Home sales across the Tri-Cities spiked in April, continuing to create a seller’s market. Throughout Port Moody buyers looking for a detached house on a standard-size lot are finding rising list prices with winning bids often far exceeding the asking price; the Port Moody housing market is hot.
The benchmark price for a detached Port Moody home reached $963,300, which is a 2.6% increase from last month and an 8.1% increase from February 2014. While Single family homes sold for a median price of $870,000, Townhouses at $435,000 and Apartments and Condos went for an average price of $346,000.
Last month’s sales in Port Moody for detached, attached and apartment properties were 76, which is a 3% increase compared to April 2014 sales. Detached and attached homes in this area are selling for an average of 2% below list price.
Although we are seeing a slight increase of inventory compared to last month, “The supply of homes for sale today in the region is not meeting the demand we're seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, REBGV president said.
New listings for detached, attached and apartment properties in Port Moody totalled 135 in April 2015. This represents a 10% increase compared to the 123 new listings reported in April 2014.The sales-to-active-listings ratio in April had an average of 78% for all property types. This is a much higher ratio compared to the average of 65% for all property types for March 2015.
Interest is likely to intensify for single-family detached properties in – extending to fixer-uppers on busy streets previously overlooked in all areas. Eager buyers are indulging in bidding wars and crowding open houses despite the ever-rising prices. Sales of existing detached homes, condos and townhouses continue to soar as a result of low interest rates, limited listings and a flood of international buyers.