As expected, there was lots of activity in the Vancouver Real Estate Market in April. The sales to active ratio (or absorption rate) is high at 19% across Vancouver, showing a lot of interested and motivated Buyers. Typically, it's a Buyer's Market when the absorption rate is under 15%, a balanced market when it's between 15 and 20% and a Seller's Market when it's above 20%. We have a lot of clients who are waiting to sell their property before purchasing their next, so the more Buyers there are to buy their property, the more movement we'll see across the board.
Prices have remained fairly steady throughout the city, and should continue as we move through the Spring season. As been the case for a few months now, the really great properties have been selling quickly. The best way to be prepared in this market is to be pre-approved for your mortgage and in contact with our team so we can be looking out for your best interest. We are experienced and quick to help, so give us a call if you need professional guidance.
The condo market in East Vancouver is currently sitting in a balanced market with a 14% absorption rate. Prices are levelling out to the high $300,000's with an average price per sqft at just over $500/sqft. The number of sales has dropped, but given the high activity the area has seen in the last few months, a slight drop isn't a worry. The most active market is the $400k to $500k price bracket (which is East Van, are the larger 1 bedrooms and 2 bedroom units).
The townhome market in East Vancouver has been busy, partly thanks to the continued increase in inventory available. With more options to choose from, Buyers are willing to consider their different options. The average price rose to $660k, while the median price dropped to $627k - making these units still much cheaper than some of their westside counterparts. The busiest markets are the $700k to $800k townhome market (most likely 3 bedroom units), and the $500k to $600k market (larger 2 bedroom units). The price per sqft has increased to $500/sqft, mostly thanks to the increase in newer developments charging more per sqft than some older buildings.
The East Vancouver detached house market remains the most active market in Vancouver, and that shows with it's 41% absorption rate! Every price bracket under $1.5-million shows a Seller's market thanks to the high interest from Buyers. Average prices have remained steady between $900k and $1-million. The number of new listings continue to increase, and with this amount of interest from Buyers, there will be more Seller's who want to take advantage of the market. Not all of the inventory is quality, and that's where we come in to help you decipher what's good and what you should stay away from. The good houses (i.e. well maintained and in good locations) do sell quickly, so it's in your best interest to be prepared to buy.
The condo market in Vancouver West is a Seller's Market with a 22% absorption rate, and increasing sales and listings. Prices are down over last month - average price is at $638k while median price is at $481k - though they're about the same as May 2013. Mount Pleasant West, Fairview and False Creek are the best performing markets, with the Downtown Market seeing a lot of activity as well (and a 25% absorption rate).
The townhome and 1/2 duplex market in Vancouver West performed well last month with a 25% absorption rate. Average and median price are both down slightly over last year, landing at $815k and $770k, respectively. Sales increased significantly over last month, and inventory continues to climb this year, though it's still less than inventory available at this time last year.
Detached homes on the westside are seeing an 18% absorption rate, making this a balanced market. Inventory is up this year, but still 10% less than this time last year. Average price sits at $2.7-million and median price is just under $2.3-million. Kitsilano, Cambie and Point Grey remain the most active markets.
The North Vancouver condo market shows a 14% absorption rate, making it a balanced market, however this rate has been declining in the last few months. Inventory has been strong (thanks to many new developments in the Lonsdale area) amid slowly increasing sales numbers. Average price currently sits at $420k while median price is $395k.
The townhomes and 1/2 duplex market in North Vancouver was strong last month with a 29% absorption rate! Inventory was down 20% over last year, while sales increased 10%. Median price sits at $624k while average price is $615k - the variation in prices over the last few months is due to changing inventory more than a changing market.
The North Vancouver detached market was one of the most active markets in Vancouver, with a 34% absorption rate and lots of interest from Buyers. Good homes don't last long on the market before being snapped up by educated, prepared Buyers.
Prices have increased just over 10% over last year, with the average landing at $1.2-million and the median at $1.145-million. Canyon Heights, Lynn Valley, Upper Lonsdale and Westlynn showed the most activity.
As always, give me a call if you want to chat Real Estate.