We have compiled sales and listings statistics for the period running from June 8th to June 15th, and released them in this easy to read format! If you have any further questions or require more detail please get in touch with us. This past week (and the month of May in general) was marked by an increase in market activity (both listings and sales) as well as a further demonstration of market stability and equilibrium; with 207 new listings (down slightly from 264 new listings the previous week). US and foreign buyer activity has been increasing recently as we have been working with numerous buyers out of California, Florida, and China with more coming in daily interested in Canada’s insulated banking system, competitive financing options, and relatively low Vancouver prices. Many lenders and mortgage specialists have been predicting (quite rightly) a forthcoming increase in lending rates as our economy begins its recovery. As expected we will most likely see the typical seasonal lull that occurs through July and August prior to the market picking itself up again in the early fall months.
Listing versus Sales update for June 8th – June 15th
207 new listings in the Vancouver West Region with 121 (58) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).
New Listings Per Sub-Area:
TOTAL : 121
157 total sales in the Vancouver West Region with 82 (52%) falling in the downtown areas.
Sales Per Sub-Area:
TOTAL : 82
Sales volume lagged a bit over the past week, moving from 193 sales to 157. Supply has begun to balance out with the excess demand as we see a slightly higher degree of new product being introduced to the downtown market. We expect stronger sales movement to continue through early-Summer prior to the aforementioned light seasonal lulls. As stated previously there has been an influx of buyer activity over the past two months, as more individuals seem to be looking at price depreciation and favorable mortgage conditions. The sales to listing ratio also remained strong this past week sitting at [157 : 207] ’sales to listings’ or 76% saturation – stronger market fundamentals, a return to supply / demand equilibrium, and an influx of buyer activity has been leading our recovery period!
If you have any questions about specific figures or activity in your neighbourhood please do not hesitate to give us a call! And remember to visit www.susankeevil.com and www.vancouverrealtyonline.com for up to date statistics, new listings, and all relevant real estate news!