Well Hello There,
How is everyone enjoying our gorgeous spring weather? Vancouver is certainly showing off for us!
Along with this sunshine, the real estate market has also been heating up (sorry, I couldn't resist). Spring is the busiest time of year for real estate, and 2014 is no exception.
Looking at Greater Vancouver as a whole, sales were up 16.1% in April 2014, compared to the same time last year and showed a 15.5% increase compared to March 2014.
“Home prices in the region continue to show steady, yet modest, increases when compared to last year,” Ray Harris, REBGV president said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $619,000. This represents a 3.6% increase compared to April 2013.
Looking at the city of Vancouver, East Van is especially busy. Detached home sales were up 37% compared to the same time last year, and active listings were down 28%, which contributed to April finishing out with just 2.6 months supply of inventory. This represents a strong seller's market. We are seeing many homes sold with multiple offers for this market segment. Most well priced homes are being snapped up almost as soon as they go up for sale.
Attached properties (townhouses and duplexes) in East Van had a particularly strong month as well, with sales up by 48% compared to April 2013. Active listings were down by 20% from the same time last year, and with a 2.7 months supply of inventory, we see a strong seller's market here as well.
East Van apartments also showed a strong month, with a 49% increase in sales. Total active listings were down by 12% and with a 4.5 months supply of inventory, its showing a seller's market as well, verging on balanced.
Vancouver's west side also showed moderate increases in sales, with the different market segments right in and around balanced market territory.
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