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Vancouver Real Estate Update: October 2014

 

Market Update

OCTOBER 2014

Happy October everyone! With the cool breeze in the air, Fall has definitely arrived. It's always an interesting time in real estate because it can often affect how you feel when you view potential homes. For those searching for a new home, you'll be able to see how the space feels on a grey day (which is often in Vancouver). Warm interior spaces can take centre stage over outdoor spaces that won't be used as often.

I feel like I've been saying this for a few months now, but inventory just hasn't been as good as we hoped for this Fall Real Estate Market. There are still a lot of Buyers looking to get into the East Van detached house market, but there aren't many homes to choose from. If you've been thinking about selling, now can be a great time - we still have two months of Real Estate activity before things slow down for Christmas. Contact us and we'll tell you how we can get the most value out of your home on the current market.

East Vancouver Real Estate

The East Vancouver house market is similar to how it's been in the last few months - not enough (good) inventory to satisfy the demand of Buyers. The good houses not only get snapped up quickly, but often with multiple offers. The sales to active ratio is at 30% making it a very strong market. We have a list of Buyers looking for houses in East Van (with various specifications - character homes, Vancouver Specials, etc) so if you're looking to sell your East Van house, give us a call. The townhouse and half duplex market in East Van is a fairly steady market, with the same number of sales as last month and a slight increase in listings; prices remain in the mid-$600,000's. The East Van condo market Inventory is up, but sales are down over last month and last year - equating to a 16% sales to active ratio. Otherwise, sales prices are starting to edge upward, with the average hitting $407k and the median at $352k.

Vancouver West Real Estate

The detached market in Vancouver West saw slight changes in the numbers compared to last month, but large changes over last year. Sales price increased 15% over last year to a median of $2.3-million and an average of $2.8-million. Inventory has been pretty steady compared to last year and last month. Overall, the sales to active ratio is a strong 20%, with 2014 has been a good year for this market. The townhouse market in Vancouver West is showing a steady 19% sales to active ratio, with a jump in median sales price at $873,000 and average sales price at $947,231. The price per sqft is just about the highest it's been in the last three years. The Vancouver West condo market is showing a strong 25% sales to active ratio, though inventory has been steadily decreasing since the spring with sales remaining fairly steady. Interestingly, price per sqft of $691 is the highest it's been in the last three years, yet average and median price are not the highest.

North Vancouver Real Estate

The detached market in North Vancouver has a steady sales to active ratio of 27%, yet inventory and sales are down over the last few months. Average and median price are just above $1.1-million. The townhouse market in North Van has a 19% sales to active ratio, with a price per sqft of $400 and an average and median price hovering around $600,000. The condo market in North Van has a 16% sales to active ratio, with a slight decrease in sales and listings after a busy spring. Average and median price remain around $400,000.

If you have any questions going into the last few months of 2014, don't hesitate to call.

Rob

 
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