Multiple Offers Soar in March as Inventory Falls 17%
Similar to last month (Vancouver Condo Report February 2017) the Vancouver condo has maintained it’s red hot pace. This is largely due to falling inventory, which is down from last years record low. Despite sales plopping nearly 29%, prices are setting new highs in Vancouver.
Vancouver Condo Sales
Vancouver condo sales fell across the board. Vancouver West condo sales fell 33% year over year, while Vancouver East sales fell by 14% when compared to March, 2016. The drop off in sales is likely more a result of record low inventory levels.
New Listings/Inventory Levels
New listings and inventory levels continue to plummet. For Vancouver West new listings fell by 24%, while overall inventory levels also sank by 18%. This is without a doubt the biggest contributor to the overheated condo market. Current inventory levels are at all time lows and it’s not even close. Just see below.
Vancouver Condo Prices
The Vancouver condo market is arguably as hot as it’s ever been. After hitting it’s peak in June, 2016 it cooled down and we saw some downwards pressure on prices during the fall and winter months. Since the calendar rolled over into 2017 the trend has been nothing but up. The sales/active ratio which is a key indicator of demand now sits at 69% (anything above 20% is a sellers market) coupled with falling inventory as sellers hold out has only made conditions even tougher for buyers. I expect this trend to continue through April.