Low Inventory Levels Support A Sellers' Market!

Lower Mainland real estate sales in April took a dip from year earlier unit volume, down 17.3% from April 05, at 3,345 units, driven by 22.3% fewer listings than prior year.

Overall, market activity remains buoyant.  Remember that 2004 and 2005 were the two strongest real estate sales years in decades.
To put it into perspective, when compared with a more "normalized" year, April 06 sales were strong, and were actually 8% higher than April 03.

What's driving the market currently?
The two main drivers are:

• Low Inventory of Housing Stock - Good News for Sellers with less competition, Not so good for Buyers with fewer choices and higher prices
• Continuing Low Interest Rates - Albeit rates are climbing, current mortgage rates and new mortgage products with extended amortization periods are good news for Buyers

Sales remain strong on the North Shore and Sea To Sky Corridor!

West Vancouver (Including Howe Sound, Lions Bay and Furry Creek)

Detached - 82 units sold in April, an increase of 35 units from prior year and consistent with March 06 sales of 79 Units.  YTD, sales are 271 units, up 24.9% vs. 2005. Prices are up 34.6% over prior year at $1,268,000.
Attached - 9 units sold, consistent with both prior year sales of 7 units, and prior month sales of 9 units.  YTD, sales are 29 units, up 45% vs. 2005.  Price information is not reported for areas with fewer than 20 sales.
Apartment - 21 units sold, consistent with both prior year sales of 21 units, and prior month sales of 20 units.  YTD, sales are 60 units, down 26.8%.  Prices are up 18.9% over prior year at $562,000.
 

North Vancouver

Detached - 139 units sold in April 06, consistent with prior year sales of 141 units and up 12.1% vs. March 06 sales of 124 units.  YTD, sales are 410 units, up marginally at 3.2% vs. 2005.  Prices are up 17.8% over prior year at $718,477.  
Attached - 31 units sold in April 06, down 24.3% vs. March 06 and down 20.5% from April 05.  YTD, sales are 133 units, down 10.1% vs. 2005.  Prices are up 23.9% over prior year at $486,000.
Apartment - 91 units sold in April 06, down 20.2% vs. March 06 and down 15.7% from April 05.  YTD, sales are 322 units, down 26.3% vs. 2005.  Prices are up 9.6% over prior year at $285,000.

Squamish

Detached - 30 units sold in April 06, consistent with prior month of 28 units and up 15.4% from April 05.  YTD, sales are 84 units, up 12% vs. 2005.  Prices are flat vs. prior year at $367,000.
Attached - 7 units sold in April 06, consistent with prior year sales of 8 units, down 66.7% from March 06.  YTD, sales are 44 units, up 25.7% from 2005.  Prices are up 8.4% vs. prior year at $277,500.
Apartment - 7 units sold in April 06, consistent with March 06 sales of 8 units, and up 125% from April 05.  YTD, sales are 19 units, up 26.7% from 2005.  Price information is not reported for areas with fewer than 20 sales.

These are the facts for April 2006.  There continues to be a lot of concern raised about "Affordability" in our current market, yet, sales of properties with the features desired by a somewhat more discerning Buyer remain strong.
Low inventories continue to fuel rising prices.  Buyers have less selection and face more competition for individual properties.

If you or someone you know is thinking about selling, please call me today for a more detailed analysis of your neighbourhood and a No Cost, No Obligation Market Evaluation of your property!

Anita Schmitt, Realtor - Royal LePage Northshore

This communication is not intended to cause or induce breach of an existing agency agreement.