High levels of buyer interest combined with historically low levels of properties being offered for sale continues to move the dial in favour of sellers in all segments of the marketplace.
Current market activity trends indicate that 2016 will be the second busiest year for transactions since 2002. As of September 30th, the number of transactions has increased by 32% as compared to the same period last year.
Property Values Increase
Sales values have also shown strong positive performance, with the average transaction value increasing by almost 10% to $880,000 since the start of the year. Chalets and townhomes have reported the most interest since the start of the year, resulting in average sales prices increasing to $2,059,004 for chalets (a 21% increase in 9 months), and $935,000 for townhouses (a 22% increase in 9 months).
The other major market segment, condominiums, also had a very busy first three quarters, accounting for almost 35% of all market activity. Average price of a sale has increased as well from the start of the year, moving up to $428,000.
As a result of the consistently strong levels of activity for the last 18-24 months, both the number of properties being offered for sale and the time on the market for most properties (particularly those priced under $1,000,000) has fallen to historic lows. It is safe to say that for those thinking of selling the conditions are as favorable as they have been in 15 years.
Still a Seller’s Market
Looking forward to the last quarter of 2016 we expect sellers to continue to have the market in their favor. With no new buildings being made available, the market will continue to demonstrate the characteristics of a low supply, high demand marketplace with strong support for prices at current or higher price levels. We expect general market activity to be lower than previous, but properties will sell quickly if priced properly.
To be successful in making the right purchase buyers need to be decisive, fully understand the purchase process, and stay right up to date by scheduling a consultation appointment with me to achieve your dream purchase in our unique and dynamic marketplace.