Vancouver Real Estate Market Update
November sales were very good in both detached houses and attached condo/townhouses. Traditionally November is a quieter month than October and this holds true for 2014 with a 17.7 per cent decline in the number of sales compared to October. However, November 2014 sales were 6.9 per cent above the ten year sales average for November. We are approaching the end of the calendar year with strong activity in all areas of the real estate market which points towards a positive 2015 Vancouver real estate market.
The following summaries discuss Vancouver’s market by area:
VANCOUVER WEST DETACHED
The Vancouver West detached housing market continues to be a sellers’ market with an absorption rate of 18 per cent. (Refer to charts below for absorption rates specific to price range). We are witnessing fewer number of multiple offers on prime properties but the selling prices are often close to or slightly above asking. The new pre 1940’s Vancouver City by-law is affecting land value properties in a negative way on any listing that is deemed to have character merit. I am watching this area closely; if you have any questions on this by-law please call and I can explain in detail.
VANCOUVER WEST ATTACHED
The Vancouver West condo and townhouse market has an absorption rate of 24 per cent. Buyer confidence has strengthened and we are witnessing good activity right up to the $2,000,000 price point. Pricing remains critical in this area of the market due to the number of listings offered in every price range.
VANCOUVER EAST DETACHED
The Vancouver East Side housing market has an absorption rate of 36 per cent. It is a sellers’ market and currently there are limited good properties offered for sale. Continued strong demand will result in ongoing multiple offer situations on prime well located listings. This area of the market shows no signs of slowing down in either price or activity brackets.
VANCOUVER EAST ATTACHED
The Vancouver East condo and townhouse market has an absorption rate of 25 per cent. There is good activity from the $200,000 price point right up to $1,500,000. We witnessed more ½ duplexes offered for sale in the past 45 days. This has put pressure on the asking prices and has allowed the buyer to shop around. The ½ duplex market must now be priced accurately.
Absorption Rate is:
0 – 14% Buyers’ Market
15% – 20% Balanced Market
21% & Greater Sellers’ Market
Vancouver Listings and Sales Charts
