East Vancouver Detached House Market Update – March 2017
The East Van detached market has been softening since May 2016, though this past month was the first month was saw an increase in the Sales to Active Ratio It currently sits at 12.5%, which is the highest it’s been since August. In terms of what we’re seeing on the ground, good properties (those that have been well maintained and updated) or under priced properties are still selling quite quickly and sometimes in multiple offers.
As for inventory, the total inventory of new houses hasn’t strayed much from it’s long time average of 30 odd properties, but inventory has changed dramatically for re-sale properties. Inventory for detached houses in East Van steadily increased since December 2015, taking a slight dive in December 2016 and has been increasing since. There are currently 631 re-sale houses for sale in East Van, which is up from 617 in January, 351 last February and it’s peak of 753 in November 2016.
The HPI Price for detached houses in East Vancouver is $1,425,600. As for Average Sale Price, it’s $2,076,190 for new houses and $1,488,371 for re-sale properties. Throughout the difference in the market in the recent months, prices have been fairly steady, with the peak being in July 2016 at $1.7-million. As usual, the average price varies between neighbourhoods, with Main, Fraser, Knight, Killarney and Fraserview being the most expensive, and Hastings and Hastings East being the least expensive.
The most active neighbourhoods for detached house sales are Fraser, Mount Pleasant and Main (all above 29%) with Fraserview, Grandview and Hastings East all above 15%.
The Average Days on Market is 75 days for new houses and 21 days for re-sale properties.
Take a look at some of the stats for the detached house market in East Van:
Sales to Active Ratio for East Van Detached Houses:
Total Inventory for East Van Detached Houses:
Average Sales Price for East Van Detached Houses:
Don’t hesitate to contact us if you are starting to think about sale of your home in East Vancouver – with the detached house market slowing down, you have to ensure that your home shows it’s best, is marketed well and has a good negotiator behind it to ensure your sale is a success. If you’re looking to buy a home, you might have a little more negotiation room, or time to analyze the details, so give us a call if you want to chat about what you’re looking for in a new home.