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June 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 Average PRICE for a Condo in June was $782,500, up $22,500 from May.

The Average DAYS ON MARKET was at 8 for the second month in a row.  (A 10 year low)

Total INVENTORY was at 685, down from 702 in May.

SALES TO ACTIVE LISTINGS RATIO was at 67% (75% in May)  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 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 67% 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.

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