November was another very busy month for real estate here in Vancouver. In fact, it was one of the strongest November months we have seen in the last five years! Here are some of the market insights:
- We are in a Seller's market for houses with 29% of the homes selling within a month and we are also in a Seller's Market for attached homes with 20% of the homes selling within a month.
- Sales are up 4.1% from a year ago!
- Inventory is down -8.5% from a year ago.
- The detached housing market has 3.9 months of inventory while our attached market has 5.6 months.
- The average price of a house is $1,321,214
- The average price of an attached home is $502,210.
If we compare from a year ago (November 2013):
Prices are up 11.1% for houses and up 6.2% 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) Vancouver Westside with an average price of $2,600,000 which works out to $781 per square foot.
2) West Vancouver with an average price of $1,980,000 and at $565 per square foot.
3) Richmond with an average price of $1,085,000 and at $447 per square foot.
For Attached Homes:
1)West Vancouver with an average price of $874,000 which works out to $600 per square foot.
2)Downtown Vancouver with an average price of $557,100 which works out to $688 per square foot.
3)Vancouver Westside with an average price of $493,777 which works out to $561 per square foot.
The hottest area for selling a Detached house is on the Vancouver Eastside with 3.7 out of 10 homes selling within a month and sellers getting 97% of their asking price within 12 days on average. There is only 2.7 months of detached housing inventory in East Vancouver.
For Buyers, if you are looking to buy a house I would suggest West Vancouver as there is a good selection of homes available with 6.3 months worth of inventory and prices being negotiated 3% below their list price.
The hottest area for selling an Attached home/condo is in Downtown Vancouver with 2.9 out of 10 homes selling within a month and sellers getting 97% of their asking price within 29 days on average. There is 3.5 months of attached housing inventory in the Downtown Vancouver.
For Buyers, if you are looking to buy an Attached home I would suggest West Vancouver as there is a good selection of homes available with 9.1 months worth of inventory and prices being negotiated 7% below the list price. Ambleside is also being re-vitalized with new amenities and Park Royal is expanding!
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 me or simply filling out our contact form.
I am anticipating that we are going to have another strong start to our real estate market in 2015!
Enjoy the last four weeks of 2014!
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