Steady Sales, Reduced Listings, Prices Hold.
The summer market has been steady, it is still a seller’s market, and townhouses remain to be the hottest property type. In June, the sales volumes showed signs of easing compared to previous months, and it seemed that the market was slowing down. However, July sales were still 13.3% above the 10 year average, and the supply of listings dwindled down. In fact, the volume of new listings coming to the market have been below the 10 year average since March. On the other hand, the sales volume has been above the 10 year average for every month in 2021, with record sales being achieved in April and March.
Here’s a look the monthly sales volume compared to the 10 year average:
- July 13.3% above
- June 18.4% above
- April 56.2% above
- March 72.2% above
- Feb 42.8% above 10
- Jan 36.4% above 10
Due to the lower supply of listings, above average sales volume, and low interest rates, we anticipate the Seller’s market to remain for the foreseeable future.
What to expect this fall?
In September we anticipate more listings to hit the market, which will be followed by more sales due to the pent up demand. The market will remain in the Sellers’ favour, and upward pressure on prices will likely continue. We need a flood of new listings or a rise in interest rates to shift this market anytime soon. For many areas throughout the Lower Mainland, we expect more multiple offers situations this fall.
– James Garbutt