East Vancouver Detached House Market Update – April 2017

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East Van Detached Home Market Update – APRIL 2017

The detached house market in East Van has been slowly gaining steam. Since June 2016, the sales to active ratio was never above 22%, and had been slowly declining until January of this past year when it started to climb, finally reaching 25% in March. It’s highest sales to active ratio last year was 50% in March (and 42% in May) with 57% being the highest in 2015 (in June). Looking at the sales to active ratio when comparing different price ranges shows an interesting trend: it’s 53% for properties under $1.5-million, 47% for properties priced between $1.5 and $1.75-million, and 14% for properties between $1.75 and $2-million (see the graph below). 
Inventory has also been slowly climbing since January, and with a higher sales to active ratio, it leads me to think that we’re starting to see more good inventory (i.e. move in ready homes) hit the market. I expect this trend to continue as homeowners prepare their homes for the classic “Spring Market” when houses show better and Buyers are out looking. 
The number of days on market is an interesting stat.. the average is 36, but the median is 14, which tells me that the many homes are still selling with within the first week of being listed. I’m seeing the lower end of the detached market sell quite quickly and in multiple offers, thanks to Buyers looking to get into the market, but the higher end market doesn’t have the same levels of interest. For homeowners currently living in a smaller detached home who may be looking to get into something newer or more renovated, now is a good time to take advantage of the interest levels on the low end and less competition on the higher end. 
The most active neighbourhoods for detached house sales are Hastings, Hastings East, Fraser and Main (all above 35%).
Take a look at some of the stats for the detached house market in East Van, broken down into 3 different price segments: $1.0 to $1.5-million, $1.5 to $1.75-million and $1.75 to $2-million. 

Sales to Active Ratio for Detached Homes in East Van:

Total Inventory of Detached Homes in East Vancouver:

Average Sales Price of a Detached Home in East Van:

Don’t hesitate to contact us if you are starting to think about sale of your home in East Vancouver – presentation, pricing strategy and negotiation will play a big role in a successful sale. If you’re looking to buy a home, you might have a little more negotiation room, or time to analyze the details, so give us a call if you want to chat about what you’re looking for in a new home. Also,  check out our handy Guides below: