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July 2014: Vancouver Real Estate Update

 

Market Update

JULY 2014

The Vancouver Real Estate Market continues to show strong sales over last month and last year, with a 21.3% sales to active ratio - the highest it's been in the last 3 years. We've definitely beed busy the last few months, and we expect this summer to be busier than most. We have a handful of new listings coming out in the next few weeks so keep your eye out for what's new, and let us know if you have any questions.

EAST VANCOUVER

Detached Houses in East Van - it's a Strong Seller's market with a 37.5% sales to active ratio. For those looking for a nice home with good bones, it can be pretty sparse for inventory, which is leading to a lot of multiple offer scenarios. Good opportunities on the East Side aren't coming up very often so be ready for quick offers in the detached house market. For Sellers, if you're interested to sell, now is the time! We have some interested clients.

The townhome and half duplex market in East Vancouver has a 20% sales to active ratio even with a 35% drop in sales over the previous month. The $600,000 to $700,000 market and $800,000 to $900,000 market are strong, likely the result of people not yet being able to jump into the detached market, and the increase in attached homes being built by developers.

Condos in East Vancouver showed a respectable 20% sales to active ratio. There was activity in every price bracket with the sub-$600,000 market performing best. The average and median price have been fairly steady in the mid to high $300,000 range.

VANCOUVER WEST

The detached house market in Vancouver West saw a drop in inventory and sales, though median price remained fairly steady at $2.3-million, with the average jumping to $2.7-million (indicative of some higher end sales). The sales to active ratio is a very good 20% - though expect this number to drop as we move into the summer.

The townhouse and half duplex market in Vancouver West saw an increase in activity to a 23% sales to active ratio thanks to a slight decrease in inventory and an increase in sales. Median price is at $903k with average price sitting at $897k.

The Vancouver West condo market has a strong 23% sales to active ratio - higher than last month and last year - and this should remain that way through July. The average price has been dropping since March, now sitting at $612k, while the median price is at $484k. Expect a 1 bedroom home in most neighbourhoods to be around $400k, while 2 bedrooms are generally $500k and up.

NORTH VANCOUVER

The North Vancouver Detached market has continued seeing interest from buyers, with a high 34% sales to active ratio - the highest it's been in over two years. The median price has been dropping, sitting at $1,015,000 this past month while the average price is at $1,136,595. Inventory increased significantly after December, but is starting to drop now that we've entered the summer season.

The townhouse and half duplex market in North Van is also a strong market, with a 33% sales to active ratio - up from 20% last month. Average price sits at $618,800 while median price is at $614,500.

The North Van condo market has a 18% sales to active ratio, which is lower than all other markets, but still a balanced market for Buyers and Sellers. The average price is at $438,781, while the median price is $361,688. Total inventory is dropping, after a huge spike since December.


Given these numbers, our best advice is to be active in the current market if you're looking for a new home. Ensure you're getting out to see homes soon after they're listed and let us know what you're looking for so we can not only keep our eye on the market for you, but we can make sure you're knowledgeable and prepared to write an offer when the time comes.

Rob

 
 

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887 PARKER ST.

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  • 2 Bedrooms, 1 Bathroom
  • 1,008 sqft
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© Rob Zwick of RE/MAX® Crest Realty Westside 1428 West 7th Ave, Vancouver BC | Personal Real Estate Corporation | Site Map