Vancouver Real Estate Market Update
September 2014 was an active month in our Vancouver real estate market. It outperformed the previous month of August by 5.4% and it was 17.7% higher in sales compared to September 2013. All areas of the real estate market are performing well. My last month’s newsletter stated that we would have a strong and busy Fall market and the month of September statistics have confirmed this.
The following summaries discuss Vancouver’s market by area:
Vancouver West Detached
The Vancouver West detached housing market is extremely active in the 1 to 2.5 million dollar price range. The 4 to 5 million dollar price range was also active with a 20% absorption rate. A few listings are being affected by the new Vancouver pre 1940 City by-laws but we will need some time to see how this plays out over the coming months with respect to properties that fall under this new by-law. The overall absorption rate is 20%.
Vancouver West Attached
The Vancouver West condo and townhouse market is very active up to 2.5 million dollars. We have witnessed an increase in the number of listings above the 2.5 million dollar price point. This has affected the length of time these properties are taking to sell. Pricing and marketing remains critical in all price ranges. The absorption rate is 23%.
Vancouver East Detached
The Vancouver East Side housing market remains a Sellers’ market with high demand in the Main, Fraser Mount Pleasant and Grandview sub areas. Nicely remodeled houses with a suite in these sub areas continue to receive multiple offers. There is no sign of this ending. A well marketed property can achieve an unprecedented sale price. The absorption rate is 31%.
Vancouver East Attached
The Vancouver East condo and townhouse market is active. The 300 to 600 thousand price range is the busiest. Pricing remains critical. Well marketed condos in good buildings are receiving a lot of activity. The ½ duplex market continues to be very strong due to a lack of inventory. The absorption rate is 17%.
Absorption Rate is:
0 – 14% Buyers’ Market
15% – 20% Balanced Market
21% & Greater Sellers’ Market
Vancouver Listing and Sales Charts