The Vancouver Real Estate market has remained busy the last month - with increases in inventory, sales and fewer days on market overall. We've truly entered the busy Spring Market, seeing multiple offers on the great homes that are listed - whether they be detached houses in East Van or great condos for first time Buyers. You have to be quick in this market, and as prepared as possible in order to be successful in securing the home you want.
Ensure your mortgage has been pre-approved, and have your funds ready to go so you can shorten the subject removal period or work with the Seller's ideal closing dates.
Even if you're only starting to think about getting into the market, meeting the WeLoveEastVan Team to go through the buying process, viewing homes and deciding what you're looking for can be very helpful in the long run. For Sellers, it's a busy time right now, with lots of Buyers looking for a great space. Some extra effort in staging your home properly, along with pricing it according to market value can go a long way in selling your home quickly, for a good price. Let us know if you're interested in a home evaluation to get a sense of the current value of your home.
The East Vancouver Detached House market remains the strongest market in Vancouver, with tons of Buyer sand not enough good inventory. Note the 25% increase in sales and 40% decrease in days on market. Detached Houses in East Van offer a wide variety of options: from new builds, to renovated character houses to lot value and this leads to many different options and can affect the averages in the stats. Overall, this market is seeing a 39% sales to active ratio, with the $600k to $1.25-million market seeing an absorption rate of anything from 41% and higher. If you're interested in buying a house in East Van - let us know so we can keep you updated on this ever changing market. There is lots to know and we can help lead you in the proper direction.
Townhomes and Half Duplexes in East Vancouver saw decreases in every category last month: listings and sales both dropped, the average and median price dropped to $615,443 and $636,900 respectively, and the days on market dropped by almost 50%. Among these drops, the townhouse and half duplex market performed very well with a strong 33% sales to active ratio. This market has been strong with lots of interest from Buyers moving up from condos.
The East Van condo market saw a big drop in sales over last month, amidst an increase in average and median prices to $401,078 and $351,000 respectively. Overall, every market in Vancouver East performed well last month with at least 21% sales to active ratio. The average price is increasing, though that has more to do with better options in higher price brackets thanks. There was a slight increase in inventory last month, and expect the interest level from Buyer's to continue, and even increase, through the Spring.
The Vancouver West Detached Market saw a slight dip in sales price last month, bit it's still well above the last 3 years. Median price is at $2.4-million, while average price dropped to $2.6-million over 147 sales last month. The sales to active ratio is a strong 18%, putting this market in a Balanced Market for both Buyers and Sellers. Just like the other markets in Vancouver, the homes that are sold are priced according to current market value and show nicely. Inventory is holding steady over last month, but that should climb as the nicer weather becomes the norm and homes with great outdoor space and street appeal show better. Cambie, Kitsilano, Kerrisdale and Point Grey remain the hottest markets.
Townhouses and 1/2 Duplexes in Vancouver West are in the midst of the typical Spring market bringing increased interest from Buyers leading to more sales, more inventory and increased prices. The average price is just over the million dollar mark at $1.057-million, while the median is only $834,444. This differences shows a few higher end sales bringing up the average, while most sales will hover closer to the $700k-$1-million mark for townhouses and $1.2-million and higher for Duplexes. The sales to active ratio is at 21% - nearing a Seller's Market but still a very active market for Buyer's and Seller's. Kerrisdale, Kitsilano, Mount Pleasant and Point Grey remain the best markets.
The condo market in Vancouver's Westside is also supporting a 21% sales to active ratio: a great marker for Buyer's and Seller's. The nice weather will always bring out more Buyer's as every home shows nicer with the sun shining and a great patio space. Many Buyer's are looking to complete in May and June, so will be looking to purchase property in the next little while. Our team has had a few listings that haven't lasted long on the market in the Westside - two bedroom units are the best performing market. Price per sqft is nearing the highest it's been in the last few years, with no expectation of that to drop in the next while. Median sales price was just about $500k while average sales price landed at $687k, showing a large variation in prices in the Westside condo market.
The North Vancouver Detached House market is performing very well right now, with a 38% absorption rate, increase in new listings and a two year sales high. The median sales price is $1,059,000 while the average is $1,129,179, both slightly above the three year average. Lots of Buyers are heading to North Vancouver to look for their next family home thanks to the space, interesting builds and quiet neighbourhoods. The inventory is quite varied in North Vancouver, but the hottest markets are Blueridge, Lynn Valley, Forest Hills and Central Lonsdale.
The Townhouse and 12 Duplex Market in North Vancouver saw a drop in activity over last month, but currently sits near the last year's average of 18% sales to active ratio. The median price climbed to $668,500, while the average price sits at $630,775. Total inventory has been rising since December, and with prices dropping, this market should see some good activity in the Spring.
The North Vancouver condo Market has a 15% sales to active ratio, though lower than other markets in Vancouver, it's a Buyer's market. The median sales price sits at $360,858, while the average sales price is $393,470. Total inventory has been rising since December, so Buyer's will have some good options.
As always, let me know if you have any questions.