Current: Port Moody's 12 %SOLD Rate indicates a Stable Market.
(Meaning 12 Homes out of 100 Sold Last Month with an Average $4,000 decrease from the Original List price).
Most Active Range: Homes between $1.7 mill.$2.2 mill have 44.4 %SOLD rate.
Least Active Range: Homes above $2.2 mill. have 0 % SOLD rate.
History: Pt Moody YTD RMR HPI* shows that prices decreased $39,001.
*The RMR HPI (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Port Moody has Average Listing Supply; 45 homes are for sale and with the 12 %SOLD Monthly Rate gives us a ~8 months of Inventory. We project Port Moody switch into a Stable Market. 7% of the Active Listings have reduced their Price by $120,370 on Average and $100,000 on Median for the last month.
Greater Vancouver February 2024:
In Greater Vancouver, the average monthly cost of single-family detached homes has increased by $20,376. This is a substantial recovery from January's $3,444 price increase. Listing inventories are still low; thus, with limited sales, there is enough pressure to push the market upward. This spring, we forecast a seller's market in the Vancouver area.
With an average price increase of $8,951, 72% of condos in Vancouver's condo market are in a seller's market. The average price of townhouses has decreased to $1,247 but will shift to a Buyer's market now.
For the most accurate and up-to-date market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, please don't hesitate to contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley February 2024:
In Fraser Valley, the average monthly cost of single-family detached homes has increased to $19,686. This is a substantial recovery from January's $1,040 price increase. In the Fraser Valley Area, we forecast a seller's market this spring.
The Fraser Valley's condo market saw an average price increase of $8,223, 92% of the condo markets are in a Seller's Market. Furthermore, the average price of townhouses in the market has increased by $4,856.
For the latest and most accurate market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the performance of winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, feel free to reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.
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