Vancouver Condo Prices Set New Highs in April
Similar to last month (Vancouver Condo Report March 2017) the market continues it’s torrid pace. New listings and inventory are scarce as would be sellers hold put. This is suppressing inventory and keeping upwards pressure on prices. Yep, just when you think Vancouver condos couldn’t get any pricer they find another leg up. Let’s break down the sales, inventory, and prices by area.
Vancouver Condo Sales
Vancouver condo sales fell by 21% year over year. Of course this drop is coming off a record year. Vancouver condo sales are still are right on par with their 10 year average for the month of April. There are definitely fewer buyers this year but with inventory being so low it hasn’t made any difference on prices. Here’s how sales look for the month of April over the past 10 years.
New Listings/Inventory Levels
New listings continue to trend well below normal levels. Vancouver condo new listings fell by 24% year over year and 34% below the 10 year average. Amidst a housing crisis many sellers are choosing not to sell in fear that they will be stuck in a vicious bidding war when trying to buy back in.
So, while new listings are well below normal levels, this has kept inventory at critical levels. Inventory levels also fell by 24% year over year. There were only 641 active listings at the end of April, which was the fewest number of available listings on record. Not good for potential buyers.
Vancouver Condo Prices
Condo prices continued to rise in April. I’ve included the average price per square foot for each area in the link below. Click Here to Access Condo Prices
The Vancouver condo market remains extremely competitive for buyers, 44% of condos sold over asking price in April. With inventory currently at record low levels it’s never been a better time to sell and cash in on historical price increases. The average sales price has now jumped 21% year over year.