Please find below a brief market update. I have had a few clients contact me recently wondering what is going on with the market. The news is positive as our market is still steaming along and sales are up throughout the region over the same month last year. In my opinion, nice weather, low interest rates and high rents all contributed to the increase in sales.
Here's the Latest Market Update:
Sales Up Nearly 40% in October Over the Same Month Last Year
October was a very steady month for Vancouver Real Estate. Sales were up 7.2% over September 2013 and up 37.8% over October 2012. Despite the increased sales activity, the market in general still remains quite balanced among buyers and sellers. Prices remain fairly constant with a few exceptions. There are several "hot pockets" of activity in certain neighbourhoods, a few of which include:
Mount Pleasant Condos
Westside Condos and Detached Homes
Eastside Detached Homes
North Vancouver Detached Homes
Most of these pockets have a sales ratio of over 30% meaning that over 3 in 10 homes are selling and prices are up over last year (from 3% to 10%).
Multiple offers have been occurring frequently in the East Vancouver Detached home market. Three "Vancouver Special" style homes in the Fraser/Knight Street neighbourhood all sold well over asking price (minimum of $65,000 over) with a combined 33 offers over the past 3 weeks.
Lofts are also hot properties as I witnessed first hand a property listed at $429,000 in Gastown receive 7 offers and sell for $451,000 only 2 weeks ago.
For the latest on what's going on in YOUR neighbourhood feel free to send me an email or give me a call. I have local statistic information for every neighbourhood in Vancouver that I'd be happy to go over with you. View the REBGV October Stats Package HERE.
Thanks again for your continued support and contribution towards another record year for my business. I couldn't achieve these results without you!