Last month was the highest selling April on record for Metro Vancouver and 41.7% above the 10-year sales average for the month.
“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”
While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace. It is very stressful and frustrating as a buyer and sometimes over-whelming as a seller.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $844,800. This represents a 25.3 per cent increase compared to April 2015.
The benchmark price for detached properties increased 30.1 per cent from April 2015 to $1,403,200.
The benchmark price of an apartment property increased 20.6 per cent from April 2015 to $475,000.
The benchmark price of an attached unit increased 22.1 per cent from April 2015 to $608,600.
North Vancouver continues to rise at an alarming rate, but the detached home market has felt a bit different in recent weeks. We are still seeing multiple offers everywhere but the number of offers seems to have decreased in many cases. For example, in March it was not uncommon to see 15 – 20 offers on properties whereas we are now seeing 2 – 5 being the norm. Could it be the seasonal slow down that generally hits between May and June? This may be the case but it could also be that sellers are pushing their prices a bit higher in recent weeks which is tempering the number of offers. All that being said, the North Vancouver detached house market is up 30.6% in one year as shown above.