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Vancouver Real Estate Newsletter - February 2015

Market Update

February 2015

The Vancouver Real Estate Market had one of the busiest January's we've seen in years, even with less inventory from which to choose. The bottom line? Buyers are eager, and are jumping on all the homes that show well and are priced within the market for sale. The single family home market has been strong in East Van and North Van, where we're seeing multiple offers and high bids within the first week a desired property is listed. The condo and townhouse markets have been performing well even amidst lower inventory. If you're looking to sell - now is a great time.

The Zwick Chimes Team received some good news this month - we're RE/MAX Crest Realty's #1 Team, the #6 Selling Real Estate Team in Greater Vancouver, a Top 50 RE/MAX Team in Canada, and are yet again, in the Top 1% of all Realtors in Greater Vancouver. Thanks to all of our clients for a great year!

As always, we're here if you have any questions about the Vancouver Real Estate Market, so feel free to give us a call. Here's a quick breakdown of each market:

East Vancouver

The East Vancouver detached market remains the most active market in Vancouver, showing a 32% sales to active ratio. The number of listings is down compared to this time last year, but the number of sales is up. Good properties are being snapped up quickly, often with multiple offers and strong bids. The most active markets, showings sales to active ratio's above 40%, are the $900,000 to $1,250,000 market and the sub-$800,000 market. The average and median price are in the low $1.1-million's. Main, Mount Pleasant, Grandview, Renfrew and Victoria were the hottest markets last month.

The East Van townhouse market performed well last month, with a 19% sales to active ratio. There were 20 sales, with 8 of them being units built in 2014, or planned for a completion in 2015. The sales were spread out over every price point, with the $400,000 to $600,000 market bring the most active. Average and median price are in the low $600,000's. The townhouse and half duplex market saw fewer sales last month compared to January 2014, but with new developments being listed all the time, the market should remain busy.

The East Vancouver condo market performed well last month, though there is still room for more activity. There were 80 sales last month, which is up from both last month and last year. The average and median prices are in the low $300,000's. The most active market's are the $400,000 to $500,000 market with a 33% sales to active ratio, and the sub-$300,000 market with a 21% sales to active ratio. Given the sales last month, 33 of the units are yet to be built which shows a strong pre-sale market as well.

Vancouver West

The Detached Market in Vancouver West saw a slight drop in Sales to Active Ratio in the last month - it's now sitting at 16% - which maintains a balanced market, and isn't far off the average we saw throughout last year. Sales prices hit a high point last month, but the median has since dropped to $2.4-million, and the average has since dropped to $2.7-million. Days on market is a very low 14 days which is the lowest it's been in 3 years (it's down from 35 last month). Kitsilano was slow this past month, but that market should pick up as we enter the Spring. Otherwise Mount Pleasant, Mackenzie Heights, Arbutus and Dunbar were active.

The Vancouver West townhouse and half duplex market had a 21% sales to active ratio with a median price of $750k and an average price of $924k. Only 5 of the sales are brand new developments, and only 2 of the total sales were duplexes. Prices ranged under $400k for a 1 bedroom townhouse to over $5-million for a Yaletown townhouse.

The Vancouver West Condo Market has a 19% sales to active ratio, though lower than last month, it's still a higher average than much of last year. The average sales price increased to $723k thanks to a few high end sales, while the median sales price increased slightly to $492k.

North Vancouver

The Detached Market in North Van was reminiscent of the East Van Market - we saw a number of listings get high bids and multiple offers just days after being listed thanks to a renewed interest in North Vancouver and a lack of good inventory. The median prices sits at $1.2-million, while the average price sits at $1.4-million. Days on market has dropped to 8 days, and listings were being sold, on average, above list price. The most popular markets were Blueridge, Edgemont, Forest Hills, Lynn Valley and Pemberton Heights.

The North Vancouver townhouse and half duplex market had a sales to active ratio of 23%, which was around the average it's been for the year. Sales prices have been up and down all year, with the median and average both around $675k - a number higher than the year's average.

The condo market in North Vancouver has been slow, with a sales to active ratio of 17%, and and average days on market of over a month. Sales prices both rose over last month, though they are still lower than last year's high: median is at $392k, and average is at $429k. This market has a lot of room to increase.

Give me a call if you have any questions, or want to chat Real Estate.

-Rob

 
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Vancouver East Detached Market Update- February 2015

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