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If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
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Hi Everyone,
Looking back at the Greater Vancouver real estate market for May 2014, we saw some very healthy activity. Total sales were up 14% compared to May 2013 and up 7% compared to April 2014.
“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20%, this is the most active marketplace we’ve seen since the spring of 2011.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3% increase compared to May 2013.
“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.
Looking specifically at the city of Vancouver, the East Van market is sitting in a very strong Seller's market across all of the market segments. Detached homes finished the month with just 2.9 months supply of inventory, with townhouses at 3.3 and apartments at 3.6. We are seeing many properties sell over asking price with multiple offers.
When we compare May 2014 to May 2013, total inventory is down and median sales prices are up:
Detached homes:
-Total inventory down 24.2%
-Median sales price up 4.5% to $950,000
Townhouses/Duplexes:
-Total inventory down 23%
-Median sales price up 17.4% to $634,064
Apartments:
-Total inventory down 13.2%
-Median sales price up 7% to $359,400
The west side of Vancouver has been enjoying a healthy spring market as well, with all market segments finishing in a Seller's market, although not as strong as East Van. Detached homes finished the month with 4.4 months supply of inventory, while townhouses and apartments finished with 4.3 and 4.7 respectively.
When we compare May 2014 to May 2013, total inventory is down and median sales prices are up:
Detached homes:
-Total inventory down 9.3%
-Median sales price up 9.3% to $2,295,125
Townhouses/Duplexes:
-Total inventory down 10.2%
-Median sales price down 0.9% to $788,000
Apartments:
-Total inventory down 4.4%
-Median sales price up 5.7% to $489,500
For more charts and information, you can join my newsletter by contacting me at: kim@kimmcalpine.com
If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
Come join me in on social media or the web:
Twitter: @kimmcalpine
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Web: www.kimmcalpine.com
For more charts and information, you can join my newsletter by contacting me at: kim@kimmcalpine.com
If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
Come join me in on social media or the web:
Twitter: @kimmcalpine
Facebook: www.facebook.com/KimMcAlpineMacRealty
Web: www.kimmcalpine.com
Well Hello There,
How is everyone enjoying our gorgeous spring weather? Vancouver is certainly showing off for us!
Along with this sunshine, the real estate market has also been heating up (sorry, I couldn't resist). Spring is the busiest time of year for real estate, and 2014 is no exception.
Looking at Greater Vancouver as a whole, sales were up 16.1% in April 2014, compared to the same time last year and showed a 15.5% increase compared to March 2014.
“Home prices in the region continue to show steady, yet modest, increases when compared to last year,” Ray Harris, REBGV president said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $619,000. This represents a 3.6% increase compared to April 2013.
Looking at the city of Vancouver, East Van is especially busy. Detached home sales were up 37% compared to the same time last year, and active listings were down 28%, which contributed to April finishing out with just 2.6 months supply of inventory. This represents a strong seller's market. We are seeing many homes sold with multiple offers for this market segment. Most well priced homes are being snapped up almost as soon as they go up for sale.
Attached properties (townhouses and duplexes) in East Van had a particularly strong month as well, with sales up by 48% compared to April 2013. Active listings were down by 20% from the same time last year, and with a 2.7 months supply of inventory, we see a strong seller's market here as well.
East Van apartments also showed a strong month, with a 49% increase in sales. Total active listings were down by 12% and with a 4.5 months supply of inventory, its showing a seller's market as well, verging on balanced.
Vancouver's west side also showed moderate increases in sales, with the different market segments right in and around balanced market territory.
For more charts and information, you can join my newsletter by contacting me at: kim@kimmcalpine.com
If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
Come join me in on social media or the web:
Twitter: @kimmcalpine
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Hello!
We have had a very healthy start to 2014, with January sales volume at 7.2% above the 10 year average for the month for Greater Vancouver. With a corresponding increase in the number of active listings, the overall picture is still 'steady as she goes' with sales and listings in balance with each other, keeping prices relatively stable.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $606,800. This represents a 3.2% increase compared to January 2013.
Looking specifically at Vancouver, detached homes and townhouses on the eastside are on the cusp of a seller's market, while condo properties are bordering on a buyer's market. All market segments on the westside remain in balanced market conditions.
For more charts and information, you can join my newsletter by contacting me at: kim@kimmcalpine.com
If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
Come join me in on social media or the web:
Twitter: @kimmcalpine
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What happened in different lower mainland neighbourhoods this past December? Check out these fantastic infographics to get the scoop:
Have questions? Get in touch! I can be reached on: 778 317 9909 or at kim@kimmcalpine.com
Happy New Year! I hope you all had a safe and joyous holiday season, filled with friends, family and good times.
Before I get into the market info, I wanted to say a heartfelt 'Thank You' to all of my clients. In 2013 I helped people buy and/or sell just under $6.8 million dollars worth of real estate. Thank you so much for your business and referrals!
2013 started off as 2012 finished - quite slow with sales below the 10 year averages for the region. As the year progressed, we saw sales volume pick up back to average levels, while prices remained fairly stable.
“It was a year of stability for the Greater Vancouver housing market,” Sandra Wyant, REBGV president, said. “Balanced conditions allowed home prices in the region to remain steady, with just a modest increase over the last 12 months.”
Looking specifically at December 2013, sales volume was 8.1% above the 10-year December average at 1,953 for the Greater Vancouver area. Compared to December 2012, that represents a whopping 71% increase when 1,142 sales were recorded. No wonder December felt so busy this year :)
Zooming in to Vancouver's westside, detached, attached and apartment properties finished out the year in 'balanced' market conditions. The eastside market segments all finished in 'seller's' market territory, due in part to a decrease in the number of active listings.
A lot of predictions are being made for the year ahead and what actually happens will depend a lot on how both our economy and that of our cousins to the south recover and perform (along with the international markets). My feeling is that we'll see a continuing trend to that of the latter half of 2013 - an overall balanced market with moderate increases in both sales volume and pricing levels.
For more charts and information, you can join my newsletter by contacting me at: kim@kimmcalpine.com
If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
Come join me in on social media or the world wide web:
Twitter: @kimmcalpine
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Hello Everyone,
Well, the Christmas decorations are up in the shops, it's dark at 5:00PM and Whistler is open. It must be winter! Well, almost.
Our Fall real estate market in Greater Vancouver continues to be in an overall balanced state. Last month's sales totaled 2,661, which is 2.8% above the 10-year sales average for the month, a 37.8% increase compared to October 2012 (which was a very slow month, so don't be misled by the comparison), and 7.2% more than September 2013.
New listings, which totaled 4,315 was 1.9% below the 10-year average. This is also .2% lower compared to October 2012 and down 14.2% compared to September 2013.
“We continue to see fairly typical activity when it comes to monthly home sale and listing totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”
Looking specifically at Vancouver's east and west sides, most market segments finished the month with between 4.3 - 4.9 month's supply of inventory, which is considered a Seller's market, on the cusp of Balanced. The one exception was attached properties (townhouses and duplexes) on the eastside, with a 3.3 month supply of inventory. This represents a fairly strong Seller's market, albeit this is quite a small market segment.
Inventory for sale is, overall, down from the same time last year and in comparison to 2011. Even so, my colleague and I were surprised to discover that in East Van's highly desirable Mount Pleasant neighbourhood there are currently a total of 15 detached homes for sale. That is an extremely low number. If you or someone you know lives in the area and are thinking of listing, now may be a good time!
For more charts and information, you can join my newsletter by contacting me at: kim@kimmcalpine.com
If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
Come join me in on social media or the world wide web:
Twitter: kimmcalpine
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Hi Everyone,
It's been a busy and beautiful summer and, so far, autumn. So much so, I didn't get the August stats out to you, so we'll do an August and September summary here for you.
Comparing sales figures to last year is a little misleading, in that sales volume dropped to well below the 10 year averages due to the feds tightening up on the mortgage lending rules in June 2012. The numbers look very strong when we compare the months of August and September 2012 vs 2013, so a better measure is to look at the 10 year averages instead.
August sales volume was slightly below the 10 year average for the month by 4.6%, while September was just 1% below. If we were to look at August 2013 vs August 2012, we are up 52.5%, while the September comparison shows we are 63.8% up.
One of the reasons for this increase was the slight increase in mortgage rates. While still at record lows, we saw rates increase from a low of about 2.89% to around 3.59%. That along with some pent up demand from last year's slow down has helped to see sales volume come back up to average levels.
This has not translated to an increase in home prices. “It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” said Sandra Wyant, REBGV president.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7 per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013. This does, of course, fluctuate from neighbourhood to neighbourhood, as well as by property type.
Vancouver's westside finished September in a balanced market state. The eastside sat at a seller's market for both detached and attached property segments, while apartments were in a balanced market.
For more charts and information, you can join my newsletter by contacting me at: kim@kimmcalpine.com
If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
Come join me in on social media or the world wide web:
Twitter: @kimmcalpine
Facebook: www.facebook.com/KimMcAlpineMacRealty
Web: www.kimmcalpine.com
