East Vancouver Detached House Market Update – August 2017
The detached house market had a 13.3% sales to active ratio, which is about 6% less than last month. The detached house market is one that is hit hardest by summer holidays and long weekends because many prospective home owners are away on vacation or focused on showing their kids a good summer.
However, we live in a big city with a lot of moving parts, and there are folks who are taking advantage of the slower months to get a foothold in the market. Despite the slower sales to active ratio, the HPI Price is still climbing (slightly), The HPI Price is currently at $1,561,7000 which is up from $1,534,100 in June and has been on the rise since February. A few reasons for the increasing price despite slower sales to active ratio are newer homes being sold, and that when the number of sales starts to slow down, it’s still the really great properties that sell. The average sales price is $1,639,330 and the median price is $1,575,000.. average price being high thanks to the number of higher end homes sold. For comparison sake, the average price of brand new houses in East Van is $2,236,429 while it’s $1,550,000 for resale homes.
Total inventory is similar to last month – 826 houses for sale – and average days on market is 22 days. I expect the number of houses for sale to increase in September, so Sellers, presentation, and marketing will be oh so important with the increased competition.
Take a look at the numbers:
(Green is Resale Houses, Blue is New Construction and Purple is the Overall Market).
Sales to Active Ratio:
Average Sales Price (*** Note that this is Average, not HPI ***):
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.