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Sunday, September 14, 2014

September 2014 Vancouver Real Estate Update

 

Market Update

SEPTEMBER 2014

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.

 

East Vancouver

 

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.

 

Vancouver West

 

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.

 

North Vancouver

 

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.

 

Ben


MARKET STATISTICS

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Friday, May 9, 2014

May 2014 Vancouver Real Estate Update

 

Market Update

MAY 2014

As expected, there was lots of activity in the Vancouver Real Estate Market in April. The sales to active ratio (or absorption rate) is high at 19% across Vancouver, showing a lot of interested and motivated Buyers. Typically, it's a Buyer's Market when the absorption rate is under 15%, a balanced market when it's between 15 and 20% and a Seller's Market when it's above 20%. We have a lot of clients who are waiting to sell their property before purchasing their next, so the more Buyers there are to buy their property, the more movement we'll see across the board.

 

Prices have remained fairly steady throughout the city, and should continue as we move through the Spring season. As been the case for a few months now, the really great properties have been selling quickly. The best way to be prepared in this market is to be pre-approved for your mortgage and in contact with our team so we can be looking out for your best interest. We are experienced and quick to help, so give us a call if you need professional guidance.

 

EAST VANCOUVER


The condo market in East Vancouver is currently sitting in a balanced market with a 14% absorption rate. Prices are levelling out to the high $300,000's with an average price per sqft at just over $500/sqft. The number of sales has dropped, but given the high activity the area has seen in the last few months, a slight drop isn't a worry. The most active market is the $400k to $500k price bracket (which is East Van, are the larger 1 bedrooms and 2 bedroom units).

 

The townhome market in East Vancouver has been busy, partly thanks to the continued increase in inventory available. With more options to choose from, Buyers are willing to consider their different options. The average price rose to $660k, while the median price dropped to $627k - making these units still much cheaper than some of their westside counterparts. The busiest markets are the $700k to $800k townhome market (most likely 3 bedroom units), and the $500k to $600k market (larger 2 bedroom units). The price per sqft has increased to $500/sqft, mostly thanks to the increase in newer developments charging more per sqft than some older buildings.

 

The East Vancouver detached house market remains the most active market in Vancouver, and that shows with it's 41% absorption rate! Every price bracket under $1.5-million shows a Seller's market thanks to the high interest from Buyers. Average prices have remained steady between $900k and $1-million. The number of new listings continue to increase, and with this amount of interest from Buyers, there will be more Seller's who want to take advantage of the market. Not all of the inventory is quality, and that's where we come in to help you decipher what's good and what you should stay away from. The good houses (i.e. well maintained and in good locations) do sell quickly, so it's in your best interest to be prepared to buy.

 

VANCOUVER WEST

 

The condo market in Vancouver West is a Seller's Market with a 22% absorption rate, and increasing sales and listings. Prices are down over last month - average price is at $638k while median price is at $481k - though they're about the same as May 2013. Mount Pleasant West, Fairview and False Creek are the best performing markets, with the Downtown Market seeing a lot of activity as well (and a 25% absorption rate).

 

The townhome and 1/2 duplex market in Vancouver West performed well last month with a 25% absorption rate. Average and median price are both down slightly over last year, landing at $815k and $770k, respectively. Sales increased significantly over last month, and inventory continues to climb this year, though it's still less than inventory available at this time last year.

 

Detached homes on the westside are seeing an 18% absorption rate, making this a balanced market. Inventory is up this year, but still 10% less than this time last year. Average price sits at $2.7-million and median price is just under $2.3-million. Kitsilano, Cambie and Point Grey remain the most active markets.

 

NORTH VANCOUVER

 

The North Vancouver condo market shows a 14% absorption rate, making it a balanced market, however this rate has been declining in the last few months. Inventory has been strong (thanks to many new developments in the Lonsdale area) amid slowly increasing sales numbers. Average price currently sits at $420k while median price is $395k.

 

The townhomes and 1/2 duplex market in North Vancouver was strong last month with a 29% absorption rate! Inventory was down 20% over last year, while sales increased 10%. Median price sits at $624k while average price is $615k - the variation in prices over the last few months is due to changing inventory more than a changing market.

 

The North Vancouver detached market was one of the most active markets in Vancouver, with a 34% absorption rate and lots of interest from Buyers. Good homes don't last long on the market before being snapped up by educated, prepared Buyers.


Prices have increased just over 10% over last year, with the average landing at $1.2-million and the median at $1.145-million. Canyon Heights, Lynn Valley, Upper Lonsdale and Westlynn showed the most activity.

 

As always, give me a call if you want to chat Real Estate.

 

Ben

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MARKET STATISTICS

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Thursday, December 12, 2013

Vancouver Real Estate Update for December 2013

 

Market Update

DECEMBER 2013

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


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.

 

DETACHED HOUSES


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.

 

Ben

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Thursday, November 7, 2013

Vancouver Real Estate Monthly Newsletter Market Update: November 2013

 

Market Update

NOVEMBER 2013

All in all, this past October showed a healthy Vancouver Real Estate Market. The number of listings and sales remained fairly consistent over last month, and Buyers and Sellers were successful in their Real Estate goals. Having said that, certain markets showed more activity than others, though that's a combination of many different factors including mortgage rates, type of inventory and interest level. We'll discuss each Vancouver Real Estate market segment in more detail below.

 

Mortgage rules, including the changes to a 25-year amortization and stricter lending policies have certainly affected the real estate market for first time buyers and those looking to stretch their budget. Quite a few deals have fallen apart due to financing, so those Buyers will have to reconsider their budget. The one bright spot is interest rates remain low.

 

VANCOUVER WEST

 

Condos in Vancouver West showed some strength in the market last month with consistent sales and only a slight change in listings. The Average price is at $591,257 and the Median Price is at $470,000 - neither of which changed much over last month. The Vancouver West Condo market is still a happy mix of 1 and 2 bedroom listings, anywhere from affordable units to luxury units. Though prices have remained steady over last year, there is a huge increase in the number of sales, many of which could be due to increased confidence in the current market. With the number of new developments hitting the market in the next year (especially downtown), it will be interesting to see if the downtown market keeps up these sales and prices.

 

The Vancouver West Townhome and 1/2 Duplex market saw a 23% drop in average price over last month, while maintaining a steady number of sales and listings. Many sales had an average sale price above $1.288-million, with many Kitsilano townhomes and 1/2 Duplexes bringing up the average. The hottest markets are found in Mount Pleasant, Dunbar, Fairview, Cambie and Kitsilano, and with many prices below $1-million, these market will remain consistent.

 

The Downtown Vancouver townhome market was fairly consistent compared to month - with the only noticeable difference being a 16% drop in average and median prices. With such a small market, this isn't alarming since one or two luxury sales (or lack thereof) can significantly affect the prices.

 

The Vancouver West Detached House market saw a 17% increase in sales over last month with a 6% decrease in both Average and Median price, landing just over $2-million. The most popular markets are $1-million to $3-million listings in Kitsilano, Mackenzie Heights, Dunbar and Cambie, though there is activity across every market.

 

VANCOUVER EAST

 

Condos in East Van showed a lot of activity last month and last year. This market had a 31% increase in sales to 121 successful transactions, along with slight increases in the average and medians prices. The days on market decreased by 28% to 36 days. Consider that half of the sales were below $369k, this is a market for First Time home Buyers looking for a good 1 bedroom unit. East Van condos is always an interesting market since it has a large mix of older low rise buildings and newer highrises. Generally, the older buildings will offer bigger units and better floor plans for the same price as a typical one bedroom condo unit in a new building. The big difference is the quality of finishings and and the building amenities. Main, Grandview-Commercial Drive, Fraser, Hastings and Hastings East continue to be the hot spots in the East Vancouver condo market.

 

East Van townhomes and half duplexes remains a strong market. Sales have increased to 51, which is a 21% increase over last month and a 143% increase over last year. Luckily for Buyers, the prices haven't seen the same increase, remaining fairly steady in the $630k range. Looking at the price ranges within this market, we see a healthy mix of townhomes and 1/2 duplexes under $600k, between $600k and $750k and over $750k. Most townhomes and 1/2 duplexes are 3 bedrooms.

 

The East Vancouver Detached House market continues to to be one of the hottest Real Estate Markets in Vancouver. Though there was a 21% drop in the number of sales last month, that's likely due to the lack of product rather than the lack of interest. The Median and Average Sale price also dropped slightly, though remaining in the high $800,000's and low $900,000's. There is quite a bit of variety in East Vancouver detached houses - homes that need a complete overhaul, unlucky homes sitting in the bog, homes on small lots (or large lots) and homes in the various neighbourhoods of East Van, with Main and Mount Pleasant continuing to be the hot spots.

 

NORTH VANCOUVER

 

The North Vancouver condo market experienced a 35% increase in sales while prices remained quite stable over last month. Every price bracket in this market was steady with at least a 13% absorption rate. With an average of 63 days on market, North Vancouver is the slowest market, though patience awards both Buyers and Sellers with successful transactions.

 

The townhome and 1/2 Duplex market in North Vancouver saw a 39% increase in sales with only slight changes in prices. The average sale price is currently $663,428 while the median sale price is $675,000. Similar to the condo market, the North Vancouver townhome market is steady in every price bracket with at least 18% sales to active ratio.

 

The North Vancouver Detached Market has increased over last month with 36% more sales (totalling 105), and a 7% increase in price leading to median and average sales prices just above $1-million. The most active markets are Canyon Heights, Lynn Valley and Upper Lonsdale.

 

With about 6 weeks left in the 2013 Real Estate Market (everything slows considerably for the holidays), now is the time to get into the market. Though the amount of inventory isn't as strong as it will be in the New Year, you'll have less competition over listings and you may find a Seller who's trying to sell before Christmas, and will accept a lower price to do so. If you're interested in listing your home, we can have it professionally marketed and listed within days of meeting, with Open Houses over the weekend to get as many prospective Buyers as possible through your doors. If you're interested in Buying, let us know what you're searching for and we'll ensure you know of all possible options on the market.

 

Ben

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Wednesday, October 9, 2013

Vancouver Real Estate Monthly Newsletter Update: October 2013

 


Market Update

OCTOBER 2013

September came and went and we saw some good activity in Vancouver Real Estate. Though the number of listings did increase over last month, it wasn't a large increase by any means, especially compared to the high number of listings in September 2012. We had quite a few clients looking to buy a place with their mortgage rate hold, while others jumped on the few good places that came up for sale. Inventory wasn't fantastic, so many of the good listings received multiple offers, while other listings are still waiting for offers. Townhomes across Vancouver are a very strong market, and the East Van House Market has a lot of activity.

 

As we noted last month, we expect October to see the peak in number of listings and quality of listings, so keep your eyes on the market and let us know if you want to see any listings or need our professional opinion.

 

Vancouver West


HOUSES

 

The detached market in Vancouver West is quite strong right now. The number of listings is on the rise and the number of sales increased by 14%, which is considerable compared to other markets in Vancouver. The median price remained steady ay $2.2-million, while the average price dropped slightly to $2.5-million. Having said that, the busiest markets are the $1-million to $2.5-million, with some very high end listings bringing up the average - there are 104 homes listed above $5-million in Vancouver West.

 

TOWNHOMES

 

The Vancouver West Townhome market remained strong this past month. We saw slight increases in listings and sales, along with large increases in median price (up 19% to $938k) and average price (up 14% to $1.2-million). Like most other townhome markets in the city, compare the difference in price to last year and we're looking at huge increases: median price is up 40% and average price is up 59%. The most active townhome markets are those sold for $650k and up, with most units being 3 bedroom homes. About half of the current townhomes for sale in the Westside of Vancouver are in Kitsilano and Fairview.

 

CONDOS

 

Location is arguably the biggest factor in determining price in Vancouver Real Estate, and that rings especially true when it comes to condos in Vancouver West. With such a varied market, including Downtown Vancouver and everything south of False Creek and West of Ontario St, there will be huge differences in prices and inventory.

 

As a whole, condos in Vancouver West are selling well. Slight increases in sales and listings (about 2%), with slight decreases in sale prices (between 5 and 11%) mean the market is moving along. The average price per square foot remains just about the same as last month, and last year.

 

The best performing markets are Kitsilano, False Creek, Shaughnessy, Cambie and Fairview - not surprising since they are close to Vancouver proper where many people work, live and play. Condos sub-$425k (which is also the threshold for Buyers to redeem the full First Time Home Buyers Benefit) are the best performing price bracket.

 

Vancouver East


HOUSES

 

The East Van Houses for Sale is a hot market right now. In trying to book an East Van house tour for some clients recently, 8 out of the 11 properties I called had accepted offers or just recently sold (for very close to list price). Unfortunate luck for my clients, but more listings will keep coming on the market and it could be a good thing that they won't be competing with these motivated Buyers.

 

In terms of the market stats, the numbers haven't changed much since last month - though the median sale price dropped to $910k and the average East Van house price increased to $952k, this is thanks to the ebb and flow of the market and the quality of listings coming up for sale. The bigger story here is the change from last year! We had double the number of sales this year compared to last year, with higher prices and less inventory.

 

Like I said, East Van Houses are in demand right now.

The biggest markets are between $800k and $1.25-million (not at all surprising), though there's still some interest in the $600k to $800k market (which typically means it's small, needs a big reno, or is further East).

 

TOWNHOMES

 

The townhome market in East Van is growing - both in interest and number of listings. We saw a 10% increase in listings over last month (and a 120% increase in listings over last year), and though the number of sales remained the same, I expect that number to increase in October. Sale prices jumped by $40k in Median Price and by $75k in Average price, over last month thanks to better inventory and motivated Buyers. Most townhomes are designed for families, with at least 3 bedrooms.

There are a number of new townhome/half duplex developments planned in East Van for the next year or two, and with prices stabilizing in Vancouver Real Estate, expect this market to remain fairly consistent.

 

CONDOS

 

Vancouver East is still a great market for entry level, 1 bedroom condos. With a good mix of old and new condo buildings, you can find a unit for a good price in an upcoming area of town. Due diligence is required to ensure the building you're buying into is in good condition and managed properly, and considering the amount of re-zoning and development in Vancouver East, it would be smart to talk to the city about any potential construction that could change the dynamic of the area you have your eye on.

Prices increased slightly over August, with a 10% difference in Average Price. Interestingly, the prices now sit very close to what they were in September 2012, with an average of $480/sqft. This market remains fairly strong, and with an 18% absorption rate, it's a balanced market for both Buyers and Sellers.

 

North Vancouver


HOUSES

 

The North Vancouver detached market shows some positive numbers for Buyers. The number of listings increased to 379, the days on market decreased to 40 days, while the median price dropped to $968k and the average price dropped to $1.05-million. The most activity is between $600k and $1-million. When we look at comparing September 2013 to September 2012, we'll see the same trend as the condo and townhome market - a huge 71% increase in sales, a 26% decrease in listings and slight increases in average and median prices.

 

TOWNHOMES

 

The townhome market in North Vancouver is similar to the condo market. Listings were up, sales were down, and prices remained fairly steady compared to last month, with the average price landing at $693k. The big story here is the positive improvement over last September: many more sales and an increase in prices. The average days on market increased significantly as well (from 18 to 57), though with a 115% increase in the number of sales, an increase is expected.

 

CONDOS

 

The North Vancouver condo market wasn't very strong in September. Sales decreased by 11% and the average days on market increased by over 25%. The average price (and average price/sqft) increased to $405k this month, but that's thanks to a couple higher end sales (above $890k) rather than a shift in the market. This is also evident in that the median price dropped, indicating that half of the 57 sales were less expensive than $360k. One good note on the North Vancouver condo market - it's improved quite a bit over September 2012.

 

New listings are constantly hitting the market, and many Buyers are eager to buy and move in before Christmas. If you see a home you like online, give us a call, we'll get you in to see it as soon as possible.

 

Ben

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#305 3131 Main

  • FOR SALE! Offered at $349,900
  • 1 Bedroom, 1 Bathroom
  • 684 Sq Ft
  • Sunny East Facing Unit with Mountain Views
  • Renovated with new kitchen, flooring and bathroom
  • In the heart of the Main St corridor
  • Rainscreened
  • Parking and Storage
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Thursday, September 12, 2013

Vancouver Real Estate Update Newsletter - September 2013

 


Market Update

SEPTEMBER 2013

August was a lot busier than expected.. for both sales and general interest in the market even though fewer listings were available. This past August saw an overall 50% increase over August 2012, which is pretty significant for a typically slow month.

 

Though inventory numbers are still rising - we expect the peak to be around the beginning of October - there aren't a ton of good options right now. Expect good properties to get a lot of interest and sell quickly. Subscribing to my PCS Listings Service will help - it'll email you with new listings that match your criteria every day, often before the listings hits Public MLS. You'll be able to stay on top of everything on the market, and you'll also be able to see if listings have sold, or dropped their price.

 

The banks are becoming more picky with requirements for lending - we've seen quite a few deals fall through due to financing. We expect these lending hassles to bring the Fall Market down a notch - it'll still be busy just not as hot as expected. Keep in mind that in with accepted offers falling through due to financing, properties aren't sold until all subjects are removed. Submitting a back up offer is a consideration in this kind of market.

 

An overall trend I've noticed in the market is a decrease in listings over last year and an increase in sales. Reading between the lines - this means there is more competition for fewer listings.

 

Let's take a look at the specifics for each type of property and location in Vancouver:

 

Detached Houses

 

Starting in Vancouver West, the prices continue to average around $2.7-million, though the median sale price is $2.1-million indicating there are quite a few properties available under the $2-million mark (and with the absorption rate over 40%, there's a lot of interest as well). This has been a steady market over the last year and there shouldn't be much change in the next little while. Kitsilano and Point Grey saw a lot of activity the past month.

 

Vancouver East is a different story. The average and median price sit at $944k with a 25% absorption rate overall. The hottest price brackets remain $700-900k where I'd guess people are either trying to get into the market at a lower price point, or investors are buying "lot value only" properties (to build a new house or duplex), which list for less than a livable house would. There's still quite a big difference between the neighbourhoods in Vancouver East - those houses along the Main St corridor and in Cedar Cottage are still in much more demand than those closer to the Burnaby Border.

 

North Vancouver saw the biggest drop in Detached action with fewer sales and listings compared to last month. The price rose slightly to average just over $1-million, with that price bracket running a 59% absorption rate.

 

Townhomes & 1/2 Duplexes

 

Vancouver West saw quite a big jump in Average price last month - that's due to a $3.5-million downtown townhouse sale. Without that sale, the average would be running closer to $950k. The overall trend continues here with fewer listings than this time last year, but but more sales, with each price bracket showing a healthy absorption rate.

 

Vancouver East saw a drop in Median & Average pricing to the high $500k mark, with an increase in price per sqft leading to the conclusion that the total square footage is dropping (averaging around 1200sqft). That didn't deter Buyers as there was a 180% increase in sales over August 2012. After a quick review of the listings that sold in August - half of them were built in 2012 or 2013. Townhomes and 1/2 duplexes are certainly trending upwards in East Van.

 

North Vancouver holds the lowest price per sqft of townhomes and 1/2 duplexes (at $404), however the average price is still above $650k (more than Vancouver West, less than Vancouver East). With units averaging over 1800sqft, they are quite big compared to the other areas of town. North Vancouver saw a huge 171% increase in townhouse sales over last year.

 

Condos

 

Condos in Vancouver West followed the overall trends of the market - 25% fewer listings than last year, with 36% more sales. The average and median prices are remaining steady. With an average of $650k and a median of $480k we can conclude that half of Vancouver West's condo sales were less expensive than $480k, with some expensive listings bringing up the average to almost $700k (almost one third of the listing were over $650k in price). Not surprisingly, a high majority of the sales were 2 bedrooms or less, with every price bracket running a good absorption rate.

 

Heading into East Van you'll see a much different story. The $340k average price is much more affordable for first time home buyers (of 1 bedroom condos), and it offers a mix of condos with half of the sales being built in 2002 or more recent. Given the low prices, the average price is much more likely to fluctuate with any higher number, so slight changes in price here shouldn't be a worry.

 

North Vancouver is following the same trends as the other markets, so nothing here is too surprising. The average price per sqft is about the same as East Van, though the average price is higher meaning the units are larger (which is expected in older buildings).

 

Now that summer is over and we're into the Fall market, things will continue to heat up as people try to secure a new home before Christmas. Let us know if you're considering buying or selling in the next little while and we'll help ensure the process is as smooth and successful as possible.

 

Ben

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MARKET STATISTICS

FEATURED LISTINGS:

#305 3131 Main

  • FOR SALE! Offered at $365,000
  • 1 Bedrooms, 1 Bathroom
  • 684 Sq Ft
  • Sunny East Facing Unit with Mountain Views
  • Renovated with new kitchen, flooring and bathroom
  • In the heart of the Main St corridor
  • Rainscreened
  • Parking and locker
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Tuesday, July 9, 2013

Vancouver Real Estate Monthly Market Update July 2013

 


Market Update

JULY 2013

The Vancouver Real Estate market hasn't seen a noticeable Summer slow down and neither have we! We're moving into the fourth month in row with an absorption rate (sales-to-active listings ratio) sitting at or above 15%, which is known to be a balanced market. Favouring neither Sellers nor Buyers, we are seeing well priced listings from Sellers, and reasonable Buyers. Sales and interest has been strong in the last month or two. If you're still looking for a home - don't fret, though there will be less listing than you'll typically see in the Spring, there will also be less Buyers to compete with.

 

The mortgage market has seen some changes as well. Interest rates have been climbing so we highly encourage you speak with your mortgage broker to secure a rate hold (meaning you have about 90 days to buy a home financed with that interest rate). It will be interesting to see if this keeps the real estate market busy through what is typically the slowest time of the year.

 

Let's see what happened last month..

 

CONDOS

 

In the Vancouver West Condo market, we see a lot of the same as last month - except for the average price. Don't be fooled, this is thanks to a couple very high end luxury listings selling in Coal Harbour skewing the average price. Condos selling in the least expensive price bracket (sub-$425k) had the best absorption rate in Van West, though everything seemed to be in demand, especially entry level homes in Kitsilano. Looking Downtown, 1 bedroom unit and homes in Yaletown seem to be a Seller's best bet.

 

In comparison, we saw a 18% drop in condo sales in Vancouver East and a long 16 day increase in the number of days on market. There is specific demand in East Van: condos under $600k had a good absorption rate whilst anything more expensive showed less demand, leading to a Buyer's market. With average prices still hovering around $350-$360k, and the average price per sqft having decreased by $10 since last year, this is still a great entry level market for new Buyers. After a slow start to the year, demand has picked up in Hastings and Hastings East.


After a decrease in May, the North Van condo market saw slight increases in both sales and listings. The average price also returned to a more typical $414k after jumping to $450k in May. Good news for Sellers - the days on market decreased to 49 days making this the fastest moving condo market. Most sales occurred in the sub-$400k market, with the $400-$650 2 bedroom market performing as well.

 

TOWNHOMES & HALF DUPLEXES

 

In the Vancouver West townhome market we see a big 25% drop in listings and a 10% drop in sales - both typical of the time of year. Good news for Sellers and Buyers alike: the days on market and price per sqft have continued to drop since last year. Every price bracket showed a 17% or higher absorption rate (a balanced market), with 2 and 3 bedroom units being the norm. You can't read too much into average prices in this area since downtown has a large variety of price brackets, really skewing the numbers. However, the median price is $846k so half of the 63 sales were less expensive than this, most likely sitting around the $700k mark.

 

Vancouver East saw a big change in the townhome market last month. Though the number of listings remained steady, sales dropped 23% and both the average and median prices jumped about 10% to about $640k. Not surprisingly, the best selling market was $600-$750k with 3 bedrooms or more. Townhomes in East Van will continue to be most people's next purchase after owning a condo and before owning a house - note the 15% increase in listings and 18% increase in sales since June 2012.

 

The North Vancouver townhome market saw 9 more sales than last month and a $8 drop in price per sqft foot. This area remains the least expensive townhome market that we analyze. Demand is still good: townhomes sell in an average of 36 days on market and the area has almost double the sales compared to June of last year.

 

DETACHED HOUSES

 

Moving into the Vancouver West house market, we saw a 21% decrease in sales and a 5% decrease in listings with prices remaining fairly steady. This is quite indicative of the fact that Buyers are looking for a certain product, that being something under $3-million with the sub $1.5-million market performing best (having a 50% absorption rate). Not surprisingly, most homes had 4 bedrooms or less, which is typical of the less expensive price range in this area. Take a look at the change since last year: 47% increase in sales and 25% decrease in listings. Single family homes in Vancouver West continue to be in demand, and not surprisingly, Kitsilano is a Seller's best bet.

 

We're seeing a different story in Vancouver East. The number of sales dropped 10%, though demand is quite strong over last year with 30% more sales) while the average and median price dropped at least $50k. The best performing markets are between $700-$900k, typically with 4 to 6 bedrooms. Though the average price is about $900k, budget about $1-million for extra renovations to make the house more comfortable or to add a basement suite (as a mortgage helper). The demand remains high in Main, Grandview and Fraser, while the further from downtown you get, the lower the demand.

 

In North Vancouver saw a 17% decrease in sales, with slight gains in median and average price. The best performing price bracket was $600-$800k, with most sales being less than $1.5-million. As with most other areas, the number of days on market increased to 43 days. Lynn Valley and Upper Lonsdale remain the hot spots.

 

We've got a few new listings coming up in the next week or two, with many more Buyer's tours scheduled. With the number of days on market creeping towards 60 days, patience is a virtue for Sellers and Buyers. Send us an email if you're interested in jumping into the Summer market.

 

Ben

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  • FOR SALE! Offered at $6,750,000
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Tuesday, June 11, 2013

Vancouver Real Estate Market Update Newsletter for June 2013

 


Market Update

JUNE 2013

As we get ready to swing into the summer, the end of the Spring market has brought some welcome stability and an uptick in activity. We've been busy the last month, with sales rolling along and bunch of new happy Buyers and Sellers. While sales in May were still below the 10 year average, the numbers climbed compared to last year and represented a significant increase over the past few months. We're seeing great properties (fantastic outdoor space, desirable building, good floor plan, etc.) sell very quickly (and many times in multiple offers), whereas many decent listings seem to sit on the market (and these statistics show an average of about 2 months). Sellers, keep in mind there is a Buyer out there, it just may take awhile for them to appear. And Buyers, don't get discouraged by quick sales. Prices aren't increasing... you just need to be ready to act quickly for that special home.

 

Condos

 

Vancouver West saw a lot of Buyers last month! Sales increased 27% over April without a corresponding increase in listings. The average price and the average price per sqft also rose, probably due to many highly desired properties garnering multiple offers (which often lead to higher sale prices). Not surprisingly, the sub $650k Condo market (generally 2 bedrooms or less) is where most of the sales have been. For those wondering how much prices have changed the last year - the answer is not much. Average price is down about $15,000 over May 2012.

 

In the Downtown Condo market there were a significant number of sales over last month, perhaps many Buyers saw the increase in activity and jumped on something that suit their needs. Average prices in the downtown market are higher, but that isn't reflective of the entire market. Luxury properties in Coal Harbour really skew the numbers to the more expensive side of things, whereas the West End and Yaletown are affordable options for many people, with average prices generally lower than $500k.

 

Looking at East Van, we see a huge increase in the number of sales - over 50% more than last month! In the last few months the East has seen some slow activity in the condo market, so this is great news for Sellers and Buyers alike. Most sales fell below $370k (likely the 1 bedroom units), though there was a good number of homes selling between $370k and $600k. With an increase in activity also brought an increase in prices, only slightly, though the average sits around $371k and $434 per sqft.

Things are starting to slow down in the North Van Condo Market. We saw a decrease in sales, and a pretty big jump in average price from $405k to $451k leading to a more days on market. North Van is still an affordable option for most, as many of the listings are 2 bedrooms units hovering around the $400k mark.

 

Townhomes

 

Moving into townhomes, we'll start with Vancouver West. There was a significant number of new listings this month, which is typical of the spring market, and also an increase in sales (and a fairly large increase in sales over this time last year). Prices changed slightly - the median lowered meaning there are more lower priced units on the market, and the average increased, meaning there was also an increase in the number of high end listings, which is evident when you take a look at the average prices Downtown.

 

We're seeing good action in Vancouver East, with a big jump in sales (40%) thanks to a decline of over 10% in prices. With prices for 2 and 3 bedroom townhomes hovering around $585k, this is a great market for young families who need a little bit more space and want the private front door.

 

The North Van townhome market is similar to the condo market in that it's slowing down. Even with an increase in listings and a decrease in prices, we're seeing less sales than we did last month (and last year). Ironically, though average and median prices decreased, the average price per sqft increased meaning homes are getting smaller. This could be due to a higher number of newer buildings hitting the market, whose square footage is typically lower than older townhomes.

 

Houses

 

Onto detached houses. Business was booming in Vancouver West, with a 30% increase in sales and almost no change over last month in the number of listings or the prices. The days on market dropped significantly to only 23 days, meaning Buyers were ready and the product was good. Most sales occurred in the $1 million to $3 million mark, with the median price being just over $2 million.

 

Business was also strong in East Van, with a 19% increase in sales and about $40k increase in prices. Most sales were in the $700k to $1 million range, with the homes near $700k needing renovations or having a smaller amount of square footage (and most likely no more than 3 bedrooms).

 

In North Vancouver, we're seeing a pretty steady market with no significant changes in sales, listings or prices. Most sales occur between $700k and $1.25 million. Thanks to these prices, North Vancouver is seeing a steady stream of Vancouver families buying homes up here (thanks to the affordability of turnkey homes), which is leading to the consistent market. Many of our own Buyers are either looking or have recently purchased a detached home in North Vancouver.

 

The previous month has been one of the busiest in a long time! Lots of deals were done and we still have lots of interested Buyers. The number of listings might start to dwindle as we get closer to summer, so if you're looking to sell, start preparing your listing.

 

Ben

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588 LOWRY LANE
  • FOR SALE! Offered at $6,750,000
  • 6 Bedrooms, 5 Bathrooms
  • 6,198 Sq Ft
  • Spectacular property featuring 88' of waterfront on a level lot, private dock with 100' boat slip & breathtaking views
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#902 1530 West 8th
  • SOLD! Offered at $1,350,000
  • 2 Bedrooms, 2.5 Bathrooms
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  • 1,525 sqft
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  • SOLD! Offered at $399,900
  • 2 Bedroom + den, 2 Bathrooms
  • 854 Sq Ft
  • Spectacular views of the North Shore Mountains
  • High quality finishings
  • Live in the heart of the East Village
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Thursday, May 9, 2013

Monthly Vancouver Real Estate Newsletter Update for May 2013

 

Market Update

MAY 2013

The Spring Market has certainly heated up through April and we are seeing strong signs for continued activity moving into the Summer months. It appears that we are finally seeing the effects of what we've been discussing the past few months: an increasing supply of homes, both in quantity and quality, allowing many eager (and patient) home buyers to jump into the market. This cause and effect has lead to interesting pricing scenarios and a very fine line in setting market price. Sharply priced listings are selling extremely quickly, with many examples of multiples offers of late, while Sellers who are 'testing the waters' with prices above current market valuations are seeing their listing sit on the market for lengthy periods. The Vancouver marketplace is an educated one... Buyers know a good deal when they see it and the know when something is over-priced. Price it well and it will sell.

 

Looking at the Vancouver market as a whole, the sales-to-active ratio is sitting just over 15%, which puts us in a balanced market for the second month in a row. The last time we saw this ratio at or above 15% was in May 2012, so to all the Sellers out there: the Buyers are back. Looking into the specific market segments:

Westside Detached prices appear to be fairly stable, although the number of listings has increased 5% and the number of sales has decreased 6%. The biggest sales-to-active ratio is over 25% and is found in the sub-$2 million market, showing a shift in what consumers are looking for. With sales in every price category in the detached Westside market, this market is definitely stabilizing. The Eastside detached market was booming last month with a 40% increase in sales and after only an 11% increase in listings. Ironically, prices dropped ever so slightly over last month, so Buyers saw the opportunity and took advantage of it. Every price category under $1 million dollars was performing well with a sales-active ratio of over 23%. Keep in mind that most of these homes will require some renovations to be comfortably enjoyed, and many of these buyers are budgeting for that. North Vancouver has continued to show solid numbers. The number of listings has increased 13%, with an increase in sales and a 10% increase in Median Price. North Vancouver is showing strong demand in every price category under $1.5-million dollars, with a majority of them hovering around the $1-million dollar mark.

 

Examining the Townhome and 1/2 Duplex market in the Westside: The number of listings and sales are both up from last month with a 4% decrease in pricing landing at an average of $850k. With most sales occurring in the 3 bedroom market, this is where many young families are buying. The average price per sqft is hovering over the $600 mark, this month averaging $630/sqft. In the East, townhomes are selling for much less, at $466/sqft. Even with a 10% increase in pricing, the $660k average price for a townhome in East Vancouver is $200k cheaper than the Westside, which could be a factor in the 28% increase in sales and the 20% decrease in days on market (at 28 days). In North Vancouver, townhomes and 1/2 duplexes are remaining stable over last month with slight changes in price and sales numbers. Townhomes here are going for under $400/sqft, for an average of $650k, meaning you're getting slightly more square footage than the average Eastside attached home. The downtown townhome market is quite unique with the highest prices, highest days on market and lowest number of listings and sales, due to the luxury Coal Harbour market and the high end Yaletown townhome market.

 

Finally the condo market. In the Westside, you'll find a Buyer's market thanks to an increase in listings, and a decrease in sales and price. It's interesting that the median price sits at $467k and the average price sits at $572k showing that half the sales were under $467k and half the sales were quite a bit more expensive $467k (notably the 2+ bedroom condos). Downtown condos have seen a decrease of over 10% in prices since last month, with a decrease in listings as well - looks like many of these Sellers aren't willing to match the current market suggestions for price. In the East, we're seeing quite a difference over last month. Listings are up 20% whereas sales are down 20%, with prices decreasing to an average of $330-350k. With only one sale over $600k, this is still a good entry market for new Buyers. Notice the huge difference in price per sqft between the West ($630/sqft) and the East ($469/sqft). In North Vancouver, were seeing a busier market. With more listings and sales, this market is seeing stabilized prices (and the least expensive price per sqft: $445).

 

Our subjective interpretation of the market is clearly playing out in the numbers as well. If you have a property that is suitable for a young family then you're most likely sitting in a Seller's market. Many of our Buyers who have been looking since the fall have finally secured their new home, or are actively looking. We've experienced quite a few multiple offer situations in the last few weeks, and it seems that the Buyers who are best prepared are the most successful.

 

This is only the beginning of the Spring Market, so things should continue to move for the next few months. Call us if you have any questions or want to get in on the action.

 

Ben

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Thursday, May 9, 2013

Vancouver West Detached Houses Market Statistics - April 2013

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