Summer holidays are over and it's back to school time.  Our Real Estate market has had one of the most active summer markets in nearly 10 years.  I have analyzed all of the stats from August and here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 5,365 properties listed thru the month of August which is down -39% from this time last year (August 2014) and another -6% from last month (July 2015). 
    If we look into those stats further.... we have 3.0 months of inventory for detached houses and 2.9 months of inventory for attached homes.

  2. Demand: 1,882 properties sold in August which is up +22% from this time last year (August 2014) but, is down -15% from last month (July 2015).

  3. Time:  The average time for a detached house to sell was 15.6 days which is 4.4% faster than it took last month.  For attached homes it was 18.5 days which is also how long it took to sell last month.

  4. Prices: The average price of detached house is $1,587,286 which is up +23% from last year (August 2014) and up .03% from last month (July 2015)
    The average price of an attached home is $545,363
    which is up +16% from last year (August 2014) and up 5% from last month (July 2015).

  5. Hottest Areas

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

  • the Vancouver Eastside  with an increase of +35% to now an Average price of $1,293,500.  There is also just 1.6 months of supply for detached houses.
  • West Vancouver with an increase of +30% to now an Average price of $2,500,000.  There is also 5.3 months of housing inventory making it a balanced market.
  • North Vancouver with an increase of +26% to now an Average price of $1,358,000.  There is also just 1.6 months of supply for detached houses.

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

  • West Vancouver  with an increase of +40% to now an Average price of $1,024,000.  There is also 6.4 months of inventory making it a balanced market.
  • Downtown Vancouver with an increase of +19% to now an Average price of $570,000.  There is also just 2 months of supply of attached homes.
  • the Vancouver Westside with an increase of +14% to now an Average price of $609,000.  There is also just 2.2 months of supply of attached homes.
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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