January Market Update
2015 was a big year in the world of Vancouver Real Estate. There was a ton of media attention (even more so than usual!) and it was a major subject of conversation for just about everyone. Real Estate has long been a hot topic in this town, but last year it seemed especially so… and for good reason!
Of course the aspects most people like to chat about and often have their own experience with are Vancouver’s multiple offer situations and the increase in prices, both of which were prevalent last year. The primary reason being one key factor... INVENTORY! or rather the serious lack of. Overall sales rose nearly 28% percent last year, while total inventory rose just 2.1%! This of course shows just how competitive the market was and leads to why we saw a rise in benchmark prices of 19% in Metro Vancouver.
Our local East Vancouver Real Estate market continues to be one of the hottest around and we certainly felt much of what the published stats suggest. The number of homes for sale in East Vancouver is certainly the lowest we have seen in a very long time and has contributed to a 21% increase in prices over the last year. The detached housing market definitely led the charge, but we also saw large gains in the 3 bedroom 1/2 duplex and townhouse market and big jump in demand in the condo market, which had been largely flat for a number of years.
For 2016, we are expecting much of the same for at least the first 4-6 months of the year as there is still very little quality inventory for sale, interest rates are still low and there are still a lot of qualified buyers ready to pounce.
Bottom line is that if you have been thinking of selling, the conditions have never been better. For those looking to buy, there are still good opportunities, but you need to be prepared to move quickly and it really helps to have an experienced hand guide you through the intricacies of the Vancouver Real Estate market.
We love chatting real estate so if you ever have any questions don't hesitate to reach out or pop by the office for a coffee.
Corey
Of course the aspects most people like to chat about and often have their own experience with are Vancouver’s multiple offer situations and the increase in prices, both of which were prevalent last year. The primary reason being one key factor... INVENTORY! or rather the serious lack of. Overall sales rose nearly 28% percent last year, while total inventory rose just 2.1%! This of course shows just how competitive the market was and leads to why we saw a rise in benchmark prices of 19% in Metro Vancouver.
Our local East Vancouver Real Estate market continues to be one of the hottest around and we certainly felt much of what the published stats suggest. The number of homes for sale in East Vancouver is certainly the lowest we have seen in a very long time and has contributed to a 21% increase in prices over the last year. The detached housing market definitely led the charge, but we also saw large gains in the 3 bedroom 1/2 duplex and townhouse market and big jump in demand in the condo market, which had been largely flat for a number of years.
For 2016, we are expecting much of the same for at least the first 4-6 months of the year as there is still very little quality inventory for sale, interest rates are still low and there are still a lot of qualified buyers ready to pounce.
Bottom line is that if you have been thinking of selling, the conditions have never been better. For those looking to buy, there are still good opportunities, but you need to be prepared to move quickly and it really helps to have an experienced hand guide you through the intricacies of the Vancouver Real Estate market.
We love chatting real estate so if you ever have any questions don't hesitate to reach out or pop by the office for a coffee.
Corey
