May 2016 - Market News
April 2016 Review
It certainly seems like I have been writing about the same market scenario for months now. April was no different as we continued to see strong Gross Sales and dwindling Active Listings. Interestingly the actual Units Sold in the past month compared to April, 2015 has changed nominally yet the overall Gross Sales increase has been staggering.
West Vancouver led the way with the highest percentage increase of Gross Sales… a stunning 45% rise over one year ago. April, 2015 saw Gross Sales at $298,665,026 and April, 2016 Gross Sales hit $434,360,546. In contrast to that growth we saw a 25% reduction in overall Active Listings from one year ago. Active Listings were 475 for April, 2015 and fell to 352 in April of this year. As typical to what is going on in the market, West Vancouver saw a 40% increase in Average Price per Unit from $2,740,046 to $3,843,898.
North Vancouver was up 27% in Gross Sales from $233,056,240 in April, 2015 to $300,788,914 for the month of April of this year. As is the trend, Active Listings were down 34% (from 257 to 168) and the Average Price per Unit was up 34% from $1,395,546 to $1,879,930. With all of the gains we see for North Vancouver there was a setback in Units Sold for the month of April from 167 to 160 ( 4% drop).
As in previous months, Vancouver West saw an increase in Gross Sales (38%) and a 21% decline in Active Listings from 709 to 552. Vancouver West broke the four million dollar mark with an increase of 32% moving the Average price per Unit from $3,172,128 to $4,188,224. Units Sold Year to Date rose 16% from 695 to 809 yet the Units sold for the month of April rose only slightly by 4%.
The market is strong as well as highly competitive so if you are thinking of buying or selling your home give me a call, I’d love to help.
MARKET OVERVIEW: Residential Detached
Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.
Price Index (HPI): Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.