The Real Estate Insider Blog

It's Movember!  Time for the men to grow out their moustaches for prostate cancer awareness. Speaking of growing... the Vancouver real estate market is still growing strong! Here are 5 things you should know about the real estate market in Greater Vancouver for October 2015:

1. Supply:  We had 2,741 properties listed thru the month of October which is down -46.6% from this time last year (October 2014) and down -12.4% from last month (September 2015). 
   If we look into those stats further.... we have 1.6 months of inventory for detached houses and 2.4 months of inventory for attached homes.
   
   
2. Demand: 1,288 properties sold in October which is up +27.4% from this time last year (October 2014) and up +8.4% from last month (September 2015).
   
   
3. Time:  The average time for a detached house to sell was 12.1 days.  For attached homes (condos, townhouses and 1/2 duplexes) it was 23.9 days.
   
   
4. Prices: The average price of detached house is $883,714 which is up +19.3% from last year (October 2014) and up +6.5% from last month (September 2015). 
   The average price of an attached home is $354,891 which is up +5.5% from last year (October 2014) and did not change from last month.
   
   
5. Hottest Areas

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

• Port Coquitlam with an increase of +23.9% to an Average price of $700,000.  There is also just .9 months of supply for detached houses!
  
• Coquitlam with an increase of +23.7% to an Average price of $975,000.  There is also just 1.9 months of supply for detached houses.
  
• Port Moody with an increase of +19.9% to an Average price of $1,127,500.  There is also just 1.3 months of supply for detached houses.
  

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

• Maple Ridge with an increase of +13.3% to an Average price of $311,189.  There is also 3.6 month of inventory for attached homes.
  
• Port Moody with an increase of +12.5% to an Average price of $423,000.  There is also just 1.1 months of supply of attached homes!
  
• Pitt Meadows with an increase of +11.5% to an Average price of $306,500.  There is also 2.9 months of supply of condos, townhomes and 1/2 duplexes.
  

Tags

• Vancouver Housing Market (3)
• Greater Vancouver Real Estate stats (3)
• October 2015 (3)