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Month: September 2016

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Property Prices and Sales Still Trending Down

East Vancouver property prices and sales still trending down in August 2016.

Average sale price for East Vancouver hit $911,560 in August, down from the top in May $1,113,960. Current house price is $1,506,000 down from the peak in July of $1,706,000. Towhomes sit at $743,000 down from the peak in July of $850,000. Condos are at $511,000 down from $525,000 in June. House prices remain 14% higher than a year ago, townhomes are up 22% higher than a year ago and condos are 16% higher than a year ago.

East Side sales clocked in at 213, down from the peak in March of 448. House sales in August were 80, down from the peak in May of 221. Townhome sales in August were 18, down from 39 in June. Condos peaked in March at 209 and now sit at 115. August sales are down 26% compared to August 2015.

New listings in August were 446, down from the peak in May of 442.

Total listings are currently are flat at 877 and back to the same levels as October last year and equal to August 2015.

Sales to active ratio is 24, down from the peak in March when it was 67.

Percentage of original price sits at 97% for houses, 100% for townhomes and 103% for condos.

Days on the market are flat at 19, the lowest its been since January when it was 39.

Total dollar volume peaked in May and is now 60% lower but remains 23% lower than a year ago.

East Vancouver’s real estate market is returning to a more normal market, better balanced between buyers and sellers but the number of listings remains on the low side and the demand has never been stronger, but this has now been impacted by the much higher property prices, effecting buyers affordability. Maybe we will see a flat market for the remainder of the year.

Call Maggie today and put my hyper-local experience to work for you! Vancouver real estate since 1981!

 

 

by Maggie Chandler Maggie Chandler No Comments

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by Maggie Chandler Maggie Chandler No Comments

BC Housing Demand Remains Strong Except for Vancouver

The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year.

“Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month,” said Cameron Muir, BCREA Chief Economist. “The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month.”

“The decline in the average home price was due to a change in the composition and location of homes sold in the province,” added Muir. “Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline.”

Year-to-date, BC residential sales dollar volume increased 39.1 per cent to $61.6 billion, when compared with the same period in 2015. Residential unit sales climbed by 22.1 per cent to 86,206 units, while the average MLS® residential price was up 13.9 per cent to $714.400.

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by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Property Listings, Sales & Prices Continue Downwards Trend

August saw a continued drop in property prices, sales and listings compared to the prior month as Vancouver’s West Side real estate looses its heat and returns to a balanced market, as a result of the BC Government’s 15% foreign buyers tax which came into effect on August 2, 2016.

Average Sale Price

The average sale price of a West Side house is now $3,982,000 – down from $4,245,000 in July but still up 20% over the last year. Townhomes are now worth $1,089,000, down from $1,292,00 in July but still up17% over the last year. West Side condos sit at $795,000, down from $911,000 in July and up 5.5% over the last year. Average price pr sq ft of a West Side house is 1287, townhomes are 877 and condos are 914.

Sales peaked in March at 981 and dipped to 445 in August, down 44% from a year ago and down from 590 in July. This is the lowest sales for August since 2013.

Average days on the market is 30 for houses, 15 for townhomes and 17 for condos.

New listings continued a downward trend to 769 from the peak of 1159 in February. Total listings are currently 1,550 which is 27% less than a year ago. Listings this year peaked in February at 1591. October 2008 (post Wall Street crash) had the highest number of properties for sale in the last ten years at 4,121.

Sales to listing ratio is currently 29%, down from the peak in March at 65% which was the highest in the last ten years. The bottom was November 2008 at 4%.

The average percentage of original price is 96% for houses, 101% for towhomes and 100% for condos.

Overall dollar volume sits at 565,994,646 in August, one third of what it was at the peak in March and 40% less than a year ago.

Best Selling Price Range in 2016 YTD – $1.1M to $1.2M for townhomes and $500,000-$600,000 for condos. There have been 82 condo sales over $3M this year and 11 townhomes on Vancouver’s West Side and total YTD sales for 2016 have been 5,935.

by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver’s Real Estate Market Becoming More Balanced

August saw Greater Vancouver’s real estate market becoming more balanced as it leaves its lofty high volume of sales and escalating prices. It was the second consecutive month that property sales turned downwards from the record breaking pace and were 3.5% below the 10-year sales average for the month

Sales peaked in March at 5,196 and dropped to 2,524 in August, which is 25% less than a year ago and equal to August 2013. Given that sales have been performing at record levels the market is now returning to a normal pace, which has to happen at some point! Sales to active ratio is 27%, down from the peak in March of 62%. Downward pressure in prices usually doesn’t occur until the ratio dips below 12% and prices see upward pressure when the ratio is above 20-22%.

New listings also peaked in March at 6,345 and dropped to 4,304 in August, equal to a year ago but down 18% from July.

Total Listings sit at 8,506 which is down 22% from a year ago and up only 2% from July. So the new tax so far has not created a flush of listings, we will see what occurs as we move into the Fall market.

Average sale price – houses $1,507,000, up 1.9% over the last year and down from the peak of $1.816.000 in January. Townhomes $675,000, up 17% from a year ago and down from the peak of $740,000 in July. Condos $528,000, up 1.5% from a year ago and down from the peak of $570,000 in May.

Dollar Volume in August was 975,207,966 down 9.6% from a year ago and down from March’s peak of 1,723,217,069.

Average days on the market sits at 24, which is 42% less than a year ago.Houses take the longest to sell with 30 days on the market. In March the average was 25.

The percentage of original price for houses sold in August was 97.6%, townhomes and condos were both 100%

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