Happy Holidays Everyone! The Real Estate Year isn't quite over yet - not only have we listed a few new listings last week, but we're busy working hard to close some deals for interested Buyers and keen Sellers before the holidays.
The market is particularly late this year, so this strong November is making up for a slower start this fall. With that said, it's a fragmented market with some product moving quickly and others just sitting there. There are many, many buyers out there, so if I had to predict what is going to happen this Spring, I'd put my money on it being a Seller's market in the lower to mid range single family market, and healthy balanced condo market. Look for an onslaught of listings to hit the market in mid-January (many of which were never sold in the fall) along with many quick deals from Buyers who have been waiting for the right home to come along.
Let us know if you're interested in buying or selling your home - we have a thorough Marketing Plan and our team is one of the top teams in Vancouver, and we'd be happy to help.
Condos in Vancouver West saw a 15% decline in sales amongst slight increases in prices, with the average being $606,421 and the median being $472,500. There is a positive change over last year, with 21% more sales and very slight increases in prices. The Vancouver West Condo Market is one of the largest markets in Vancouver, with it's most popular areas being Kitsilano, Fairview, Downtown and Yaletown. The downtown condo market saw a 33% increase in sales over last month and a 40% increase over last year, with prices holding steady.
The East Van Condo Market has remained steady over last month after a huge increase in activity over last year. Prices have remained steady throughout this increase in interest, with the Average Price of $380,000 and a Median Price of $340,000 ensuring that Vancouver East is still one of the most affordable condo markets in Vancouver. A majority of the sales are located near Main Street and the SOMA District, with the East Village garnering some interest as well. We expect this market to maintain the interest levels it's seen given the variety of homes available including older buildings & new construction; one of the biggest determining factors is the quality of the building. The neighbourhoods are only getting better and we expect first time Buyers to continue to find their first home in East Van.
The North Vancouver Condo Market saw some improvement over last month and over last year. The 87 sales is a high point, with median price increasing to $385,000 and average price increasing to $443,000. Breaking the price segments down even further, the average price for a 2 bedroom unit is $445,000 while the average price for a one bedroom unit is $320,000. As expected most sales are in the Lower Lonsdale area with quite a few in the Roche Point Area as well. There has also been a rise in the number of newer condos buildings in North Vancouver, so expect interest in North Vancouver condos to continue.
TOWNHOMES & HALF DUPLEXES
The Vancouver West townhome and half duplex market saw some large price drops over last month, with the average price landing at $848,444 and the median price landing at $745,000. With such a big market spanning many different neighbourhoods, this type of variation is expected. A majority of the townhomes and half duplexes sold this month are found in the Fairview area, with others scattered across Vancouver West. The downtown townhome and half duplex market saw a huge increase in median and average price - though with only 6 listings, a few high end sales easily brought up the average.
The East Vancouver townhome and half duplex market also remained steady over last month, after seeing an increase in activity over last year. The Average and Median prices hover around $630,000 for an, on average, 1300 sqft home. A good majority of the homes sold had 3 bedrooms as developers are focusing on families who need extra space and bedrooms. One third of the sales this past month were units built in 2012 or 2013, and having worked with clients who purchased the last remaining townhome unit in a recently completed complex near Commercial Drive, I know that this market has a lot of interested Buyers. The location, and number of bedrooms one the same level are key factors in families choosing their new home.
The townhome and half duplex market in North Vancouver saw decreases across the board - 11 fewer sales than last month, and a decrease in Average and Median price to $615,000. Interestingly, this brings the numbers in line with November 2012. On average, townhomes and half duplexes are about 1600sqft with 3 bedrooms, making them larger and more affordable than the East Van options.
The Vancouver West Detached House Market has seen a decrease over last month, but still remains strong over last year. With a 20% sales to active ratio, Vancouver West is a balanced market. Even as the most expensive detached house market in the city, Vancouver West still saw an increase in average price to $2.5-million, and an increase in median price to $2.3-million. Homes are selling, on average within 4% of list price so the quality of homes on the market has also increased. Dunbar, Point Grey, Mackenzie Heights and Cambie remain strong markets.
The Vancouver East Detached House Market is still one of the strongest markets in Vancouver with a 26% sales to active ratio. The average price increased over last month and last year landing in the mid to high $900,000's. If this market sees good inventory, it will have a lot of interested Buyers. Anything in Cedar Cottage, or around Main St typically sells fairly quickly and at a good price, on average 1% below list price. Given the upcoming holidays, many Seller's are choosing to hold off on listing their homes until the New Year, with many Buyers waiting anxiously for a good home. House sales in East Vancouver are spread evenly throughout the area.
The North Vancouver Detached House Market has seen a big increase in interest. Compared to last year, listings are down 30% whereas the number of sales are up 40%. Average and median prices have increased as well, but not considerably, landing around $1,050,000, with homes selling, on average, for 5% under list price. The decrease in listings and sales over last month is in part due to the holiday season, so we should see a big upswing in the New Year. We continue to see some lovely family homes for sale in North Vancouver, those with a true neighbourhood feel along with some privacy and quiet amongst the natural surroundings.
Enjoy the holiday season and remember that I'm always here to help.