East Van Detached House Market Update – May 2017

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Detached Houses in East Vancouver

The detached house market in East Van was experiencing an increase in the sales to active ratio since January after it started dropping last May. The sales to active ratio dropped slightly this past month from 22% to 19%, just on the cusp of a Seller’s Market.

The average sales price is $1,620,449, though the average price of new construction is $2,318,571 compared to $1,605,382 for resale (I would guess that most Developers building homes these days are building duplexes rather than houses).

Total inventory has been climbing since January. April had just about the same number of listings as last year’s high (in November) of 776. Interestingly, price per sqft has been fairly steady since January 2016, hovering somewhere in the mid to high $700/sqft. I find houses that tend to sit on the market are over priced (Sellers are hanging on to the idea that their house is worth their assessed value, or the same price they could’ve gotten at the peak of the market last year) or are in enough disrepair that Buyers wouldn’t want to live on the property, but the unit doesn’t have enough development potential for investors.

Our Team has sold some great houses in the last few weeks, in multiple offers and with some eager buyers. Both houses had their pros and cons, and many Buyers come through both Open Houses over the weekend. Houses in great condition, that show well and have something unique about it (character style, a great location, etc) will entice the Buyers and still sell in multiples, so it’s worthwhile for Seller’s to put some effort into ensuring their house is well maintained and looks great during showings.

Take a look at some of the stats for the detached house market in East Van:

Average Sales Price of Detached Homes in East Vancouver in May

Average Sales Price of Detached Homes in May, 2017

Don’t hesitate to contact us if you are starting to think about the sale of your home in East Vancouver – presentation, pricing strategy, and negotiation will play a big role in a successful sale, and you’ll want to be prepared for your next purchase as well. Many long term home owners in Vancouver have enough equity in their home in order to purchase their new home first, prior to selling, so contact us to get started on that process. We can also get you prepared and ready for your next purchase, whether that’s in Vancouver or elsewhere.

If you’re looking to buy a detached home, you might have a little more negotiation room or time to analyze the details, so contact us if you want to chat about what you’re looking for in an East Vancouver detached house. Ensure you’ve spoken with your mortgage broker about the differences in buying a house with and without a basement suite as that can make a big difference in your affordability.

Also, check out our handy Guides below: