The detached house market in East Van remained the busy, fast paced market we’ve seen all year. The median price rose to $1.45-million and the average price rose to $1.5-million, while the sales to active ratio dropped from 48% to 31% (a large drop, though it’s still a Seller’s Market). Total inventory increase over December (as expected), most of which was new inventory.
Fraserview, Knight, Renfrew Heights and Killarney were busy markets last month.
Here are some actual REBGV stats detailing the Saves to Active Ratio and Average Sales Price of houses in East Van. I separated the graphs this month into existing properties and new construction so you get a sense of how the different types of property perform in the market.
(Green is existing properties, Blue is new construction)
Sales to Active Ratio – New Construction vs Re-Sale:
Average Sales Price – New Construction vs Re-Sale:
Sellers: Contact us if you’re interested in selling your property. Proper marketing, presentation of the property and negotiation techniques become very important in a market this busy.
Buyers: You need to be knowledgable, prepared and quick to move if you want to be successful in this market. Contact us to get started.
Don’t hesitate to contact us if you have any questions about the market.