EAST VANCOUVER REAL ESTATE MARKET UPDATE FOR OCTOBER 2015!
We’re a month into the typically busy “Fall” market. Inventory is down significantly over this time last year, but sales are steady and prices are up. With inventory being as low as it is, we’re still seeing quick sales and multiple offers – especially in the detached market – for good properties. Having said that, I’ve started to see signs of a very slight slow down in the condo market (actually, levelling out may be a better word) where Buyers are taking a little bit more time to decide and sale prices are reasonable compared to value and list price. As for how much the market can change, and if my gut feeling has evidence in the numbers, we’ll have to wait until next month to see what happens.
Notable Stat: This was the first September in the last 4 years where overall inventory dropped after August, rather than increased.
Typically, inventory continues to drop from September through to December when it’s at it’s lowest, however the 2015 market hasn’t quite followed the same rules as other years. The WeLoveEastVan Team still has a handful of listings on the market, and another handful preparing to list, so keep your finger on the pulse – you never know when a good property will be listed.
Otherwise, the sales to active ratio is 29.3% for East Van properties, which indicates a Seller’s Market. Average and median prices are up over last month for every market, and are up at least 15% over last year. Here are the numbers, and keep in mind these numbers include properties across East Van so it’s taking into account homes from Killarney to Mount Pleasant, from something that’s in horrible condition to brand new.
Detached Houses – Average Price $1,359,176, Median: $1,280,000
Townhouses – Average: $780,312, Median: $780,450
Condos – Average: $467,408, Median: $432,000
Take a look at our more specific real estate market updates.
As always, contact us if you’re interested in chatting about the market, about what you’re looking for or about what you need to do to be successful in getting the property you have your eye on. We’re professionals, and happy to help.