East Vancouver Detached House Market Update – July 2017
The Detached House Market in East Van had a 20% sales to active ratio last month (very close to a Balanced Market), which is 5% lower than the month before though it has been trending upwards since the beginning of the year. This absorption rate is a far cry from the last couple of years, though the sale prices haven’t dropped despite lower competition.
Average sales price currently sits at $1,700,350 for a detached house in East Van, which is the highest it’s ever been, aside from July 2016 when it was $1,704,231.
Inventory is also the highest it’s been in years (though November 2016 was ever so slightly lower) at 797 listings. Previous that that, the highest was 805 in September 2012, with the highest we’ve seen in the last 10 years be September 2008 with 1087 listings. The number of new construction homes for sales has remained steady, if not trending downwards, for years. Keep in mind that statistic wouldn’t include the number of new duplexes for sale – important because many houses are torn down to build duplexes.
Take a look at the numbers:
(Green is Resale Houses, Blue is New Construction and Purple is the Overall Market).
Sales to Active Ratio for Detached Homes in East Vancouver
Total Inventory of Detached Homes in East Vancouver
Average Sales Price: of Detached Home in East Vancouver
If you’re looking to make the jump into the detached market – now is the time! You have a lot of inventory to choose from and some negotiation power. Just make sure that you’re not stretching yourself too thin, as a lot of these older houses will need some big renovation work over the next couple of years.
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 still play a big role in a successful sale, and with the amount of inventory on the market that we’re seeing, you need to make sure your home shows well, is priced sharply and is marketed well.