Happy New Year everyone! With a new year, brings new excitement in the Real Estate Market. Things always slow considerably in December and early January, so there's always a big uptick in the market near the end of this month. Overall, the Vancouver Real Estate Market was busier than last year, and given the number of clients we have who are still looking to buy, along with the number of Sellers who've expressed interest in selling, along with our conversations with other good agents and mortgage brokers, we expect this year to be busy. The holidays are always slow in Real Estate, so expect every market to have fewer listings and sales in December and January.
The most active East Van condo markets were anything priced under $500k, with no activity above $600k. There was activity in every price point in the Townhouse and Half Duplex market in East Van, with the $800k and up market performing well. Expect to see a lot of new condo and townhouse developments come up in East Van. The East Van detached market continues to be a hot market. Even though there were fewer listings and sales, there was still a 50% absorption rate in homes under $1-million last month.
The Vancouver West condo market ended on a strong note, with a 27% sales to active ratio. Though there was some variation throughout the year, the median sale price ended at $467k - a number consistent with the beginning of the year. The Vancouver West Townhouse market also ended on a strong note - with a 25% sales to active ratio. The median price ended at $785k while the average is just under $900k. The detached market in Vancouver West ended at 19%, which was the average for the year. Sales prices are up, with the median at $2.6-million and the average at $3.2-million.
The condo market in North Van ended with the highest sales to active ratio it had all year - 20%. Average and median sale prices were up and down all year, but ended with a median of $350k and an average of $400k. The townhouse and half duplex market in North Van ended with a sales to active ratio of 30% - this number has been up and down all year. Average and median price both ended in the $660k range. The detached market in North Van ended on a strong note thanks to a number of big sales bringing the average up to $1.43-million and the median up to $1.35-million. Sales to active ratio was a strong 38%.
The New Year should be in full swing in the next few weeks - give us a call if you're interested in buying or selling and we'll make sure you're taken care of. We're always here if you have questions.