What’s Happening with Houses in East Van?
The detached market in East Van is by far the market with the most opportunity right now, and the numbers support this. If you own a condo or townhouse and think you can make the jump into detached, it’s a good time to start considering that opportunity since you can sell in a high market and buy in a lower market.
The sales to active ratio is 17% for re-sale houses (a balanced market) and 8% for newly built houses (a Buyer’s Market).
The total amount of inventory increased slightly over last month, so for the third year in a row this market has ore inventory than the year before. A lot of that inventory are over priced units or complete tear downs, which are too hard to finance for the typical Buyer. Right now we’re seeing 830 re-sale houses and 39 new construction houses, though there was a decrease in new listings this past month, so a lot of the inventor is stagnant.
The average price is $1.728-million and the median price is $1.62-million for re-sale properties, and the average price is $2.31-million and the median price is $2.24-million for new construction homes.
The average days on market for detached houses is 16 days of resale properties and15 days for new construction.
Though the detached market has slowed down, good listings do still sell quite quickly, since it can be tough to find a good house, in good repair. Don’t forget that a mortgage helper can easily make up for a few hundred thousand dollars worth of a price: if you had a choice between a $1.3-million townhouse or a $1.6-million house… go for the house. Don’t forget to consider areas like Renfrew or Fraser (just watch out for the bog!) if you’re looking for a house The neighbourhoods are really family friendly, just not as popular as she other more established areas.
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].
