Home buyers and sellers become more active in the Greater Vancouver Housing Market in Spring 2014. The latest SnapStats reports that new listings for both detached and attached properties in Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver and West Vancouver totalled 5,524 on the Multiple Listing Service® (MLS®) and 1,304 homes were sold in April 2014.

Market in Downtown Vancouver

The total number of properties currently listed for sale on MLS® system in Downtown Vancouver is 980 and 244 homes were sold in April. The residential property sales ratio in Downtown reached at 25% average in the Sellers Market, which means 1 in 4 homes are selling. The percent of homes selling in April 2014 is the second highest this measure has been since April 2013. This represents a 9% increase compared to 16% in April 2013.

The median sales price in April 2014 was $493,750 and 1.8% above March of $484,950. Homes are currently selling on the average of 1.3% below their listing price. The most active price range is in between $0 to $300,000 at 45% sales ratio as well as $1.75 million to $2 million at 21% sales ratio. The Sellers Best Bet is homes in Downtown, Westend, Yaletown and up to 1 bedroom properties. The Buyers Best Bet is the following: Homes between $700,000 to $800,000; $3 million to $3.5 million, Coal Harbour area and 4 plus bedrooms.

From the 13 Month Market Trend figure below, both inventory and sold homes in Downtown Vancouver have been increasing since December 2013, and we see a steady increase in Seller and Buyer activity in this Spring 2014.

Source: SnapStats Metro Vancouver Edition April 2014, SnapStats Publishing Co.

Market in Vancouver West

New listing in Vancouver West Market reached 1,858 units and sales are totalled 377 in April. The Detached Market is now facing Balanced Market at 19% sales ratio, and the most active price band is in between $1.25 million to $1.75 million at 46% sales ratio. The Attached Market is now Sellers Market at 22% sales ratio average, and $0 to $300,000 band is the most active with average 43% sales ratio. The Sellers Best Bet is homes in Mount Pleasant (100% home selling), Point Grey and 3 bedroom properties.

Market in Vancouver East

Detached and Attached Market in Vancouver East is now experiencing Sellers Market with high sales ratio. In the Detached Market, the sales ratio is as high as 41% and the most active band is $700,000 to $800,000 with average 100% sales ratio. The Attached Market is at 26% sales ratio average and the most active in between $700,000 to $800,000 with average 52% sales ratio (1 in 2 homes selling) in April. The area of Grandview and Main is the Sellers Best Bet for both detached and attached market in Vancouver East.

Market in North Vancouver

The 126 units are newly added to the Market in North Vancouver in April. The Detached Market is now facing Sellers Market at 36% sales ratio average, and the most active price band average ratio is as high as 58% at $900,000 to $1 million range. The Sellers Best Bet is homes in Boulevard, Canyon Heights, Lynn Valley and Westlynn. Compare to the Detached Market, Attached Market in North Vancouver is Balanced Market at 17% sales ratio now, and homes are selling on average at 5% below list price.

Market in West Vancouver

Sales of detached and attached properties in West Vancouver totalled 98 units. This represents 22% increase from March 2013. The Detached Market in West Vancouver is experiencing Balanced Market at 16% sales ratio. Homes are selling on average at 3% below list price. The only Buyers Market in Greater Vancouver in April was the West Vancouver Attached Market at 14% sales ratio average. The Buyers Best Bet is homes between $300,000 to $400,000, Park Royal and up to 1 bedroom properties.

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