The East Van detached market has been slowly getting busier since the start of the year. The average sales to active ratio is at 25%, which is just barely a Seller’s Market. Breaking that down, the re-sale market is at 26% while the new construction market is at 19%.
The number of detached houses currently on the market is also trending upward, with 775 homes currently for sale (up from 655 in January), which matches November 2016 and is the highest amount we’ve seen in since 2012. The number of new construction has been fairly steady through this period.
The average price has also been trending upwards throughout the year, though the re-sale market has showed quite a bit of variation. The average price of re-sale homes is $1,684,851 while the average price of new construction last month was $2,134,422 (which is about average for the year). Keep in mind that new construction houses are generally quite a bit bigger than older homes, and, naturally, have more luxury finishings.
The most active neighbourhoods for detached house sales are Fraser, Knight, Mount Pleasant and Champlain Heights.
Take a look at the difference in price between the East Van and westside detached house market:
Don’t hesitate to contact us if you are starting to think about sale of your home in East Vancouver – presentation, pricing strategy and negotiation still play a big role in a successful sale, and with the market starting to busier, it’s a good time to take advantage.
And give us a call if you want to chat about the housing market in East Van! We have our finger on the pulse of this market, and can talk you through your options.