EAST VANCOUVER DETACHED HOUSE MARKET UPDATE – SEPTEMBER 2017
The East Van detached house market has the most opportunities for Buyers right now, given that the sales to active ratio is only about 15%, which is known as a “balanced market”. This means that only 15% of listings are selling, so Buyers have lots of options and some negotiation room. There is one big caveat to that notion though… there are a lot of teardowns and massive reno projects on the market, which not every Buyer has the tie or funds to deal with, and many of those properties are priced too high. The cute/character/modern/well-located houses are still getting multiple offers if they show nicely, are priced right and don’t have any glaring deficiencies.
The average price for a detached house in Vancouver is $1.548-million for a 3 bedroom house and $1.640-million for a 4+ bedroom house. Prices are generally back where they were before the 15% foreign buyers take was announced. The average price of re-sale homes has been hovering between $1.55-million and $1.7-million all year, whereas the average price of new construction homes has fluctuated between $1.55-million and $2.3-million (generally, the higher the price, the bigger the overall sqft). Keep in mind that only 5 new construction homes sold last month, out of 32 listings, so the market certainly isn’t saturated.
Total inventory is interesting for detached houses.. we are just under the highest it’s been over the last few years and has generally been on an upward swing since early-2016. There are 770 houses for sale in East van, with 81 being 3 bedroom houses and 639 being 4+ bedroom houses.
View all East Vancouver Houses for Sale
Take a look at the numbers:
(Green is 3 Bed Houses and Blue is 4 or more Bed Houses)
Don’t hesitate to contact us if you are starting to think about sale of your home in East Vancouver and want to chat about your options. This market has the most opportunities for Buyers, you just have to be willing to put in a little sweat equity or extra funds towards a reno or home improvements.
Also, be sure to check out our other market updates for East Vancouver: