Fall 2014 Vancouver Market Update
Once again, I hope this update finds you well!
This past Summer and September has proven to be busy with record breaking sales in many neighbourhoods throughout Vancouver. September’s sales across the board were 16.1% above the sales average for the month and rank as the third highest selling September over the last 10 years. I was kept very busy as much of my inventory sold (some in multiple offers) as supply was limited and buyers were extremely active in the market. As we head into Fall I expect the market to continue to be active and not slow down until early December. November and December often make for great months to buy, especially if you are looking to upsize. As always, if you have any questions or comments about the market please feel free to reach out to me anytime.
Market Prices... Going up? By How Much...
Benchmark price for all residential properties throughout Vancouver is $633,500. This represents a 5.3% increase over September 2013.
Benchmark price for detached homes is $990,300, up 7.3% over last September.
Benchpark price for condos is $378,700, up 3% over last September.
*Keep in mind these are not neighbourhood specific numbers and I am happy to update you on your specific area’s September numbers*
In general, the neighbourhoods I work closely in (WVan, NVan, Downtown, Westside, Eastside & Burnaby) were all extremely busy over the last quarter. Inventory levels are now depleted yet demand remains high. Investors are extremely active as rents continue to rise and interest rates stay incredibly low.
Downtown Condos $300,000 - $400,000 (Investors, First Time Buyers)
Westside Detached Homes $1,250,000 - $1,750,000 (Builders, Renovators)
East Vancouver Detached Homes $800,000 - $900,000 (Young Families)
Fraser and Grandview (Commercial Drive) EVERYTHING
North Vancouver Detached Homes $700,000 - $1,250,000 (Builders & Upsizers)West Vancouver & Burnaby land or original older homes = incredibly busy (Builders)
These areas and price ranges struggled to maintain any level of inventory as properties were listed and sold immediately or extremely quickly. Demand outweighed supply significantly and the market favoured SELLERS heavily.
For more information on our market feel free to call me on my direct line anytime.
Top 4% of Vancouver Realtors (2011 - PRESENT)
Top 10% of C21 Agents Worldwide
Century 21 In Town Realty