- We are in a Seller's market for houses with 36% of the homes selling within a month and we are also in a Seller's Market for attached homes with 24% of the homes selling within a month.
- Sales are up 15% from a year ago!
- Inventory is down -11.5% from a year ago.
- The detached housing market has 3 months of inventory while our attached market has 4.5 months.
- The average price of a house is $718,832
- The average price of an attached home is $321,871.
If we compare from a year ago (November 2013):
Prices are up 9% for houses and up 1% for attached homes.
Now... there are some areas that are selling better than others just as some areas offer better buying opportunities. Here are the three most expensive areas:
For Detached Homes:
1) Burnaby with an average price of $1,056,400 which works out to $389 per square foot.
2) Coquitlam with an average price of $865,000 and at $265 per square foot.
3) Port Moody with an average price of $810,000 and at $331 per square foot.
For Attached Homes:
1) Port Moody with an average price of $389,900 which works out to $345 per square foot.
2) Burnaby with an average price of $385,450 which works out to $426 per square foot.
3) Coquitlam with an average price of $344,750 which works out to $336 per square foot.
The hottest area for selling a Detached house is in Port Coquitlam with 5.1 out of 10 homes selling within a month and sellers getting 97% of their asking price within an average time of 9 days. There is only 2 months of detached housing inventory in Port Coquitlam.
For Buyers, if you are looking to buy a house I would suggest Burnaby as there is a good selection of homes available with 4.7 months worth of inventory and prices being negotiated 4% below their list price.
The hottest area for selling an Attached home/condo is in Port Moody with 3.3 out of 10 homes selling within a month and sellers getting 100% of their asking price within an average time of 34 days. Their is 3 months of attached housing inventory in Port Moody.
For Buyers, if you are looking to buy an Attached home I would suggest Burnaby as there is a good selection of homes available with 5 months worth of inventory which is actually less than Maple Ridge which has 6.8 months.Â
The reason I would suggest Burnaby is because of its proximity to downtown Vancouver, all of its skytrain service and what the future developments will have to offer. The trend that I am seeing is "Baby Boomers" selling their houses and down-sizing and the "First Time Buyer" getting into the market. Both of these groups want amenities and want walk-ability. With Burnaby having Brentwood Mall, Lougheed Mall and Metrotown being developed as "Villages", there will be plenty of amenities all within walking distance. This will bode well for re-sale values!   Â
If you have any questions about the market in your specific neighbourhood, or if you are curious about the value of your home, please feel free in calling or emailing me. I can also share with you some of my insights on what the market is doing and what I see it doing in the future.
I am anticipating that we are going to have another strong start to our real estate market in 2015!
Enjoy your last four weeks of 2014!
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