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Market Update

February 2013

2013 is off to a quick start. Now that we're into February, we're that much closer to the busy Spring Real Estate Market. Here's our what we saw in January.


Listing inventory is up 15-32% over last month, and you can expect that to continue as we approach Spring. This is great news for Buyers who have shown a renewed sense of interest in dipping into the market, and great news for Seller's who may have been sitting on their properties for longer than they initially hoped. Sales are up at least 15% in every market, with the exception of the Vancouver East Detached Market, which also had the lowest increase in inventory. Breaking down each sub-area:


Vancouver West:
Attached Homes in Vancouver West saw Average prices decrease and Median prices increase. This is thanks to a high number of sales in the sub-$700k market, with most being 2 bedroom units. We still saw a decent Absorption Rate in the $1million+ market at 9%. The highest demand in this market came from the $300-500k (1 and 2 bedroom units), thanks to the first time Buyer's who have been looking to get into a market with a stable interest rate and falling prices (price per sqft is down 3% and sales are up about 36% over this time last year).


After a slow December, sales are up 65% in the Detached Vancouver West market, and both Average and Median prices increased as well. The highest demand was in the $1.5-2million range (and 4+ bedrooms), though there was movement in each price segment. Days on Market is down from last month, though still much higher than last year so be realistic in your expectations.


Vancouver East:
Attached Homes in Vancouver East showed a lot of movement, with a 72% increase in sales over last month, even though the number of active listings increased only 17% (which is one of the lowest increases in each market). The highest demand ranged from $400k-$600k and $700k-$900k (with no sales over $900k). Price per sqft is down slightly over last month, and the Median Sale Price increased 22%.


Detached Homes in Vancouver East did not show a lot of movement compared to the other markets. Only 15% more active listings and the same number of sales as last month. The demand was found in the $600-700k market, meaning most Buyers are settling for the same amount of square footage as many 2 and 3 bedroom condos, yet the luxury of owning a single family home (and one that probably needs some updates).


The Downtown Vancouver Market saw a big increase in Sales, and a decrease in Average and Median Sale Price. It seems like Buyer's are taking their time to go through the inventory as the Days on Market increased over last month. This hottest market is the entry level sub-$400k, with the $400k-800k performing well.


North Vancouver:
The Attached Market in North Vancouver showed an increase in active listings and number of sales, amidst lower median and average sale prices. The price per sqft is down from last year and last month, with the $600k-$700k market performing best, and, like East Vancouver, no sales over $900k.


The Detached Market in North Vancouver improved in every category: more listings, more sales, stable prices and fewer days on market. The highest demand was in $800k-$1million and at least 4 bedrooms. Lots of people starting to look for detached homes are changing their search to include both East Van and North Van.


Look for further increases in listing inventory and more active sales next month. With interest rates stabilizing until at least 2014 and a healthy number of eager buyers, it looks like we will have another busy Spring market this year. If you're interested in getting into the Market, now is a great time to start preparing - talk to your Mortgage Broker, think about your "Must Haves" in a new home, and start to prepare your current home to be listed.


As usual, feel free to touch base with any of your questions!





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Market Update


November continued the trend we have been seeing over the past 6 months: fewer homes listed for sale, decreased sales numbers and a gradual decline in average home prices. For a frame of reference, November sales for Greater Vancouver were 30.3% below the 10 year average, which is largely due to many Sellers simply pulling their homes off the market rather than lower their prices any further. New listings were also 12.9% below the 10-year average, while the sales-to-active-listings ratio remained constant from October at 11%.


Vancouver West:
Attached home sales were up 38.6% over last month and 15.1% over last year, while active listings were up 23.3% over last month and a whopping 76.7% over last year. This combination resulted in a drop of about 13% both compared to last month and last year. Interestingly, the average price per square foot is only down 2.6%, meaning that smaller, less expensive homes are making up a larger portion of the sales. Detached homes showed a 9.6% decrease in sales over September numbers and 32% over last year. Average pricing is actually up 3.2% over last year, though they have slipped 3.9% compared to last month. The hotspot here is the sub-$1m market, though the sample size is small. This is further evidenced by the higher absorption rates seen in the sub-$500k market.


Detached homes sales slumped 31.8% over October and were down a full 50% over this time last year. Active listings were higher 21.2% above last year, but down 10.8% since October. Average pricing dipped 8% compared to both last year and last month. The $1-1.5m segment is the only price point here with any traction at the moment and it actually moving nicely at a balanced 18.3% absorption rate.


Vancouver East:
Attached property sales remained steady with October numbers but slipped 24.7% compared to last year. Active listings were up 19.7% over last year and down 8.7% over October. Average pricing is actually up slightly over both last year and last month, despite average price per square foot declining slightly. This is mainly due to a shift towards larger and higher end units on the Eastside. Both the $500-600k and $800-900k range are selling well.


Detached homes sales climbed slightly over October numbers but are down 28.9% compared to last year. Inventory is consistent with November 2011 and has dropped 14.4% since October. Prices have edged up slightly here as well. The $600-900k bracket is performing well as many people are using the downturn in the market to make the jump into entry level detached homes.


Sales activity downtown was hit hard last month, with a 64.8% drop over last year and 45.2% over last month. That said, active listings were also down 35.6% and 40.4% respectively. Average pricing showed healthy increases, up 31.2% compared to this time last year, as did average price per square foot numbers. Somewhat surprisingly, the $600-700k was the busiest market segment here.


North Vancouver:
Showing signs of stabilization month over month, attached properties in North Vancouver still slipped 33% compared to last November. Inventory is up 14% over last here, but down the same amount over October. Prices slipped 11% since the month previous, wiping out prior gains and coming in 6.3% below last year. Breaking the trend, prices are actually up 17.2% over last year. The entry level market has picked up a bit of steam here.


Detached home sales fell further in November, down 20.8% over last month and 35.6% over last year. While listing inventory was up over 40% compared to last year, it has actually dropped 17.6% since October. A slight dip in sales prices was noted versus October, with a more noticeable 9.5% decline in the past year. The $600-700k segment here remains extremely hot, while the $1.2m+ range has slowed to a crawl.


Look for December numbers to continue the trends mentioned above. Lack of inventory should help prices stabilize. All eyes will be on January to see if inventory rises... and if demand increases to match.


Wishing you and yours a very happy holiday season.





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