- 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.
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!
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!