The townhome market in East Vancouver has been busy (an interesting comparison is that the Fraser Valleys townhouse market sales numbers are approximately 25% higher now over the same period last year, as we forecasted they would be), 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 $660,000, while the median price dropped to $627,000 - making these units still much cheaper than some of their Westside counterparts.
The busiest markets are the $700,000 to $800,000 townhome market (most likely 3 bedroom units), and the $500,000 to $600,000 market (larger 2 bedroom units). The price per square foot has increased to $500/sqft, mostly thanks to the increase in newer developments charging more per square foot than some older buildings.
The East Vancouver detached house market remains the most active market in Vancouver, and that shows with its 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 continues to increase, and with this amount of interest from Buyers, there will be more Sellers who want to take advantage of the market.
Of note is that 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.
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 half 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.
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 $420,000 while median price is $395,000. Our clients know our real estate team has been very bullish on the North Shore detached market for decades. Like many areas of the Metro Vancouver and Fraser Valley it has its own unique real estate market within a market. Once again we know exactly where home owners should consider buying, selling and to avoid. Either way it is a gorgeous west coast area with devout fans and it's own share of detractors. We are fans!
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 $624,000 while average price is $615,000 - 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. As we have previously stated, many of the mid and lower Lonsdale area condominiums have seen not insignificant drops in their assessments over the past year. Our clients know exactly where we stand on condos and our very select areas for owning them.
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.