We're into February now and the Market is picking up speed. The Buyer demand that built up over the fall is finally being satisfied with the increase in number and quality of listings. These Buyers have been ready to buy and are quickly snapping up the attractive listings, and often these purchases are subject to sale of their old home so there are many eager Seller's as well.
Even with the variation in statistics from the holidays, the Vancouver Real Estate Market is balanced, and has been for the last year. The number of listings was up over December, while the number of sales is down - this isn't something to be too worried about, most of January's interest in Real Estate happened at the end of the month so many sales haven't yet registered in the system. In a balanced market, you'll see a lot of homes with a competitive list price reflective of the current market.
This news all points to a the start of a busy Spring Season. We have quite a few Buyer's ready to go, along with Sellers preparing their listings, so expect the healthy activity to continue.
Detached Houses in Vancouver West performed well over January. The number of listings and sales were up, and we saw only a 2-3% decrease in prices over December. The best performing price bracket by far is the sub-$2.5-million market, with Kitsilano and Oakridge seeing the most action.
The East Vancouver Detached House Market is a balanced market with lots of interest from Buyers. Quality inventory has been lacking since Fall, but we're finally starting to see turnkey ready homes near Main St - the ideal for many families looking to make the move to East Vancouver, yet still be close to the Westside. The median and average prices haven't changed much since last month, but they have each seen a 10% increase over last year. Grandview-Commercial Drive, Fraser and Renfrew had the most activity last month. Every Detached House sale in East Vancouver last month was under $1.75-million, however, 8 of the sales were above $1.25-million, indicating growth and interest in East Van Real Estate.
North Vancouver's Detached House Market has a healthy 22% Sales to Active ratio. The number of listings increased 30% to 244 listings, while the sales declined slightly to 54. Every price category under $2-million performed well last month leading to an increase in median price to $1.15-million and an increase in average price to $1.2-million. We have a lot of Buyer's seeing the value in North Vancouver and are making the move to some of the family oriented neighbourhoods over the bridge. Lynn Valley, Central Lonsdale and Blueridge saw good activity.
TOWNHOMES & 1/2 DUPLEXES
Townhomes and 1/2 Duplexes in Vancouver West saw a 30% increase in listings, with 6 fewer sales than last month. The median sale price increased slightly to $830k, while the average sale price dropped slightly to $890k. Note that all but 3 sales were priced between $650k and $1.3-million. Though this is a large gap, it gives prospective Buyers a good sense of the affordability. Fairview and Mount Pleasant continue to see interest from Buyers. As mentioned last month, expect the 1/2 Duplexes to be on the higher end of the pricing spectrum.
The Vancouver East Townhome and 1/2 Duplex Market has been strong - it's absorption rate is 21% which is nearing a Seller's Market, and the number of sales, average price/sqft and days on market remained steady over last month. The median sale price was $665,000 and the average sale price was $642,396, however the sales spread evenly across price brackets with one third of sales under $600k, one third of sales above $750k and one third in between.
North Vancouver's Townhouse and 1/2 Duplex market remained balanced over last month with only 13% more listings to a total of 96 and 19 sales. The differences in price are notable - the median price dropped 24% to $585k and the average dropped 13% to $650k. This market will see more new listings hit the market every month as developer's start building more Duplexes and Townhomes to reach the mid-range market.
Condo activity in Vancouver West remained stable since last month. There was a 30% increase in listings with only 2% fewer sales as prices remained steady with the median being $475k and the average being $630k. Overall this is a balanced market with the most activity in the sub-$430k entry level condo market with Fairview and False Creek being the hotspots. Downtown Vancouver saw a huge increase in sales - perhaps thanks to the release of a few new condo high rises. Yaletown remains the most active downtown market.
The East Vancouver Condo Market saw a 30% drop in sales over last month, after a 37% increase in listings. The median and average sales prices also dropped slightly with the median sitting at $315,000 and the average sitting at $348,094. East Vancouver still remains an affordable market for those looking for an entry level condo in Vancouver with Mount Pleasant performing best.
North Vancouver's Condo Market is seeing some variation over last month - listings increased 21% while sales decreased 17%. The average and median prices have stabilized to $380k even though the most active market was between $400k and $650k. Lonsdale and Roche Point remain the most active markets.
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