Now that we've hit mid-August, you can officially say that we're in the dog days of summer. Real Estate activity in Vancouver becomes slower than normal, with fewer new listings and sales hitting the market (even in the very hot East Van Detached House Market) with most people choosing to spend their weekends away rather than shopping for real estate. This drop in activity is higher in some markets than others, but all things considered, every market is performing well . Expect things to pick up in the fall.
It's always harder to analyze the market in summer, but take a look at what's happening:
The condo market in East Van continues to perform pretty well - the number of sales was unchanged from last month, and within range of last year, and with a 20% sales to active ratio, people are buying! Average and median price have crept up to the mid to high $300,000's, though price per sqft still sits under $500/sqft. Interestingly, the most active markets are the $400k to $700k price ranges, perhaps thanks to buyers realizing that value goes a little further on the Eastside.
The Vancouver West condo market is running a 20% sales to active ratio, which is close to the highest average it's been in the last few years. Inventory is dropping now, but will pick up in the fall. Average price per sqft is in the mid to high $600 range.
Condos in North Van have a 14% sales to active ratio, and average and median prices in the high $300,000's. There are quite a few new developments coming to North Van, so the interest level should continue, if not increase.
Townhomes and Half Duplexes
The East Van townhouse and half duplex market continues to be steady, with a 23% sales to active ratio last month. Prices are steady compared to last year and last month, with the average and median prices landing in the low-$600,000's. The most active market is the $500k to $600k market (likely where many new townhouse developments are priced).
The townhouse market on the Westside also has a 23% sales to active ratio, though the average price is almost $875,000 and the median price is just about $800,000.
North Van townhomes and half duplexes are showing a 30% sales to active ratio and average and median prices in the mid-$600,000's.
The East Vancouver Detached house market has been the most active market in Vancouver for quite a few months now. Take a look at the numbers - East Van has a high 36% sales to active ratio. Within the $600k to $1.2-million price range, the average sales to active ratio is just over 50%. Average prices have climbed compared to last year - the average and median price is now in the high-$900k to low $1-million range.
The Detached market on the Westside slowed compared to last month, and now has a 15% sales to active ratio. Average and median price increased this month, with the median at $2.5-million and the average at $3-million.
Houses in North Van are showing a 30% sales to active ratio, which is down from the Spring high of 37%. Average and Median price are just under $1.2-million, which has been steadily increasing the last few years.
Give us a call to get ready for the fall season, and enjoy the rest of your summer!