Vancouver Real Estate Market update
The Vancouver real estate market continues its record breaking pace. Home sales reached record levels in November 2015. November 2015 had a 40.1 percent increase in the number of sales compared to November 2014.
Vancouver West Detached
Record prices, multiple offers and foreign buyers blanket the Vancouver West Side detached housing market. There were 35% fewer listings in November 2015 compared to November 2014. The lack of listings is another contributing factor fueling the record breaking pace of the West Side detached housing market. A good example is a listing located on Maple Street in Kits Point. This particular Kitsilano listing was a fixer upper on a 33 x 100 foot lot. The property was listed for 1.9 million and received over 17 offers with a final sale price of 2.9 million. To date there is no sign of the West Side housing market slowing down. For price and sales activity see chart below.
Vancouver West Attached
The Vancouver West Side condo and townhouse market continues to be a sellers’ market. The overall absorption rate 47 per cent. The most active price range is 300,000 to 1.5 million. The activity slows from 1.6 million to 4 million but this price range is still a sellers’ market with an overall absorption rate of 27 percent. For price and sales activity see chart below.
Vancouver East Detached
Lack of affordability on the West Side is fueling the East Side housing market. The Main, Fraser, Mount Pleasant and Grandview sub areas are continuing to achieve record sale prices. A single family detached house priced over 2 million in the above sub areas is the new norm. I am working with many buyers who prefer the East Side to the West Side even if there was not an affordability challenge. For price and sales activity see charts below.
Vancouver East Attached
The Vancouver East attached condo and townhouse market is a Sellers’ market. The overall absorption rate for November 2015 is 63 percent. All price ranges are busy and many listings are receiving multiple offers with many sale prices over asking. For price and sales activity see charts below.
Vancouver Downtown Attached
The Downtown condo & townhouse market remains a Sellers’ market. The 400,000 to 1.5 million price range was the most active. The overall absorption rate for November 2015 was 70 percent. For price and sales activity see charts below.
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Absorption Rate is:
0 to 14% Buyers Market
15 to 20% Balanced Market
21% & Greater Sellers Market
