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Market Update

AUGUST 2013

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

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

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.

North Vancouver

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!

Rob

NEW WEBSITE!

WeLOVEEASTVAN.COM

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 >>
 
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Featured Listings

6612 BEECHWOOD

  • SOLD! Offered at $1,798,000
  • 6 Bedrooms, 4 Bathrooms
  • 3,177 sq ft on 3 levels
  • Sitting on a 50' x 106' West Facing lot
  • Newly renovated Kitchen and backyard deck with hot tub
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431 WEST 14th

  • FOR SALE! Offered at $1,495,000 + GST
  • 4 Bedrooms, 4 Bathrooms
  • 1,960 sq ft
  • Newly Developed Half Duplex in the City Hall Area
  • High Quality FInishings
  • Backyard & Garage
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2250 WEST 13th

  • SOLD! Offered at $1,798,000
  • 4,250 sqft
  • 7 bedrooms, 4 bathrooms
  • Large covered south facing deck
  • 3 parking spots
  • 3 bedroom basement suite
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Market Update

JULY 2013

The Vancouver Real Estate market hasn't seen a noticeable Summer slow down and neither have we! We're moving into the fourth month in row with an absorption rate (sales-to-active listings ratio) sitting at or above 15%, which is known to be a balanced market. Favouring neither Sellers nor Buyers, we are seeing well priced listings from Sellers, and reasonable Buyers. Sales and interest has been strong in the last month or two. If you're still looking for a home - don't fret, though there will be less listing than you'll typically see in the Spring, there will also be less Buyers to compete with.

The mortgage market has seen some changes as well. Interest rates have been climbing so we highly encourage you speak with your mortgage broker to secure a rate hold (meaning you have about 90 days to buy a home financed with that interest rate). It will be interesting to see if this keeps the real estate market busy through what is typically the slowest time of the year.

Let's see what happened last month..

CONDOS

In the Vancouver West Condo market, we see a lot of the same as last month - except for the average price. Don't be fooled, this is thanks to a couple very high end luxury listings selling in Coal Harbour skewing the average price. Condos selling in the least expensive price bracket (sub-$425k) had the best absorption rate in Van West, though everything seemed to be in demand, especially entry level homes in Kitsilano. Looking Downtown, 1 bedroom unit and homes in Yaletown seem to be a Seller's best bet.

In comparison, we saw a 18% drop in condo sales in Vancouver East and a long 16 day increase in the number of days on market. There is specific demand in East Van: condos under $600k had a good absorption rate whilst anything more expensive showed less demand, leading to a Buyer's market. With average prices still hovering around $350-$360k, and the average price per sqft having decreased by $10 since last year, this is still a great entry level market for new Buyers. After a slow start to the year, demand has picked up in Hastings and Hastings East.

After a decrease in May, the North Van condo market saw slight increases in both sales and listings. The average price also returned to a more typical $414k after jumping to $450k in May. Good news for Sellers - the days on market decreased to 49 days making this the fastest moving condo market. Most sales occurred in the sub-$400k market, with the $400-$650 2 bedroom market performing as well.

TOWNHOMES & HALF DUPLEXES

In the Vancouver West townhome market we see a big 25% drop in listings and a 10% drop in sales - both typical of the time of year. Good news for Sellers and Buyers alike: the days on market and price per sqft have continued to drop since last year. Every price bracket showed a 17% or higher absorption rate (a balanced market), with 2 and 3 bedroom units being the norm. You can't read too much into average prices in this area since downtown has a large variety of price brackets, really skewing the numbers. However, the median price is $846k so half of the 63 sales were less expensive than this, most likely sitting around the $700k mark.

Vancouver East saw a big change in the townhome market last month. Though the number of listings remained steady, sales dropped 23% and both the average and median prices jumped about 10% to about $640k. Not surprisingly, the best selling market was $600-$750k with 3 bedrooms or more. Townhomes in East Van will continue to be most people's next purchase after owning a condo and before owning a house - note the 15% increase in listings and 18% increase in sales since June 2012.

The North Vancouver townhome market saw 9 more sales than last month and a $8 drop in price per sqft foot. This area remains the least expensive townhome market that we analyze. Demand is still good: townhomes sell in an average of 36 days on market and the area has almost double the sales compared to June of last year.

DETACHED HOUSES

Moving into the Vancouver West house market, we saw a 21% decrease in sales and a 5% decrease in listings with prices remaining fairly steady. This is quite indicative of the fact that Buyers are looking for a certain product, that being something under $3-million with the sub $1.5-million market performing best (having a 50% absorption rate). Not surprisingly, most homes had 4 bedrooms or less, which is typical of the less expensive price range in this area. Take a look at the change since last year: 47% increase in sales and 25% decrease in listings. Single family homes in Vancouver West continue to be in demand, and not surprisingly, Kitsilano is a Seller's best bet.

We're seeing a different story in Vancouver East. The number of sales dropped 10%, though demand is quite strong over last year with 30% more sales) while the average and median price dropped at least $50k. The best performing markets are between $700-$900k, typically with 4 to 6 bedrooms. Though the average price is about $900k, budget about $1-million for extra renovations to make the house more comfortable or to add a basement suite (as a mortgage helper). The demand remains high in Main, Grandview and Fraser, while the further from downtown you get, the lower the demand.

In North Vancouver saw a 17% decrease in sales, with slight gains in median and average price. The best performing price bracket was $600-$800k, with most sales being less than $1.5-million. As with most other areas, the number of days on market increased to 43 days. Lynn Valley and Upper Lonsdale remain the hot spots.

We've got a few new listings coming up in the next week or two, with many more Buyer's tours scheduled. With the number of days on market creeping towards 60 days, patience is a virtue for Sellers and Buyers. Send us an email if you're interested in jumping into the Summer market.

Rob

Unique Homes Blog

Vancouver Special 2.0

Architect Michael Katz, along with his wife and co-designer Janet Corne have designed these modern pre-fab triplexes to fit on a standard Vancouver 33' x 122' lot.  Read more >>

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Featured Listings

6612 BEECHWOOD

  • FOR SALE! Offered at $1,798,000
  • 6 Bedrooms, 4 Bathrooms
  • 3,177 sq ft on 3 levels
  • Sitting on a 50' x 106' West Facing lot
  • Newly renovated Kitchen and backyard deck with hot tub
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1936 WEST 11th

  • SOLD! Offered at $585,000
  • 2 Bedrooms, 2 Bathrooms
  • 959 sq ft
  • Quiet and bright 350sqft patio & additional upper level deck
  • Tons of storage
  • One of four units
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#510 456 MOBERLY

  • SOLD! Offered at $550,000
  • 832 sqft
  • 2 bedrooms, 1 bathroom
  • Rainscreened building at the water's edge in False Creek
  • 1 parking, 1 storage locker, great building amenities
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Market Update

JUNE 2013

As we get ready to swing into the summer, the end of the Spring market has brought some welcome stability and an uptick in activity. We've been busy the last month, with sales rolling along and bunch of new happy Buyers and Sellers. While sales in May were still below the 10 year average, the numbers climbed compared to last year and represented a significant increase over the past few months. We're seeing great properties (fantastic outdoor space, desirable building, good floor plan, etc.) sell very quickly (and many times in multiple offers), whereas many decent listings seem to sit on the market (and these statistics show an average of about 2 months). Sellers, keep in mind there is a Buyer out there, it just may take awhile for them to appear. And Buyers, don't get discouraged by quick sales. Prices aren't increasing... you just need to be ready to act quickly for that special home.

Condos

Vancouver West saw a lot of Buyers last month! Sales increased 27% over April without a corresponding increase in listings. The average price and the average price per sqft also rose, probably due to many highly desired properties garnering multiple offers (which often lead to higher sale prices). Not surprisingly, the sub $650k Condo market (generally 2 bedrooms or less) is where most of the sales have been. For those wondering how much prices have changed the last year - the answer is not much. Average price is down about $15,000 over May 2012.

Looking specifically at the Downtown Condo market, there were a significant number of sales over last month, perhaps many Buyers saw the increase in activity and jumped on something that suit their needs. Average prices in the downtown market are higher, but that isn't reflective of the entire market. Luxury properties in Coal Harbour really skew the numbers towards to be expensive, whereas the West End and Yaletown are affordable options for many people, with average prices generally lower than $500k.

Looking at East Van, we see a huge increase in the number of sales - over 50% more than last month! In the last few months the East has seen some slow activity in the condo market, so this is great news for Sellers and Buyers alike. Most sales fell below $370k (likely the 1 bedroom units), though there was a good number of homes selling between $370k and $600k. With an increase in activity also brought an increase in prices, only slightly, though the average sits around $371k and $434 per sqft.

Things are starting to slow down in the North Van Condo Market. We saw a decrease in sales, and a pretty big jump in average price from $405k to $451k leading to a more days on market. North Van is still an affordable option for most, as many of the listings are 2 bedrooms units hovering around the $400k mark.

Townhomes

Moving into townhomes, we'll start with Vancouver West. There was a significant number of new listings this month, which is typical of the spring market, and also an increase in sales (and a fairly large increase in sales over this time last year). Prices changed slightly - the median lowered meaning there are more lower priced units on the market, and the average increased, meaning there was also an increase in the number of high end listings, which is evident when you take a look at the average prices Downtown.

We're seeing good action in Vancouver East, with a big jump in sales (40%) thanks to a decline of over 10% in prices. With prices for 2 and 3 bedroom townhomes hovering around $585k, this is a great market for young families who need a little bit more space and want the private front door.

The North Van townhome market is similar to the condo market in that it's slowing down. Even with an increase in listings and a decrease in prices, we're seeing less sales than we did last month (and last year). Ironically, though average and median prices decreased, the average price per sqft increased meaning homes are getting smaller. This could be due to a higher number of newer buildings hitting the market, whose square footage is typically lower than older townhomes.

Houses

Onto detached houses. Business was booming in Vancouver West, with a 30% increase in sales and almost no change over last month in the number of listings or the prices. The days on market dropped significantly to only 23 days, meaning Buyers were ready and the product was good. Most sales occurred in the $1 million to $3 million mark, with the median price being just over $2 million.

Business was also strong in East Van, with a 19% increase in sales and about $40k increase in prices. Most sales were in the $700k to $1 million range, with the homes near $700k needing renovations or having a smaller amount of square footage (and most likely no more than 3 bedrooms).

In North Vancouver, we're seeing a pretty steady market with no significant changes in sales, listings or prices. Most sales occur between $700k and $1.25 million. Thanks to these prices, North Vancouver is seeing a steady stream of Vancouver families buying homes up here (thanks to the affordability of turnkey homes), which is leading to the consistent market. Many of our own Buyers are either looking or have recently purchased a detached home in North Vancouver.

The previous month has been one of the busiest in a long time! Lots of deals were done and we still have lots of interested Buyers. The number of listings might start to dwindle as we get closer to summer, so if you're looking to sell, start preparing your listing.

Rob

Unique Homes Blog

MODERN PENTHOUSE RENO

This 3 level penthouse is pretty amazing. Classic details like the wood beams and the gothic accents mixed with incredible modern finishings, glass, and a great layout.  Read more >>

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#210 511 WEST 7TH

  • SOLD! Offered at $449,900
  • 2 Bedrooms, 2 Bathrooms
  • 891 sq ft
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  • Steps to the amenities of Cambie and Broadway
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4295 Glenhaven

  • SOLD! Offered at $1,198,000
  • 6 Bedrooms, 3 Bathrooms
  • 3310 sq ft
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  • 2 bedroom suite in the basement
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#1802 1408 STRATHMORE

  • SOLD! Offered at $799,900
  • 966 sqft
  • 2 bedrooms, 2 bathrooms
  • Live in the heart of Yaletown and enjoy the state of the art amenities of West One
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Market Update

MAY 2013

The Spring Market has certainly heated up through April and we are seeing strong signs for continued activity moving into the Summer months. It appears that we are finally seeing the effects of what we've been discussing the past few months: an increasing supply of homes, both in quantity and quality, allowing many eager (and patient) home buyers to jump into the market. This cause and effect has lead to interesting pricing scenarios and a very fine line in setting market price. Sharply priced listings are selling extremely quickly, with many examples of multiples offers of late, while Sellers who are 'testing the waters' with prices above current market valuations are seeing their listing sit on the market for lengthy periods. The Vancouver marketplace is an educated one... Buyers know a good deal when they see it and the know when something is over-priced. Price it well and it will sell.

Looking at the Vancouver market as a whole, the sales-to-active ratio is sitting just over 15%, which puts us in a balanced market for the second month in a row. The last time we saw this ratio at or above 15% was in May 2012, so to all the Sellers out there: the Buyers are back. Looking into the specific market segments:

Westside Detached prices appear to be fairly stable, although the number of listings has increased 5% and the number of sales has decreased 6%. The biggest sales-to-active ratio is over 25% and is found in the sub-$2 million market, showing a shift in what consumers are looking for. With sales in every price category in the detached Westside market, this market is definitely stabilizing. The Eastside detached market was booming last month with a 40% increase in sales and after only an 11% increase in listings. Ironically, prices dropped ever so slightly over last month, so Buyers saw the opportunity and took advantage of it. Every price category under $1 million dollars was performing well with a sales-active ratio of over 23%. Keep in mind that most of these homes will require some renovations to be comfortably enjoyed, and many of these buyers are budgeting for that. North Vancouver has continued to show solid numbers. The number of listings has increased 13%, with an increase in sales and a 10% increase in Median Price. North Vancouver is showing strong demand in every price category under $1.5-million dollars, with a majority of them hovering around the $1-million dollar mark.

Examining the Townhome and 1/2 Duplex market in the Westside: The number of listings and sales are both up from last month with a 4% decrease in pricing landing at an average of $850k. With most sales occurring in the 3 bedroom market, this is where many young families are buying. The average price per sqft is hovering over the $600 mark, this month averaging $630/sqft. In the East, townhomes are selling for much less, at $466/sqft. Even with a 10% increase in pricing, the $660k average price for a townhome in East Vancouver is $200k cheaper than the Westside, which could be a factor in the 28% increase in sales and the 20% decrease in days on market (at 28 days). In North Vancouver, townhomes and 1/2 duplexes are remaining stable over last month with slight changes in price and sales numbers. Townhomes here are going for under $400/sqft, for an average of $650k, meaning you're getting slightly more square footage than the average Eastside attached home. The downtown townhome market is quite unique with the highest prices, highest days on market and lowest number of listings and sales, due to the luxury Coal Harbour market and the high end Yaletown townhome market.

Finally the condo market. In the Westside, you'll find a Buyer's market thanks to an increase in listings, and a decrease in sales and price. It's interesting that the median price sits at $467k and the average price sits at $572k showing that half the sales were under $467k and half the sales were quite a bit more expensive $467k (notably the 2+ bedroom condos). Downtown condos have seen a decrease of over 10% in prices since last month, with a decrease in listings as well - looks like many of these Sellers aren't willing to match the current market suggestions for price. In the East, we're seeing quite a difference over last month. Listings are up 20% whereas sales are down 20%, with prices decreasing to an average of $330-350k. With only one sale over $600k, this is still a good entry market for new Buyers. Notice the huge difference in price per sqft between the West ($630/sqft) and the East ($469/sqft). In North Vancouver, were seeing a busier market. With more listings and sales, this market is seeing stabilized prices (and the least expensive price per sqft: $445).

Our subjective interpretation of the market is clearly playing out in the numbers as well. If you have a property that is suitable for a young family then you're most likely sitting in a Seller's market. Many of our Buyers who have been looking since the fall have finally secured their new home, or are actively looking. We've experienced quite a few multiple offer situations in the last few weeks, and it seems that the Buyers who are best prepared are the most successful.

This is only the beginning of the Spring Market, so things should continue to move for the next few months. Call us if you have any questions or want to get in on the action.

Rob

Unique Homes Blog

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This home looks very well done. Lots of concrete, but the addition of wood, lighting and steel make it feel less industrialized than you would expect. The high ceilings are a great touch.  Read more >>

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460 East 11th av

  • SOLD! Offered at $919,800
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  • 1696 sq ft
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TH115 - 1288 MARINASIDE Cr

  • FOR SALE! Offered at $1,080,000
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  • Fully renovated
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