Despite the sunshine (which is awesome), it would seem most people are back from their holidays and shopping for real estate. Last month's sales for Greater Vancouver were 16.1% above the 10-year sales average for the month and rank as the third highest selling September for the period.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3% increase compared to September 2013.
“Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Ray Harris, REBGV president said. “Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.”
Looking specifically at Vancouver, we are still seeing a trend of lower inventory and slightly higher median sales prices, when comparing to the same period last year.
Here are the East Van numbers, comparing September 2014 to September 2013:
-Total inventory down 23.5%
-Median sales price up 10.1% to $1,001,500
-Total inventory down 26.4%
-Median sales price down 14.3% to $539,950 - this is a very small segment of the market and as such is more volatile.
-Total inventory down 0.4%
-Median sales price up 5.9% to $350,000
And for Vancouver's west side:
-Total inventory down 12.1%
-Median sales price up 5.7% to $2,320,000
-Total inventory down 4.2%
-Median sales price up 1.2% to $873,000
-Total inventory down 12.2%
-Median sales price down 11% to $505,000
On both the east and west sides of the city the different market segments are in and around seller's market territory, with the exception of condos on the eastside, which have moved into a firmly balanced market.
Here's the snapshot: