What’s Happening in the East Van House Market?
The detached house market in East Van slowed the most since last year, but given how absolutely nuts busy last year was, this market is still fairly healthy, though it’s leaning towards a balanced market rather than a Seller’s market.
The sales to active ratio for detached houses in East Van is at 8% which is down from last year’s high of 50% (in March), though the sales to active ratio does depend on the neighbourhood you’re in: Grandview has a sales to active ratio of 18%, Knight had 11%, Fraser had 20% and South Van had 11%. Many of the other neighbourhood had less than 10% or not enough sales to calculate a proper ratio.
The number of available listings is slightly up in most neighbourhoods after dropping significantly from November to December (as expected, for the holidays). We’re seeing inventory numbers right now that are higher than the first half of last year, which explains why the detached house market is has slowed down (in addition to the Government announced changes). This is great news for Buyers as it gives you a few more options when you’re looking for a great home.
Days on market is at 55 days, though keep in mind, there are still properties that sell after the first week of being listed, in multiple offers, so stay on your toes. If the property looks good or is priced sharply, expect to see a few interested parties. Though Buyers do have a little more negotiating power out there, not every Seller will work with low ball offers.
HPI Price for Detached Houses in East Van
Take a look at the HPI price difference for detached houses in a few different neighbourhoods in East Van…
Don’t hesitate to contact us if you are starting to think about the sale of your home in East Vancouver – with the detached house market slowing down, you have to ensure that your home shows it’s best, is marketed well and has a good negotiator behind it to ensure your sale is a success.
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 can expect as a Buyer and what to consider when purchasing a house/lot.