The number of sales for residential real estate has increased in the first four months of 2014. Residential listings under contract have increase by 28%.
The total sales volume from January 1 to April 30, 2014 on residential properties (condos & houses) is up by a 12 percent to $73,812,712 US Dollars. The average sales price is up by seven percent to $505,567 US Dollars. The totalnumberof sales is up by a four percent.
The condo market is startingdevelopnicelycomparedto 2013. The total sales volume is up a 108 percent to $28,994,900 US Dollars and the average sales price is up by a 40 percent to $349,336 US Dollars.
Sales for single-family homes are down by 13 percent to $44,817,812 US Dollars. The average sales price is up by 14 percent to $711,394 US Dollars.
Although the numbers for single family homes have lost some steam, I believe that we will see an increase in activity and sales in 2014. But as I mentioned above, it will be a slow recovery. Pending sales are up a 28 percent so that makes me believe that we have hit bottom and we will see prices stabilise.
The percentage of list to sold price for condos has raised from 90 – 92% and for single family homes from 87 – 90%.