Vancouver real estate market on track for a comeback
The Real Estate Board of Vancouver (REBGV) April statistics released on May 4th show another strong increase in home sales, decline in new home listings, and another slight increase in benchmark prices for Greater Vancouver. The increase in sales for April over March is notable, as historically March sales are greater than April.
Residential sales for Vancouver West increased 34 percent for detached homes, 61 percent for attached homes, and 25 percent for condo's (apartments). New detached home listings In Vancouver West didn't follow Greater Vancouver's trend and increased by 30 percent. New residential condo listings for Vancouver West decreased by 8 percent, and attached homes decreased by 6 percent.
Vancouver West benchmark prices for detached homes, attached homes, and condo's all increased from March into April. Detached homes rose from $1,127,017 to $1,237,674, attached homes from $624,746 to $641,206, and condo's from $422,264 to $430,318.
More buyer's and fewer homes for sale, support last month's indications that the market has entered a more moderate and balanced state.
Many homes that are being put on the market are being priced much more realistically than they had in the previous six months. Due to increased buyer confidence and activity these well priced homes are remaining on the market for a much shorter period of time on average than we've seen since last October. This trend has caused prices to flatten in many areas, and areas with high sales activity prices have increased.
First time home buyer's and buyer's looking to up size from condo's to detached homes continue to drive a lot of the market activity. Interest rates at historical lows, and affordability levels not seen since 2006 mean great buying opportunities still exist in many areas.
These excellent buying opportunities however are not likely to remain for two main reasons. Inflation due to current high government spending will undoubtably lead to increases in interest rates. High sales and demand for homes will continue to put upwards pressure on pricing and deteriorate affordability conditions across most parts of Vancouver.
For more information on Vancouver's real estate market visit Vancouver real estate agent Dean Wegman's website at www.deanwegman.com
