There is a lot going on in the Vancouver Real Estate Market right now, with sales surpassing 3,000 in both April and May of this year - the most activity we've seen in the last 3 years. Sales are up across the board, with high demand for Detached Houses, especially in East Van and North Van. The condo and townhouse market has a lot of interested Buyers, though prices are remaining steady across Vancouver. We're continuing to see a lot of interest and new listings as we edge closer to the summer season. Expect the warm weather to slow down activity during the summer months.
The East Vancouver Condo Market was busy last month: 67% more sales than the previous month with prices holding steady. Average and median price are between $360,000 and $375,000 with the average price per sqft at a respectable $507/sqft (it would be $100/sqft more in Kitsilano!). The most active markets are the sub-$400,000 market and the $500,000 to $700,000 market (where you'll find the two bedroom condos and newer buildings). Main, Downtown Vancouver East and Collingwood remain the neighbourhoods with the most sales activity.
The Vancouver West Condo Market is also performing very well, with Mount Pleasant, Kitsilano and Dunbar seeing the most activity. The median sale price for Westside condos is at $490,000 this month, while the median price per sqft is at $635/sqft - this number has been dropping since January. The amount of Westside inventory has been steadily increasing since December giving Buyers lots of choice when it comes to finding their perfect home.
The condo market in North Vancouver has a 16% sales to active ratio putting it squarely in a balanced market. Average price is sitting at $440k while median price is at $388k, with a price/sqft in the high $400k's.
Townhome and Half Duplex Market
Townhomes and Half Duplexes in East Van saw a lot of activity last month with a 60% increase in sales over the previous month and a slight increase in prices. The Average price was $666,051 while the Median Price was $656,000. Similar to the condo market, the average price per sqft was at $506/sqft, which is significantly more affordable than the Westside. The most active markets are the $500,000 to $600,000 market and the $900,000+ market (all half duplexes).
The Westside Townhome and Half Duplex market hasn't seen the high increase in activity that many other markets have seen. The amount of inventory has been climbing, but prices have been up and down - expected in a market that has a wide variety of price brackets (townhouses are usually in the lower end of this market while half duplexes take up the higher end). Average price is sitting at $099,000 while median price is at $788,000.
Townhomes sales in North Vancouver have a strong 31% sales to active ratio amidst rising inventory and levelling prices. Average and median price are at $645,000. Like condos, the most popular areas are Lower Lonsdale, Central Lonsdale and Lynn Valley.
Detached House Market
The East Van Detached House Market remains one of the hottest markets in Vancouver. A number of Buyers are interested in property here, it's just a matter of having enough good inventory to satisfy the demand. Average price increased to just over $1-million while the Median price is at $950,000. The hottest neighbourhoods in East Van for Detached Homes are Main, Mount Pleasant East, Hastings and Grandview-Commercial Drive.
The Westside Detached Market has been the busiest it's been since July 2011, with a 22% sales to active ratio and a 30% increase in sales over last month. The Average and Median prices have been dropping, with the average price sitting at $2.6-million and the median price sitting at $2.3-million. Kitsilano and Dunbar have been the hottest market for detached houses on the Westside.
North Vancouver's Detached Market is very active right now, with a high 35% sales to active ratio. Interest in North Vancouver has been climbing since 2012 thanks to homes that are more affordable than the Westside, and a renewed interest from young families. The average and median price in North Van are just over $1-million. The busiest markets in North Vancouver are Lynn Valley, Pemberton, Boulevard and Edgemont.
As always, let me know if you have any questions.