The number of sales (closed transactions) for residential real estate has decreased an 8% in the first two months of 2015. Residential listings under contract decreased a 69%
The total sales volume from January 1 to February 28, 2015 on residential properties (condos & houses) is down by a 38 percent to $15,793,000 US Dollars. The average sales price is down by 32 percent to $336,000 US Dollars. The total number of sales is down by a 8 percent to 47 units.
The condo market has suffered the most.The total sales volume is down by 58 percent to $4,997,000 US Dollars and the average sales price is down by 29 percent to $429,000 US Dollars.
Total sales for single-family homes are down by 18 percent to $10,796,000 US Dollars. The average sales price is down by 41 percent to $386,000 US Dollars.
The percentage of list to sold price for condos went up by 2% from 89% to 91% and for single family homes it increased by one percentage point to 90%.
Specially the higher end market is suffering with most of the luxury high end hotels still under renovation. The lack of the high end buyer is pushing the average sales price down.
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.