East Vancouver Real Estate Market Update for November 2015
Happy November Everyone! We’re getting closer and closer to Christmas, which means everyone will focus less on buying and selling real estate, and more on the holidays. You can expect November to be the last month that we see a lot of new inventory (especially for owner occupied homes). Inventory – which has already been low this year – drops further in December as Sellers want to relax and enjoy the holidays, decorate their house for Christmas, and stay warm inside. Even though inventory will drop in the next few weeks, Buyer’s interest usually stays strong, leading to a high sales to active ratio in December.
Notice how inventory drops every December:
The sales to active ratio is 46% for East Van townhouses and half duplexes and 37% for East Van houses, which indicates a Seller’s Market in both categories. The East Van condo market is showing a sales to active ratio of 18%, which is a balanced market for Buyers and Sellers. The townhouse market in East Van should continue to show strong interest from Buyers as it offers quite a few options in terms of price point, and often remains under the $1-million price point which means Buyers don’t need to have 20% down like they would for properties over $1-million (as per mortgage rules). Keep in mind that many duplexes near Main St can command more than $1-million if they’re newer or renovated. Expect this market to continue to see new inventory from developers, though slowly, thanks to long waits for development permits from the City.
Here are the numbers, and keep in mind these numbers include properties across East Van so it’s taking into account everything from Champlain Heights to Mount Pleasant.
Average Price $1,345,713, Median: $1,335,000 – Sales to Active Ratio: 37%
Average: $847,001, Median: $829,950 – Sales to Active Ratio: 46%
Average: $443,718, Median: $385,000 – Sales to Active Ratio: 18%
Take a look at our more specific real estate updates:
If you’re a Buyer, keep your eye on the market as you never know when a good property will hit the market. If you’re a Seller, give us a call. Given the low inventory, it’s a Seller’s market, so if you’ve been thinking about selling, now is a good time to list your property especially if you’re willing to be flexible on a purchase.
If you want to stay on top of what’s hitting the market and what sells, sign up for a Custom MLS Account – it’s a fantastic tool for Buyers and potential Sellers. If you’re thinking of selling and want an idea of what your home is worth, contact us or fill out our Home Evaluation Form.