After a slow start to the month, August turned into a busy summer month for Vancouver Real Estate. The market picked up with activity across many different neighbourhoods and price points in Vancouver. Inventory was down in almost every market (typical at the end of summer), but there was still a lot of interest from Buyers and some strong absorption rates. Overall, prices are up slightly over last year.
We saw a lot of new listings (and re-lists of older listings) hit the market this past week, and that should continue throughout the fall. Keep you eye on the market and don't hesitate to let me know if you have any questions.
The detached house market in East Van is still the most active market in Vancouver, with not enough (good) inventory to satisfy the number of eager Buyers. There was a drop in sales this past month due to the lack of inventory, but we should continue to see lots of activity in this market through the fall - the sales to active ratio is a high 31%. Average and median prices are hovering around the $1-million mark. Townhouses and half duplexes in East Van saw a big jump in average price per sqft - from $454 to $524 - thanks to lots of newly built units and continued interest from buyers looking to upgrade from their condo. The condo market in East Van has a lot of activity - with average prices hovering in around $350k and a strong 21% sales to active ratio.
The detached house market in Vancouver West saw a drop in activity over the summer, with a slight increase in prices, but overall, the market has been steady over the last few months showing a balanced 15% sales to active ratio with average prices hovering around $2.4-million. Townhouses and half duplexes in Vancouver West are showing a good 21% sales to active ratio with average [rices around $900,000 and median prices in the low $700,000's. The condo market in Vancouver West is similar to the townhouse market with a strong sales to active ratio and lots of activity.
The detached market is another busy area of Vancouver, with a strong 31% sales to active ratio and rising prices - average price is over $1-million. The townhouse and half duplex market in North Van is showing a 17% sales to active ratio with average and median prices in the high $600,000's. The condo market in North Van is increasing, with average and median prices above $400,000 and a 17% sales to active ratio.
Give me a call if you want to talk Real Estate.