East Vancouver Detached House Market Update – November 2016
The East Van Detached Market is currently at a 9% sales to active ratio, which is a Buyer’s market. Properties need to be priced well given the condition of the space, style of home and location in order to sell, otherwise Buyer’s will look elsewhere or negotiate hard on the price. Inventory is close to the highest it’s been all year and sales have been at the lowest, which is why Buyer’s have the advantage right now. The average sales price sits at $1,564,531 which is where prices were in March of this year. Median price has dropped to $1,413,775 which is the lowest it’s been in 2016. The average days on market is at 20 days, which is equivalent to the Spring.
I truly believe this market will rebound in the next few years, so even if prices drop slightly more, if you hold onto the house long term you’ll see an increase in value thanks to our limited land supply.
View all East Vancouver Houses for Sale
Average Sales Price: Here are the average sale prices for detached houses in various neighbourhoods in East Van. Grandview and Hastings have seen an increase in average sales price this month after a drop in price in August.
Don’t hesitate to contact us if you have any questions about the detached house market in East Vancouver – with more inventory on the market, you have to ensure that your home shows it’s best, is marketed well and has a good negotiator behind it to ensure you’re happy with your sale. Our team are proven, seasoned professionals, so give us a call.