From our RE/MAX Oceanview Office:
The April statistics show our Spring market is in full bloom. There were 67 detached homes sold this past month. That’s an increase of 13% over March and the second busiest April in 10 years. The Benchmark Price – that is, the price of an average home in an average area – rose another 2.8% last month to $532,300. This is due mainly to fewer listings, which are down 25% from last year.
Apartments and townhome sales totaled 23. That’s the same number as April of 2016, but twice that of last month’s total. We anticipate more price increases as supply shortens in this sector. With land, sales increased to 21 from just 13 in March. That’s up 66%, but still well below the 60 sales noted in April of last year. It is safe to say that prices in this category are rising, too, as the supply lessens.
As to where prices are going, we can only assume that as long as there is large price gap between the Coast and Vancouver, and local demand continues to be strong, values will increase.
One thing we can state with certainty: if you’ve been thinking about selling, there has never been a better time to bring property onto the market.
Want to stay informed? Be sure to stay in touch with your RE/MAX Oceanview Agent and be sure to read the Weekly Report.