Below are market statistics for the end of April. They are broken down by detached properties (houses) and attached (townhouses and condos – stratas, basically). I show the number of all active listings, the new listings within the month, the number of units sold, and the average sale price. These stats are trended on the graphs and represented on charts relative to the preceding month and the same month in the previous year.
- detached houses in February eclipsed $1mil average sale price for the first time. Since then, prices have come down, though not due to demand. Houses sold sold faster in April than in March, but the number of listings has shot up (no doubt to more people wanting to cash in). More listings means a higher absorption rate – the inventory has almost doubled in the last month.
- condos and townhouses have shot up in average selling price, setting an all-time record in April. Prices rose close to 13% from March, while the time it took to sell was more than halved (19 days, as opposed to 44).
- Inventory of attached properties is on the rise, so don’t expect the pace of price increases to be maintained in coming months. However, with house prices now very much unaffordable to your average family, now is a better time than any to have a multi-bedroom strata unit to sell.
* absorption rate equals the amount of time it would take to sell all current listings, given the current rate of sales, assuming no additional listings. It is the current inventory and an idea of how long it will last. An absorption rate of 14.8 means that the average house will take just under 15 weeks to sell right now.
Attached (condos and townhouses)