017 Market Update
('Vancouver West Attached' covers Condos in the Downtown, Kits, False Creek and West of Main Street areas.)
The Average PRICE for an attached property was $760,000, up 12.8% over May 2016
The Average DAYS ON MARKET was at at 10 year low of only 8.
Total INVENTORY was just off the 10 year low at 684.
SALES TO ACTIVE LISTINGS RATIO was at 77% (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 77% chance it will be sold by the end of the week. 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.