Wow! Can you believe we are half way thru August! Our Real Estate Market is still moving and is active despite it being a time when most people are on holidays ! I have analyzed all of the stats for July and here are some insights to our Greater Vancouver real estate market:

  • We are in a Seller's market for houses with 38.1of the homes selling within a month and we are also in a Seller's Market for attached homes with 22.1% of the homes selling within a month.
  • Sales are up 3% from a year ago
  • Inventory is down -11.3% from a year ago.
  • The detached housing market has 3.1 months of inventory while our attached market has 4.9 months.
  • The average price of a house is $702,214
  • The average price of an attached home is $330,042. 

If we compare from a year ago (July 2013):
Prices are up 5.7
% for houses and up 6% 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 $962,000 which works out to $385 per square foot.
2) Port Moody with an average price of $846,000 and at $304 per square foot.
3) Coquitlam with an average price of $771,500 and at $288 per square foot. 

For Attached Homes:

1) Port Moody with an average price of $406,500 which works out to $377 per square foot.
2) Burnaby with an average price of $401,000 which works out to $430 per square foot.
3) Coquitlam with an average price of $341,892 which works out to $336 per square foot.

The hottest area for selling a Detached house is in Pitt Meadows with 7.1 out of 10 homes selling within a month and sellers getting 98.2% of their asking price.  Their is only 1.4 months of detached housing inventory in Pitt Meadows!

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 2% below the list price.

The hottest area for selling a Attached home is in Port Moody with 3.3 out of 10 homes selling within a month and sellers getting 99.2% of their asking price.  Their is only 3.1 months of detached housing inventory in Port Moody.

For Buyers, if you are looking to buy an Attached home there is a big selection of homes available in Maple Ridge with 7.6 months worth of inventory currently available.

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 the sunny weather and the remainder of your summer!

Posted by Tony Cikes on

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