All in all, this past October showed a healthy Vancouver Real Estate Market. The number of listings and sales remained fairly consistent over last month, and Buyers and Sellers were successful in their Real Estate goals. Having said that, certain markets showed more activity than others, though that's a combination of many different factors including mortgage rates, type of inventory and interest level. We'll discuss each Vancouver Real Estate market segment in more detail below.
Mortgage rules, including the changes to a 25-year amortization and stricter lending policies have certainly affected the real estate market for first time buyers and those looking to stretch their budget. Quite a few deals have fallen apart due to financing, so those Buyers will have to reconsider their budget. The one bright spot is interest rates remain low.
Condos in Vancouver West showed some strength in the market last month with consistent sales and only a slight change in listings. The Average price is at $591,257 and the Median Price is at $470,000 - neither of which changed much over last month. The Vancouver West Condo market is still a happy mix of 1 and 2 bedroom listings, anywhere from affordable units to luxury units. Though prices have remained steady over last year, there is a huge increase in the number of sales, many of which could be due to increased confidence in the current market. With the number of new developments hitting the market in the next year (especially downtown), it will be interesting to see if the downtown market keeps up these sales and prices.
The Vancouver West Townhome and 1/2 Duplex market saw a 23% drop in average price over last month, while maintaining a steady number of sales and listings. Many sales had an average sale price above $1.288-million, with many Kitsilano townhomes and 1/2 Duplexes bringing up the average. The hottest markets are found in Mount Pleasant, Dunbar, Fairview, Cambie and Kitsilano, and with many prices below $1-million, these market will remain consistent.
The Downtown Vancouver townhome market was fairly consistent compared to month - with the only noticeable difference being a 16% drop in average and median prices. With such a small market, this isn't alarming since one or two luxury sales (or lack thereof) can significantly affect the prices.
The Vancouver West Detached House market saw a 17% increase in sales over last month with a 6% decrease in both Average and Median price, landing just over $2-million. The most popular markets are $1-million to $3-million listings in Kitsilano, Mackenzie Heights, Dunbar and Cambie, though there is activity across every market.
Condos in East Van showed a lot of activity last month and last year. This market had a 31% increase in sales to 121 successful transactions, along with slight increases in the average and medians prices. The days on market decreased by 28% to 36 days. Consider that half of the sales were below $369k, this is a market for First Time home Buyers looking for a good 1 bedroom unit. East Van condos is always an interesting market since it has a large mix of older low rise buildings and newer highrises. Generally, the older buildings will offer bigger units and better floor plans for the same price as a typical one bedroom condo unit in a new building. The big difference is the quality of finishings and and the building amenities. Main, Grandview-Commercial Drive, Fraser, Hastings and Hastings East continue to be the hot spots in the East Vancouver condo market.
East Van townhomes and half duplexes remains a strong market. Sales have increased to 51, which is a 21% increase over last month and a 143% increase over last year. Luckily for Buyers, the prices haven't seen the same increase, remaining fairly steady in the $630k range. Looking at the price ranges within this market, we see a healthy mix of townhomes and 1/2 duplexes under $600k, between $600k and $750k and over $750k. Most townhomes and 1/2 duplexes are 3 bedrooms.
The East Vancouver Detached House market continues to to be one of the hottest Real Estate Markets in Vancouver. Though there was a 21% drop in the number of sales last month, that's likely due to the lack of product rather than the lack of interest. The Median and Average Sale price also dropped slightly, though remaining in the high $800,000's and low $900,000's. There is quite a bit of variety in East Vancouver detached houses - homes that need a complete overhaul, unlucky homes sitting in the bog, homes on small lots (or large lots) and homes in the various neighbourhoods of East Van, with Main and Mount Pleasant continuing to be the hot spots.
The North Vancouver condo market experienced a 35% increase in sales while prices remained quite stable over last month. Every price bracket in this market was steady with at least a 13% absorption rate. With an average of 63 days on market, North Vancouver is the slowest market, though patience awards both Buyers and Sellers with successful transactions.
The townhome and 1/2 Duplex market in North Vancouver saw a 39% increase in sales with only slight changes in prices. The average sale price is currently $663,428 while the median sale price is $675,000. Similar to the condo market, the North Vancouver townhome market is steady in every price bracket with at least 18% sales to active ratio.
The North Vancouver Detached Market has increased over last month with 36% more sales (totalling 105), and a 7% increase in price leading to median and average sales prices just above $1-million. The most active markets are Canyon Heights, Lynn Valley and Upper Lonsdale.
With about 6 weeks left in the 2013 Real Estate Market (everything slows considerably for the holidays), now is the time to get into the market. Though the amount of inventory isn't as strong as it will be in the New Year, you'll have less competition over listings and you may find a Seller who's trying to sell before Christmas, and will accept a lower price to do so. If you're interested in listing your home, we can have it professionally marketed and listed within days of meeting, with Open Houses over the weekend to get as many prospective Buyers as possible through your doors. If you're interested in Buying, let us know what you're searching for and we'll ensure you know of all possible options on the market.
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