East Vancouver Detached House Market Update – March 2016
The East Van detached house market had an overall 47.2% sales to active ratio. The average price was $1,539,031 while the median price was $1,500,000. Inventory increased by 7% over the previous month. Homes are on the market for an average of 9 days, and the average percent of original price has been above 100% since January 2015 (currently sitting at 106%) which means the average sales price is above the list price.
Hastings, Champlain Heights, Renfrew and Grandview had the highest sales to active ratio last month. The $900k to $1.75M price range had an average sales to active ratio of 66% 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:
Total Inventory – 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. Contact us, or fill out our East Van Home Value form.
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.