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.
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.
Enjoy the holiday season and remember that I'm always here to help.