We are now officially halfway through 2017 and the market is keeping pace with the predictions. Inventory continues to be a challenge with 2669 units on the market in all categories compared to 2745 last year. However, last month’s inventory was 2478 so June finished with a higher inventory than May. In single family residential there are now 898 units on the market compared to 817 last year. It will take a few months to see if this trend continues.
Meanwhile, conditions still favor sellers as the average transaction value for single family homes has gone from $581,000 last year to $661,500 last month to $672,600 this month. Days to sell is down to 48 from 53 and the list/sale ratio is holding steady around 98%. Apartment sales follow the same trend with the average price at $334,800 and days to sell down to 46 from 60. The list/sale ratio is the same at 98%.
Townhouses have experienced an upsurge in demand this year and the average price sits at $456,700, up from $394,000 a year ago. Days to sell stands at 47 days which is down from 65 days. The list/sell ratio is at 99% for townhomes showing high demand for this particular sector.
Expectations are for unit sales to slow during a summer that is expected to be very hot. There are also a lot of decision makers sitting on the sidelines as B.C. transitions to an NDP Government and the uncertainty that brings.