Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate. The latest SnapStats reports that residential property listings in Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver and West Vancouver reached 4,295 on the Multiple Listing Service® (MLS®) in November 2014. This represents a 10.32% decrease compared to the 4,789 listings recorded in October. Last month’s sales were totalled 1,013 in November and the sales is 20.3% below October of 1,271.
Market in Downtown Vancouver
The total number of properties currently listed for sale on MLS® system in Downtown Vancouver is 718 and 206 homes were sold in November. The sales price recorded in November are the highest in past 12 month. The number of listing properties has declined 9.3% compared to October 2014. The sales-to-inventory ratio currently sits at 28.69 % average in the Sellers Market, which means 2.9 in 10 homes are selling. This states the 7.04% decreased from 35.73% recorded in October.
The median sales price increased 7.3% from October 2014 to $547,100. Homes are currently selling on the average of 3% below their listing price. The Most Active Price Range is in between $700,000 to $800,000 at 50% sales ratio as well as $1 million to $1.25 million at 23.40% sales ratio. The Sellers Best Bet is homes in Coal Harbor, Yaletown and up to 2 bedroom properties. The Buyers Best Bet is the following: Homes between $500,000 to $600,000; $900,000 to $1 million plus, Downtown.
From the 13 Month Market Trend figure below, sales price in Downtown Vancouver has been increasing since July 2014, and we see a continuous increase in November.
Source: SnapStats Metro Vancouver Edition November 2014, SnapStats Publishing Co.
Market in Vancouver West
Sales for both Detached and Attached properties in Vancouver West totalled 278 units out of 1,453 listings. This represents a 25.3% decrease in sales from October 2014, and Detached and Attached properties in Westside have 19.04% average sales ratio. The Vancouver West Detached Market is facing Balanced Market at 18% sales ratio average. The Most Active Price Band in the Detached Market has increased to $1.5 to $1.75 million with 100% ratio and $2.5 to $2.75 million range with 34.21% sales ratio, and Attached Market active price band has remained at $0 to $300,000 range.
Market in Vancouver East
New listings in Vancouver East reached 933 units and sales are totalled 270 in November. Detached Market is facing Sellers Market with 37% sales ratio and the market is the most active at $700,000 to $800,000 with 95% sales ratio, which means 9.5 in 10 homes are sold. The Homes are sold at $961,000, and 4.9% decreased from last month. The inventory of the Attached Market in Vancouver East reached 602, and 149 homes were sold. Homes are selling on average 3% below listing price. The market is facing Sellers Market at 25% sales ratio, and the most active at $700,000 to $800,000 with 40% sales ratio.
Market in North Vancouver
Total properties listed in MLS® has become 684 units in North Vancouver in November, and 184 units were sold. The sales ratio has decreased to 28.31%, and this shows a 0.4% decrease compared to September 2014. The number of sold properties has been decreasing since April 2014 in North Vancouver Detached Market. The Most Active Price Range in November has increased at $800,000 to $900.000 with 100% sales ratio. The Attached Market has remained as the Sellers Market, and the sales ratio is at 24%.
Market in West Vancouver
Detached Market is Balanced Market now with 16% sales ratio, and the Attached Market has changed to Buyers Market with 11% sales ratio average in November. In Detached Market, the Most Active Price Band has remained to $1.5 million to $1.75 million band with 71% sales ratio, and homes are selling on average 3% below list price. The Buyers Market in West Vancouver is less active in November. The Attached Market has changed to Buyers Market, and the Most Active Price Range has shifted down to $300,000 to $400,000 with 13% sales ratio.
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