It's Autumn... the hockey season has started and the Blue Jays are making a run to take October!  The Vancouver real estate market is still going strong! Here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 5,465 properties listed thru the month of September which is down -39.2% from this time last year (September 2014) and up +1.9% from last month (August 2015). 
    If we look into those stats further.... we have 3.3 months of inventory for detached houses and 2.7 months of inventory for attached homes.

  2. Demand: 1,806 properties sold in September which is up +9.7% from this time last year (September 2014) and is down -4.2% from last month (August 2015).

  3. Time:  The average time for a detached house to sell was 18 daysFor attached homes it was 21 days.

  4. Prices: The average price of detached house is $1,606,940 which is up +25.5% from last year (September 2014) and up 1.2% from last month (August 2015)
    The average price of an attached home is $544,675
    which is up +12.4% from last year (September 2014) and down -.1% from last month (August 2015).

  5. Hottest Areas

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

  • Tsawwassen with an increase of +33.8% to an Average price of $927,500.  There is also just 1.5 months of supply for detached houses.
  • the Vancouver Eastside with an increase of +28.4% to an Average price of $1,288,000.  There is also just 2.7 months of supply for detached houses.
  • Richmond with an increase of +28.1% to an Average price of $1,364,000.  There is also just 2.9 months of supply for detached houses.

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

  • West Vancouver with an increase of +34.6% to an Average price of $1,080,000.  There is also just 3 month of inventory for attached homes.
  • Tsawwassen with an increase of +19.1% to an Average price of $439,900.  There is also just 3.6 months of supply of attached homes.
  • the Vancouver Westside with an increase of +15.4% to an Average price of $599,000.  There is also just 3 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

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.