June 2017 Market Update
It’s been a busy spring in Vancouver’s real estate market. On every front we are seeing signs of robust activity. Prices are up, sales are way up and inventory levels remain near historical lows. In fact, total sales are >15% above the ten year average and second only to last year in that time. Meanwhile, inventory levels are 35% below the ten year average and also at their second lowest levels over that period.
With sales surging and continuing low levels of inventory, there is significant pressure on prices. We see this with all housing types in the past month increasing between >2% – >3.5%. Those are very significant moves in such a brief period of time. The boom of activity that we were seeing exclusively in Condos and Townhouses has now definitely transferred over to the detached home market as their prices rise and sales jumped >80% in one month.
We expect that inventory levels may now begin to rise as homeowners realize that now may be an optimal time to sell. Sales in June and early July will likely continue to be robust, but the test will be to see if buyers continue to snap up available inventory as the summer wears on…or not.