East Vancouver Detached House Market Update – November 2017
The East Van detached market has the most opportunity for Buyers right now, though the numbers are a bit deceiving. Inventory is high (currently at 801 options) compared to years past, but the number of new listings is low (currently at 248 options), which means there is a lot of stagnant, over priced listings out there. The sales to active ratio is 13% overall, though I can guarantee you that well maintained, well located, well presented houses under $1.8-million (really, anything under $2.5-million) are still highly desired and will receive multiple offers. This is only one example, but th sales to active ratio for 3 bedroom homes (likely older and smaller) is 21% whereas it’s 13% for 4+ bedroom houses.
The HPI price is $1,566,700, which has been pretty steady since July. Like every other market, things will slow down quite a bit at Christmas time while people enjoy time with their friends and family, and it typically picks up again in February before it peaks in the Spring. With the new mortgage “stress test” rules coming into effect in January, it will likely take a lot longer for the market to heat up.
Don’t hesitate to contact me 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 to bring the Buyers in. We can help you understand what you can hope for in the sales and how to handle both moves properly.
Take a look at the numbers:
(Green is 3 Bed Houses and Blue is 4 or more Bed Houses)
Sales to Active Ratio:
Total Inventory:
Sales Price:
