The statistics for April show an adjustment in our marketplace. Total units sold this month numbered 617 compared to
last April’s 801 sales. Similarly, April of 2016 produced 384 single family home sales compared to 255 this April. Strata
apartment sales came in at exactly the same number (162 units) while townhomes managed 82 sales compared to 104
last April.
This adjustment can be attributed to lack of inventory, which sits at 2,393 total units now compared to 2,911 units last
year at this time. Currently, there are only 719 single family homes on the market, compared to 878 last year (which
was already a statistical low point). There are 347 strata apartments on the market, which is a reduction of 18% from
424 last year. Townhomes are also down in inventory by 18% to 223 units.
These factors affect price. The average single family home price year to date is $644,000 compared to last year’s
$559,000. The average strata apartment price is $333,000 compared to $281,000 a year ago. Townhomes now average
$440,000 compared to $378,000 last year. As competitions are the norm among buyers, the current days to sell a home
sits at 51 days. Bids above asking price in some sectors are common by as much as 10% to 15%. These market
dynamics are likely to continue until more sellers place their properties on the market. We do not expect the development
and construction sector to be able to provide enough inventory in the immediate future.