November / December are normally relatively quiet months for home sales in Greater Vancouver. This year is a definite exception. November home sales throughout Metro Vancouver were up by more than 8% over the same time last year. And the average selling price rose as well. The MLS Home Price Index composite benchmark price for all properties in Metro Vancouver shows an almost 6% increase over November 2013.
Of course, blanket statistics do not tell the full story. One must look at the stats neighbourhood by neighbourhood.
BC real estate agents consider a 15-20% sales ratio as "balanced". Less than 15% is considered a buyers' market; more than 20% suggests a sellers' market. In Vancouver West, the MacKenzie Heights area was particularly active, with a sales ratio of 45% for detached Homes. Mount Pleasant and Cambie were close behind, with sales ratios of 40% and 33% respectively. November sales were slow for Kerrisdale and Oakridge homes, by comparison, with sales ratio of 16% and 8% respectively. These stats are likely due in part to the relative price points of the neighbourhoods. For example, 100% of Vancouver West Homes between $1.5m and $1.75m sold last month, while, by comparison, only 7% of all Vancouver West Homes between $4.5m and $5m sold. So you can see how ratios are dependent on price points and why you need to really drill down to get the true story.
False Creek Townhouses and Condos were popular in November with a sales ratio of 40%. Kitsilano had fewer sales despite a larger inventory, with a sales ratio of 22%. Still a good seller's market, but not as strong as False Creek or Fairview (27%).
In Vancouver East, the Hastings area was a hot market for detached Homes, with 100% of listed homes sold last month. Mount Pleasant and Knight were also very popular, with ratios of 67% and 63% respectively.
Condos and Townhouses in Champlain Heights, Grandview and Renfrew were particularly popular with sellers in November, as were 2-bedrooms throughout the Vancoouver East area. Looking to buy a Condo or Townhouse? Your best bets were in the Killarney, Knight, and Victoria areas. These were all deemed to be buyer's markets last month.
One or two month of stats does not make a trend. The selling and buying activity by neighbourhood and type and size of property may be completely different next month, or the month after. Feel free to contact me at any time - no obligation at all - if you'd like to chat about the longer-term view of the market, the trends in your neighbourhood (or the area you'd like to get into), and the right strategy for you and your goals.