Now is a great time to sell condos or townhouses if you want to move into the detached housing market, either in the Vancouver area or nearby suburbs. I have extensive experience helping both buyers and sellers achieve their goals – if you’re thinking of making a lifestyle change, let’s get in touch!
Currently it’s a buyer’s market for detached homes and a seller’s market for condos. February’s condo sales were above the 10 year average by 5.5%. Overall, the total number of homes sold in February 2018 were down from the amount sold in February 2017; there were 2,207 home sales on the MLS for the GVA. Out of this total, only 661 were detached single family homes. This represents a 39.4% decrease from the 10 year average for this month.
Joannah Connolly, Editorial Director for Glacier Media Real Estate, attributes the lack of sales volume in February to several factors, such as new mortgage qualifications, policy uncertainty, and rising interest rates. Jill Oudil, REBGV President, also noted buyers’ lessened purchasing power, and the demand for multifamily housing exceeding the available supply. Conversely, she also remarked that the single family market was becoming more realistic for buyers.
Spring is traditionally a very active time for the market, so it’s possible we’ll see an uptick in sales numbers in the next few months. The benchmark price for condos is the highest Vancouver has seen, sitting at $682,200. If you are considering selling a condo, this is the seller’s market you want, as the demand and inventory are disproportionate.
As always, feel free to contact me with any questions about Vancouver real estate. For a more detailed breakdown of recent sales trends, check out the article below:
Photo Credit: Dan Toulgoet, Vancouver Courier