Not everyone took a vacation in August. Buyers were out buying real estate in Metro Vancouver causing our August 2014 real estate market to be one of the highest it has during this month for the past five years!
Watch the quick two minute video to learn about the Metro Vancouver real estate market and read thru the summary notes.
- We are in a Seller's market for houses with 25.4% of the homes selling within a month and we are just teetering between a Balanced Market & Sellers Market for attached homes with 19.9% of the homes selling within a month.
- Sales are up 7.3% from a year ago
- Inventory is down -3.4% from a year ago.
- The detached housing market has 4.5 months of inventory while our attached market has 5.5 months.
- The average price of a house is $1,293,624 which is up 8.9% from a year ago.
- The average price of an attached home is $468,906 which is down -7.8% from a year ago.
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) Vancouver Westside with an average price of $2,425,000 which works out to $778 per square foot.
2) West Vancouver with an average price of $1,928,750 and at $572 per square foot.
3) Richmond with an average price of $1,180,000 and at $432 per square foot.
For Attached Homes:
1) West Vancouver with an average price of $729,000 which works out to $566 per square foot.
2) Vancouver Westside with an average price of $535,000 which works out to $606 per square foot.
3) Downtown Vancouver with an average price of $480,000 which works out to $617 per square foot.
The hottest area for selling a Detached house is in East Vancouver with 3.3 in 10 homes selling within a month and sellers getting 99% of their asking price in just 12 days! Their is only 3 months of detached housing inventory on the Vancouver Eastside.
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 filling out our contact form.
Enjoy your day!