East Vancouver Real Estate Market Update Blog – December 2016
Happy Holidays everyone! The Christmas season is in full swing for us, and naturally, the Real Estate market is starting to slow down while everyone focuses on the holidays (and us on our new website design – thoughts?). This upcoming week is likely the last week we’ll see a good influx of new listings before Christmas, with many Sellers planning to hold off on listing until after the holidays. Having said that, I’ve seen some great listings recently, and with fewer Buyers to compete with right now, it is a good a time as ever to jump into the market (best Christmas present EVER!).
We’ll still see some listings hit the market over the holidays, so keep your finger on the pulse. Our Custom MLS System is THE best way of staying on top of the market (useful for both Buyers and Sellers) and it means that we’re only an email or phone call away from more information on that great new listing: Custom MLS Search.
With the New Year coming up, and resolutions abound, focus on what you need to do to accomplish your real estate goals. First things first, connect with professionals so you can have some initial questions answered so you can focus on finding a home that works best for you and your particular situation. We are the agents to talk too about East Van Real Estate, and we can refer you to Mortgage Brokers who know the in’s and out’s of the new mortgage rules and what you can expect from a financial perspective.
Looking at the current market, and we see quite a difference between condos and houses, given that the condo market is still quite robust. Condos sales in East Vancouver currently show a sales to active ratio of 67%, townhouse sales show a sales to active ratio of 36%, while detached house sales show a sales to active ratio of 11%.
Condos are affordable, while houses are in a price point that only certain Buyers can reach. At the end of the day, every market was affected by the news of the Foreign Buyers tax and the new mortgage rules, though the condo and townhouse market has been quite steady after the initial drop in interest (which was inevitable given how nutty the market was for two years), while the detached market is a little more volatile (as always: specific location, style, and price point can be a differentiating factor within each market).
Let’s see what the numbers say.. (Green is Detached Houses, Blue is Townhouses, Orange is Condos)
Total Inventory for East Vancouver Real Estate
Sales to Active Ratio for East Vancouver Real Estate
Average Sales Price for Real Estate in East Vancouver
For our specific updates on each market, check out our blogs below..
We love chatting real estate, so if you have any questions, let us know!