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October 2014 – Market Update From Francis Piché



Here is a quick summary of what happened in the Vancouver real estate market during the month of October. If you would like a complimentary copy of the complete report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at francis@francispiche.com

Bonjour dear friends!

Wow for October! What a month! The market was hot and I am excited to share with you what I have noticed last month. Sellers and Buyers, pay attention here!

What happened to the Market you wondered? Well, let me give you some examples. According to the SnapStats report, the Sales Ratio, the percent of which current inventory of homes are selling within a month, for Vancouver Downtown (Coal Harbour, Downtown, Westend and Yaletown) in October was 35.73%. This means that 1 home in 3 is selling within a month. In Yaletown, the Sales Ratio was close to 50% with 49.34%!

The month of October was the strongest this year with 283 sales. The second best month was in June with 263 sales. The inventory level was at one of the lowest level of the year with 792 properties for sales. The lowest level of inventory was in January with 776 properties for sales. The highest level was in May with 1003 properties for sale.

When we look at the detached house market on the Westside, the overall Sales Ratio for all the neighborhoods was 21.54%, which is considered the starting point of a Seller market. Dunbar was the strongest local market with a Sales Ratio of 39.24%. The Buyers best bet on the Westside was Marpole with a Sales Ratio of 9.8%. The inventory level was at its annual lowest in October with 715 properties for sale and the second best month for sale price.

What is the message here? List your home on the market! You will sell it in no time especially if you live in Vancouver. Many Buyers have their psychological purchasing goal post sitting at the end of the year. In addition, the interest rates are very competitive. You might be able to get 2.99% fixed 5 Years or 2.35% on a variable rate for 5 years. Get in touch with your mortgage broker to see what you can get or save on your existing mortgage. I will be happy to connect you the right people if you need a great mortgage specialist with a high level of service and care.

As for the Buyers, I have clients who are looking for a particular product in the market and we had to wait sometimes more than 2 weeks for a new listing to show up on the market. The solution is to hire an active Real Estate agent who will proactively search on your behalf and contact potential Sellers directly through a mailing campaigns, advertising and door knocking or by talking to Realtors that previously bought and sold in the neighborhood or building of interest. This way, you will increase your chances to finally get the property that you have been waiting for.

Also, you can always get ahead of the game by using tools that will help you make an informed decision when you Buy or Sell. Get the scoop on listings with Private Client Services, understand your local market with Market Snapshot and use SnapStats on a monthly basis and you will be in great shape.

Finally, I am very grateful for your support and to have you in my circle of friends and clients.

 

Every Day, I’m ALL IN for my clients. Guaranteed

Now enjoy the stats!

Home sales in the Metro Vancouver housing market continue to outpace long-term averages for this time of year.

We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight per cent depending on the property,” said REBGV president Ray Harris.
 
Number of Sales: 3,057 or 14.9% increase compared to 2,661 sales recorded in October 2013, and a 4.6 per cent increase compared to the 2,92 2sales in September 2014. Last month’s sales were up 16.6% above the 10-year sales average for October.

Percent of Original List Price Received at Sales: 97.0%, which is 0.6% higher than October 2013 at 96.4%.



Sales-to-Active-Listings Ratio: 21,6%. This is the highest the ratio has been in our market since May 2011. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22% in a particular community for a sustained period of time.

Total Inventory: 13,851, a decline of 9.2% compared to this time last year, and a 6.6% decrease compared to September 2014. There were 4,487 homes listed for sale listing in Greater Vancouver last month, an increase of 4.0% compared to October 2013 and a 14.7 decline from 5,259 new listings in September 2014

Benchmark Price: $637,000, an increase of 6.0% over October 2013. Detached homes prices increased 7.9% from October 2013 to $995,100 and condos increased by 4.0% over the last year. “Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said.

Average Days on Market: 54 days vs 56 days in October 2013. If we take a closer look at Downtown, the average days on market was 22 days in October 2014 vs 19 days in September 2014. As you see, the stats vary from market to market and even from neighborhood to neighborhood. Furthermore, a condo tower can reflect different market status vs another tower as each building is a neighborhood in itself. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report. 

REAL ESTATE & ECONOMIC NEWS | HOME & DESIGN

Conference Torpedoes Vancouver Housing Myths

Exploding popular Vancouver housing myths appeared the theme at this year’s annual Canada Mortgage and Housing Outlook Conference, held November 4 in downtown Vancouver Read more

Vancouver Home Prices See Highest Growth In Canada In October

While home prices across the country saw little growth in October after three months of historical highs, Vancouver saw Canada’s highest increase compared Read more

Some Correction’ Coming To House Prices, BMO Says As Price Growth Stumbles

With the U.S. economic recovery now firmly in place, the Bank of Montreal sees interest rates rising next year. And that will “cool red-hot housing markets in Calgary, Toronto and Vancouver.” Read more

Canada’s Job Market Growth Spurt Gives Youths A Chance To Exit Parents’ Basement

Young people are on pace for the biggest annual jobs increase since 2002, Statistics Canada data show. Read more

Vancouver Learns How To Make An Old House Pay

Vancouver’s remaining old character houses still have a lot working against them. There are a lot of people who do care deeply about preserving the charming old houses. Read more

Here Is What An Average Canadian House Will Buy You Around The World

Will you get a mansion or a parking lot? Scroll down from the main article and click on the video to find out. Read more

10 Reasons To Professionally Stage Your Property

According to the last survey done by the Real Estate Staging Association (RESA), houses in the US sold on average 73% faster when they were staged. Read more

10 Tricks To Help Your Bathroom Sell Your House

As with the kitchen, the bathroom is always a high priority for home buyers. Here’s how to showcase your bathroom so it looks its best. Read more

10 Steps for Saying Goodbye to Sentimental Objects

Are keepsakes cluttering your space and your life? Consider this approach for letting go and moving on. Read more

Show Us Your Wonderfully Efficient Laundry Room

Got a drying rack, a folding table or clever storage in your laundry room? We want to see it! Read more

Want to Know What Is Your Home Worth? Curious About Your Neighbor’s Recent Home Sold Price?

I have great news for you! It’s a new resource that I can share with you called Market Snapshot. No need to collect Just Sold or Just Listed Direct Mail pieces anymore! With Market Snapshot, you will be able to research the local housing market conditions just like a Realtor. Get exclusive access to live market activity and statistics such as sold homes, properties for sale, inventory and days-on-market trends. To view what it looks like, click here! Call or email me and I will set it up for you.

How to Sell Your Home Fast & Use SnapStats?

Price it right! I constantly used the SnapStats report to check the Price Band Sales Ratios of the homes listed in the market as well as the Sales Ratio of the neighborhoods because it helps Sellers and Buyers identify the price pressure of the properties they want to Sell or Buy.

It is in my own opinion that PRICING is the most important factor in selling your property. No matter what time of year you want to sell, as long as your home is priced well, it should sell.

The best way to understand your local market trends and get your home sold is to contact your Real Estate agent. Vancouver is a great Real Estate market with Buyers ready to buy. Thinking of selling? Don’t wait, contact me and sell it now!

SNAPSTATS REPORT – NEW BONUS REPORT!

Get the SnapStats report and discover the specific trends in your neighborhood for Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond. The statistics from GRD are also included covering Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Remember to check the feature “Sale Price SQFT” Feel free to pass along to your friends and family!

BONUS REPORT HERE: Get the Historic Annual Statistics, 2013 Monthly Statistics and 2014 Monthly Statistics.

To access the complete SnapStats report (PDF) for the month of October 2014 & Bonus Report for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at francis@infinite.local

How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:

What is the sales ratio of where I live or where I want to live?
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What is the trend on inventory, price and number of sold properties for the last 13 months?
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Who can help me better determine my market value and help me use SnapsStats to my advantage? FRANCIS! 
     

***Sales Ratio over 21% is considered a Seller Market
     

***Sales Ratio of below 14% is officially a Buyer market

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Francis Piché
421 Pacific Street
Vancouver, BC V6Z 2P5

Cell: 778-558-9948
Office: 604-685-5951
Email: francis@francispiche.com

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