This past April was another month of interesting competition within the Vancouver Real Estate market. In certain areas and price ranges we're seeing real competition amongst buyers while in other areas we're seeing fierce competition amongst sellers for the few buyers. It remains in my opinion a very good market for those seeking to move-up the property ladder.
The Kitsilano area continues to be among Vancouvers' most desirable neighbourhoods for buyers in todays market; leading all neighbourhoods on the Westside with 48 condo/townhome sales in the month of April. With 6.7 of 10 attached listings selling in April the neighbourhood has now seen similar sellers market conditions for the past 39 months. During this time the MLS HPI Benchmark Price for condos has grown by 62% while townhomes have increased in value by 55%.
All Downtown neighbourhoods remain steadily within sellers market territory as they were at the end of March. Downtown turned over 34% of it’s 211 listings in the month with the entire core of Yaletown (56 sales), Westend (44 sales), Coal Harbour (27 Sales) seeing 199 total sales and a 36% sales ratio overall.
While these numbers suggest strong competition throughout the Downtown market as well as the neighbourhoods of Kitsilano and Mount Pleasant it is important to note not all owners in these areas, and the rest of the city for that matter, will have the same experience within the marketplace.
For instance, 3 and 4 Bedroom product is having a tougher time finding buyers with just 9 of the 95 listings Downtown Vancouver selling. Owners of these homes, along with those with homes valued above $2 million will require stronger pricing strategies in tandem with strong marketing to achieve the best price possible.
Through April we continue to see this trend which is that we really have a tale of two markets. Owners of Westside Vancouver homes, specifically those homes valued at $2.75 million or more, are really battling for the active buyers in the market place. 4 of 7 sales on the Westside of Vancouver are priced over $2.75 million, however, an incredible 688 of the 799 homes currently available for sale on the Westside are in that same price range. That makes for a sales-ratio near 5% in the $2.75 million and up range on the Westside. This makes for buyers market conditions and most likely downward pressure on prices.
While in my opinion all homeowners in need of selling should explore their options and choose the services of a professional Realtor with a well conceived pricing strategy and marketing plan if they wish to achieve the best price possible. It is most important for those needing to sell detached homes valued above the median across Vancouver today as the old 3P tactics employed by some of putting a sign in the ground, put it on MLS, and pray for a buyer simply are not going to get a result in this environment.
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