The number of sales for residential real estate has increased in the first five months of 2014. Residential listings under contract have increase by 24%.
The total sales volume from January 1 to May 31, 2014 on residential properties (condos & houses) is up by a 23 percent to $105,069,822 US Dollars. The average sales price is up by 15 percent to $555,925 US Dollars. The total number of sales is up by a six percent.
The condo market is starting to develop nicely compared to 2013. The total sales volume is up a 116 percent to $37,029,510 US Dollars and the average sales price is up by a 45 percent to $356,053 US Dollars.
Sales for single-family homes are down by zero percent to $68,040,312 US Dollars. This is the first time in 2014 that we caught up to the 2103 numbers. The average sales price is up by 26 percent to $800,474 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 24 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 88 – 90%.
If you would like to receive an update on a specific neighbourhood please let me know and I'm more then glad to provide you with the numbers.