East Van Detached House Market Update for July 2018

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What’s Happening with Houses in East Van?

The detached market in East Van is still the market with the most opportunity right now. This time of year can be pretty active with Buyers are families look for a property to buy and move into before the school year starts. It’ll slow down in August before picking up again before Christmas.
The Stats Website (provided by the Real Estate Board of Greater Vancouver) has added a new metric to the system – Lot Size! I’ll offer some stats for the general market, then also based on Lot Size, since that’s a big factor for Buyers.
As for our typical stats, the sales to active ratio was 11% for re-sale properties and 9% for new construction. The total amount of inventory remained fairly steady over last month, though the number of new listings dropped, so there is a lot of stagnant inventory out there. The average sales price was $1,578,937 ($760/sqft) for resale properties and $1,851,333 ($690/sqft) for new construction. The median sales price was $1,495,000 ($705/sqft) for resale and $1,870,000 ($706/sqft) for new construction. The average and median sales price sale about a $200k drop from last month, but until this drop continues for a few months, it may just be a blip based on some skewed data.
The average and median number of days on market is just over 1 month, so be patient Sellers.
The stats based on Lot Size are interesting. I’ve tried to break the Lot Size down into typical groups:
– Under 3000sqft Lot: This would be a small lot, like a 40×60 or 30×50.
– Between 3000 and 4000sqft: This encompasses the 33×103 lots that are fairly common
– Between 4000 and 45000sqft: This encompasses the standard/ideal 33×122
– Greater than 4500sqft: This encompasses a big lot
Note that Lot Size makes a big differences, but you’ll also find certain lot sizes to be common in certain neighbourhoods, which should be taken into account when you consider the data. For example, Strathcona has a lot of 25×100 lots, which are smaller than average, though the area still commands a premium given it’s proximity to downtown. You’ll find a lot of larger lots in South Van and Hastings East tends to have a lot of 33×103 lots.
The average price is $1,453,500 for <3000sqft lot, $1,486,858 for 3000-4000sqft lot, $1,640,211 for 4000-4500sqft lot and $1,770,598 for 4500+. The total inventory was 22, 340, 226 and 249 respectively and the number of sales was 10, 36, 27, and 24 respectively. Now if only the system can separate out “land value” houses vs “renovated” vs “new”.

Give me a call if you want to chat about the market, or have any questions about buying or selling: 778-387-7371 or [email protected].