In our blog or in my newsletter you will find the inventory report, again this month and there are some interesting results particularly in condominium sales.
In Mission and Abbotsford condo's have hit around the 20% Sales-To-Listings range for September and October. While this is not nearly as high as the 39% Sales-To-Listings Ratio in single family homes, it is important to note because Condominiums have been slow in sales with very little pressure on prices this year. This is good news if you own a condo!
Whereas townhouses and single family homes have been selling at a very strong pace causing stronger prices over the last 6 months, we may now see a similar result for condo's.
We are currently selling nearly twice as many condos in a month as we did earlier this year. Is it pricing catch up time for condos? If the pricing gap becomes large enough between houses and condos it becomes an economic decision to buy apartments.
While condos are picking up it does not compare to the single family market which is selling even better then our remarkable 2007 pace. Mission currently has a 39.5% ratio and Abbotsford 39% ratio of Single-Family-Sales VS. Listings in October. What this percentage means is if there is a 100 active listings on the market almost 40 sold in the month, this pace depletes inventory at a fast pace, putting pressure on prices. In Mission last Oct 2014 there was 260 active single family homes for sale, this October there is 171. Abbotsford had 427 actives in Oct 2014 in Oct 2015 349, these are significant drops in inventory.
For now it does not seem inventory levels are going to increase, so the market should remain robust, with condominiums picking up in sale volume will they match the price increases seen in houses. Next months inventory report may better answer that.
Here is our 4th quarter forecast and 2016 projection pdf:
Subject: Housing Demand to Ease but Remain Elevated in 2016: BCREA 2015 Fourth Quarter Housing ForecastFor a PDF version of this news release, including data table, follow this link:
300 - 3303 Immel St. Abbotsford BC V2X 5Y1
1 - 32540 Logan Ave Mission BC V2V 6G3
O 604 859 3141 or 604 826 2699 F 604 859 5226 or 604 826 2621
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