July saw not a drop of rain and lots of Real Estate activity. The big trend that developed from analyzing July's numbers was a sheer increase in the number of sales compared to July of last year, along with a decrease in the number of listings. Last July was the start of a slow market and this July saw a return to a normal amount of activity. I suspect that since the last four months of 2012 were slow, the 2013 stats will continue look good in comparison. The media, as always, will ride this "story" of a hot market using these comparisons. Pent-up demand from the last half of 2012, is what fed our spring market, and with the help of the "hot market stats", I'm guessing that we'll be steady for the rest of the year... Take a look below for a full breakdown.
On another note, we've released two new websites recently - LiveKitsilano.com and WeLoveEastVan.com - offering a great search tool, interesting blogs and some great neighbourhood information. We'll be constantly adding more information to each site so to check back often.
Vancouver East saw some of the biggest changes compared to last year, and across all markets. Looking at detached houses in East Van, the market stayed fairly steady compared to June, with only slight changes to listings, sales and prices. The best performing markets were the sub-$900k mark showing that there are many people looking to get into the market in East Van, most likely with the plan to renovate or flip the house. East Van remains the cheapest detached house segment in the city so everyone - including builders - are flocking to this area for the chance to make a profit off the growing interest in this area of town.
Townhomes and Half Duplexes in Vancouver East has showed continued growth. Almost double the number of sales over last year and a solid 30% increase over last month. The prices have dropped ever so slightly, with the median and average prices being just over $600k. Most of these units are 3 bedrooms or more, with a good mix of both new and old units. We'll continue to see an influx of new townhomes and half duplexes on the market in East Van thanks to builders rezoning property to allow for more units that still work for families.
Condos in East Van haven't showed signs of slowing down. Sales increased quite a bit over last month, and last year, with prices dropping ever so slightly. The most activity was in the sub-$400k market, with none over $759k. There's still a significant difference in price per sqft in Vancouver: the west shows $655 while the East remains around $470 so your chances of finding an affordable apartment unit in East Van are much higher.
Vancouver West showed a 50% increase in sales over July 2012, however we saw a 13% decrease over last month. The sales to active ratio is 15% - double than last year at this time - putting us squarely in a balanced market. The most sales were in the $1.5-million to $3-million bracket, which isn't surprising for Vancouver West, however, we saw a considerable jump in average and median prices this month, mostly thanks to 20% of sales being over $3-million.
Townhomes and half duplexes in Vancouver West saw an increase in sales and a decrease in listings over last year, but otherwise was quite steady compared to last month. This isn't surprising since townhomes and half duplexes are the affordable option for most in Vancouver West.
Condos on the westside offer a mix of affordable one bedrooms to luxury units. The best performing market is the sub $430k, one bedroom market, with the other markets performing strongly as well.
Detached homes in North Vancouver saw the biggest changes - almost double the sales over July 2012, with a solid 17% increase over last month and fairly steady prices. Interest here is high with people looking to get a family home for under $1million. Consider the $700-$800k price brackets - they average a 67% sales to absorption rate! Every other market under $1.75-million was strong. With many of our clients looking to buy in North Vancouver, the demand isn't waining anytime soon.
Townhomes and half duplexes in North Van were the exception to the bunch. No change in sales compared to last year, and a big 33% drop compared to last month. Prices haven't changed much either, and at $379/sqft, they are quite a bit lower than even the $450/sqft in East Van. Most sales fell in the $400-$700k bracket and are most likely a 3 bedroom unit.
Condos in North Van followed the typical trend of the month - 40% increase in sales over last year and a 11% increase over last month. This demand has pushed up prices where we're sitting at $462/sqft, which is quite close the the $470/sqft we're seeing in East Van. The difference between the two markets is that the units in North Van are generally larger than in East Van.
We've got quite a few new listings coming up thanks to Sellers trying to jump the gun before the fall market - so if you're at all interested in joining in as well, give us a shout - we're happy to get the ball rolling!
We've had our sights set on the East Vancouver market so check out our new website. There's lots of neighbourhood information, our favourite spots in East Van, and real estate information that will be updated on a regular basis.
Go to WeLoveEastVan.com >>