Happy Holidays Everyone! Tis the season for the Real Estate Market to slow down, and boy has it ever. The number of listings available for sale is dwindling, and so are the sales numbers. Buyers are snapping up the good properties before Christmas (and planning for the January move) while it seems many other Buyers and Sellers are planning to make the big move in the Spring. Looking at our list of clients hoping to buy or sell in the New Year, we expect a very busy February through May!
Overall, given what has been listed and sold, the market is performing well with positive Sales to Active Ratios, minimal fluctuation in price and overall interest from people looking to buy or sell in Vancouver. Keep reading for a further breakdown of each market segment:
The East Vancouver detached market has been the most active market in Vancouver all year. The number of sales decreased 45% over last month, and 30% over this time last year. Even with this huge decrease in sales activity, the market is still showing a very strong sales to active ratio of 25%. Prices haven't budged over last month, but they have increased 5% over last year. This market will still be very busy next year, we're just hoping to see some good product for sale. Grandview, Hastings East, Main and Mount Pleasant are the hotspots.
The East Van townhouse and half duplex market showed good sales and steady prices over last month, and last year. This market will continue to see new inventory next year with developers building more and more family sized townhouse and half duplex units. Something to note in the numbers is that though the average and median price increased this month, the average price per sqft decreased. One way to look at this is that units are getting bigger, though we need quite a few months of this stat to continue, as well as quite a bit new inventory to be sure.
Considering that sales and new listings were expected to slow down for the holidays, the East Van condo market is still performing well. Though sales and listings are down, the sales to active ratio is still a positive 17%. The average and median price have increased over last month, and are equal to what they were last year, showing that overall, the market has been pretty steady in prices.
The Vancouver West detached market saw the highest average and median prices that we've seen since 2011. The average price sits at $2.96M and the median price sits at $2.65M. The total amount of inventory is at the lowest we've seen all year, but that is expected with the holidays coming up. The sales to active ratio is at 17% which is just about the average we've seen since early 2013. Mackenzie Heights, Kitsilano, Cambie and Dunbar remain the hotspots.
The townhouse and half duplex market in Vancouver West is showing an 18% sales to active ratio, with median price at $755,000 and average sitting at just over $1-million. This market has a wide range of product, including affordable 1 bedroom townhomes, to high end half duplexes, which cause the price fluctuation you see. Total inventory is down over last month, but it still significantly higher than last year.
The Vancouver West condo market had a 22% sales to active ratio in November, which is the third highest absorption rate we've seen in the last 3 years. Average price sits at $647k while the median price is at $495k. The average price per sqft, now at $695, is the highest it's been in the last 3 years.
The North Vancouver detached house market has a high sales to active ratio of 28%, which is just about the average we've seen all year. Average price is at a 3-year high of $1.3-million, while median price has dropped slightly, and just over $1-million. There hasn't been as much inventory that we've seen as compared to previous years in North Van, but the market remained busy throughout the entire year.
The North Van townhouse and half duplex market has a very strong 41% sales to active ratio - one of the highest we've seen in the last few years, however it was as low as 16% in August. Average and median price are both around $650k, and inventory has been steadily decreasing after a high in 2013.
The North Vancouver condo market is showing a sales to active ratio of a respectable 18%. The average and median price at at $440k, and we saw the highest price per sqft foot - at $489 - that we've seen in the last few years. This market has changing thanks to all the newer condo buildings hitting the market, which has been bringing up the prices and increasing the amount of inventory available.
As always, don't hesitate to let me know if you have any questions or want to chat real estate. Have a wonderful Holiday Season, and Happy New Year!