It's officially Spring and our Real Estate Market is blooming! I have analyzed all of the stats from February and here are some insights to our market right here in Metro Vancouver:
- We are in a very active Seller's market for houses with 46% of the homes selling within a month and we are also in a Seller's Market for attached homes with 29.0% of the homes selling within a month.
- Sales are up 19.8% from last year and up 62.2% from last month!
- Inventory is down -9.3% from last year and up 14.7% from last month.
- The detached housing market has 2.9 months of inventory while our attached market has 4.1 months.
- The average price of a house is $1,405,464 which is up 1.5% from last year and up 3.5% from last month
- The average price of an attached home is $493,674 which is down 1.6% from last year and up 4.7% from last month
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 $2,588,000 which works out to $872 per square foot.
2) West Vancouver with an average price of $2,342,500 and at $703 per square foot.
3) North Vancouver with an average price of $1,278,750 and at $496 per square foot.
For Attached Homes:
1) West Vancouver with an average price of $846,500 which works out to $719 per square foot.
2) Vancouver Westside with an average price of $580,000 which works out to $635 per square foot.
3) Downtown Vancouver with an average price of $505,500 which works out to $664 per square foot.
The hottest area for selling a Detached house is in the Vancouver Westside with sellers getting 104% of their asking price. In other words.... 4% above the list price and homes selling in 11 days on average. There is only 4.3 months of hosing inventory on the Vancouver Westside. .
For Buyers, if you are looking to buy a house I would suggest Richmond as there is a growing selection of homes available with 3.6 months worth of inventory and prices being negotiated 3% below the list price.
The hottest area for selling a Attached home is on the Vancouver Eastside with sellers getting 100% of their asking price and homes selling within 12 days on average. There is 3.3 months of attached housing inventory on the Vancouver Eastside.
For Buyers, if you are looking to buy an Attached home I would look in West Vancouveras there is a good selection of homes available with 4.1 months worth of inventory and prices being negotiated 3% below the list price.
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.
Posted by Tony Cikes on
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