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July 2017 Market Update

Dan Wurtele

Living in Vancouver for the past 21 years it has been exciting to watch it grow into one of the most desirable cities in the world...

Living in Vancouver for the past 21 years it has been exciting to watch it grow into one of the most desirable cities in the world...

Feb 7 2 minutes read

('Vancouver West Attached' covers Condos in the Downtown, Kits, False Creek and  West of Main Street areas.)

The summer month of July saw a slight cooling of the market.  That said, some areas like Mount Pleasant and Lower Lonsdale only increased in activity.  Here are some of the numbers for Vancouver West:

The Average PRICE for a Condo in July was $779,000, down $3,500 from June.

The Average DAYS ON MARKET crept up to 9, from 8 the past 2 months.

Total INVENTORY was at 918, up from 887 in June.

SALES TO ACTIVE LISTINGS RATIO was at 43% (52% in June)  A balanced market is 17%

AVERAGE PRICE

DAYS ON MARKET

TOTAL INVENTORY

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 9 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 43% 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.

Want To Learn More About The Vancouver Marketplace?

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