As with all other segments of the real estate market and with other markets in the Lower Mainland (and the rest of Canada) detached home sales in Vancouver have faced somewhat of a struggle. However, per August’s market reports, total sales are actually up. Vancouver’s Eastside had a +9% variance month-to-month, while Vancouver’s Westside had a +21% variance month-to-month. These are noticeable increases a small reduction in inventory levels averaging -5%. What this means is that while it’s still a slower market than it was before, homes are still selling – eventually. The average days on market is 20 days.
Eastside
In Vancouver Eastside’s detached home market the majority of houses in inventory are listed between $1.25M to $3.5M. As such, the most active price band is for detached homes priced between $1.5M to $2.25M. With an average of 18 days on the market – +50% variance from July – the sales may take longer but the average sale price has only decreased by 1% so there isn’t a need to reduce prices to move the sale along that much. Additionally, the type of house is important too. The majority of houses which were bought in August were single-family homes with 3 or more bedrooms.
The most popular neighbourhoods in Vancouver Eastside during the month of August are:
- View single-family homes in Killarney.
- View detached home listings in the Fraser neighbourhood.
- See houses for sale in Renfrew area.
Vancouver West
Coming off that big 21% increase in total sales for detached homes, we need to dive into the specifics of what drives a number like that. If you’ve been watching the real estate market since May, you likely already know how significant that upturn is. It doesn’t undo all of the damage, nor is it a sign of a return to normal, but it’s a welcome change for homeowners looking to sell their property. First up: price bands. The top performing price band for detached homes in Vancouver West are priced $2.25M to $2.5M at a full 100% sales ratio. After that, single-family homes priced between $2.75M to $4M saw considerable sales performance. The majority of inventory is around $2.25M and up so it’s likely the lower end of this price range can be especially attractive with the usual suspects of inflation and interest rates.
Now for neighbourhoods: as with previous reports, some neighbourhoods perform better than others, and of course Kitsilano is the top neighbourhood for single-family home sales. Since the report came out on September 1, there’s not many listings left in inventory either. Other neighbourhoods in Vancouver West:
- View Shaughnessy single-family homes for sale.
- View available listings for Point Grey detached homes.
Highlight: There’s a rare First Shaughnessy home on the market. It’s a 3-bed, 3-bath home with a multi-level deck (ready for hot tub installation) which has been lovingly maintained by a single family for almost 40 years. View the listing for the stately home here, or read a blog post about this amazing home full of heritage character and luxurious styling.
Interested in learning about condos & townhome sales in Vancouver during August? Read our full monthly report here.
Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Ken Stef for your convenience.