At a time when the market usually slows down... sales are still going strong.  Here are 5 things to know about the real estate market in Greater Vancouver from November 2015

  1. Supply:  We had 2,277 properties listed thru the month of November which is down -61.4% from this time last year (November 2014) and down -20.4% from last month (October 2015). 
    What this means is .... we have 1.5 months of inventory for detached houses and 1.8 months of inventory for attached homes (condos, townhomes and 1/2 duplexes).

  2. Demand: 1,260 properties sold in November which is up +42.2% from this time last year (November 2014) and is 2% less (28 sales) than last month (October 2015).

  3. Time:  The average time for a detached house to sell was 12.3 daysFor attached homes (condos, townhouses and 1/2 duplexes) it was 23.6 days.

  4. Prices: The average price of detached house is $891,007 which is up +24% from last year (November 2014) and up +.8% ($7,293 more) from last month (October 2015)
    The average price of an attached home is $347,157
    which is up +7.9% from last year (November 2014) and is 2.2% less from last month.

  5. Hottest Areas

For Detached houses, the following areas saw the largest price increases from this time last year (November 2014):

  • New Westminster with an increase of +32.2% to an Average price of $925,000.  There is also just 1.1 months of supply for detached houses!
  • Burnaby with an increase of +32.1% to an Average price of $1,395,000.  There is only 2.0 months of supply for detached houses.
  • Port Moody with an increase of +23.3% to an Average price of $999,000.  There is 2.6 months of supply for detached houses.

For Attached homes, the following areas saw the largest price increases from this time last year (November 2014) 

  • Maple Ridge with an increase of +21.9% to an Average price of $294,900.  There is 2.8 month of inventory for attached homes.
  • Burnaby with an increase of +13.0% to an Average price of $435,750.  There is also just 2.1 months of supply of attached homes!
  • Port Moody with an increase of +12.2% to an Average price of $437,500.  There is only .9 months of supply of condos, townhomes and 1/2 duplexes.
If you have any questions about the market in your neighbourhood or need assistance in planning your next real estate move, please feel free in calling me or simply fill out our contact form.
Posted by Tony Cikes on

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