This is the Vancouver West Side / East Side & Downtown Real Estate Market Update for October 2016. This update will highlight the past 12 months history of both the Listings & Sales trends of each specific neighbourhood highlighted.
East Vancouver Housing Market:
The East Vancouver Housing Market has seen a decline in inventory now over the past two months. Less people have been bringing their homes to compete for the current market of buyers, who have a very different view on the market since June. Sales however have basically flattened in the past three months. This is not a strong indicator that things will turn around quite yet however it does indicate that the market is starting to purchase again at a relatively consistent pace month to month. the god things is that this number is no longer on the decline, at the moment…
East Vancouver Condo Market:
The East Vancouver Condo Market has seen sales flattened since August of this year. This has stayed consistent right through to October & into November. This is a good sign as it shows stability in the purchasing of Condos & not a decline month over month. The listings however are back o the climb again since August. Listing numbers hit a high in May of 2016 & a low in July 2016. These numbers are now climbing which is great for buyers as it is offering a larger inventory pool to choose from.
West Side Housing Market:
Listings on the West Side of Vancouver has continued in a downward trend again over the past couple of months. Finally in August the sales numbers began gaining ground and picking up again. This trend has continued right into and through October. November should be interesting to see how far this trend caries. I believe if inventory in this side of the city continues to drop that the sales will continue to rise… Buyers are still of the assumption that they have time on their side and there is no urgency to pick up a property as there will simply be more tomorrow…
West Side Condo Market (inc Downtown Vancouver):
This is the only segment of the four that have decreasing listing numbers & sales numbers. Less people are putting their properties to market this month than last month. Additionally less people purchased condos on Vancouver’s West Side than did last month. The numbers in this market of course were the craziest throughout the first two quarters of 2016. Things have now changed and the mind set of the buyer again is very much so “if we simply wait, it will be cheaper next month”.
For any further information regarding and area of the Vancouver Real Estate Market please don’t hesitate to contact me direct at firstname.lastname@example.org / 604 771 4606.