Current: Port Moody's 13 %SOLD Rate indicates a Buyer Market. (Meaning 38 Homes out of 100 Sold Last Month with an Average $12,000 Sales Discount from the Original List price).
Most Active Range: Homes between $1 mill. - $2 mill. have 21.1 %SOLD rate.
Least Active Range: Homes above $2.5 mill. have 6.3 %SOLD rate.
History: Pt Moody YTD RMR HPI* shows that prices decreased $53,378.
*The RMR HPI (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Port Moody has Average Listing Supply; 97 homes are for sale and with the 13 %SOLD Monthly Rate gives us a ~8 months of Inventory. We project Port Moody to continue into a Stable Market.
May's Real Estate Statistics shows 62% of Vancouver's Detached Markets decreased values this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price much stronger decrease of $16,674 which is a marked drop over the $4,857 increase that we saw in the month prior. On the Average Monthly Price decrease of $4,469, which is a Big-Switch from the $13,418 increase that we saw in the month prior. At the same time, the Vancouver Detached Markets showed a price decrease of $16,674. With many new foreign buyer taxes, the much tougher mortgage lending rules, the higher interest rates, trade tariffs, we are forecasting a Buyer's Market across most Detached Markets.
Currently, the Condo Market is turning from Hot to a cooler market, with 53% of the Greater Vancouver (Lower Mainland) still increasing. 61% of the Townhouse Markets are decreasing (17 out of 28 Markets). The "Fear-OF Missing-Out" buyer emotions of yesterday are now being replaced with the "I-Will-Wait" Attitude. We are forecasting a Stabilizing/ Buyers Market in the lower end Condo/Townhouse Markets for the following months. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighbourhood.