Have you ever looked at all the townhouses for sale and wondered, what’s happening? When you’re looking to buy or sell any kind of property, it’s important to track the market trends of the neighbourhood you’re living in or targeting.
“Pricing and demand in different neighbourhoods can determine if you’ll sell over asking—or if you can adopt a more relaxed approach when it comes to bidding,” explains Ariane Benjamin of vancouvertownhouse.ca. “As a specialized townhouse realtor, a big part of my job is to track and explain how townhouse sales are trending in different neighbourhoods. Whether clients are buying or selling, accurate facts are always critical to good decision-making and positive outcomes.”
Ariane has just posted the latest edition of Snap Stats on her website. The Metro Vancouver edition tracks trends for both detached and attached houses (condos and townhouses for sale). The report looks at several areas: Downtown, Westside, Eastside, North Vancouver, and West Vancouver. It reports on the inventory, what was sold, pricing, and time on the market—i.e. the speed of the sale.
For example, on the Eastside in November, there were 261 townhouses and condos listed for sale—and 202 sold. The average sale price was $615,000—or $851 per square foot. The average amount of time on the market for a listing was 9 days.
“What we’re seeing now is that the housing across the Vancouver market is more balanced. It’s a good time for buying and selling,” says Ariane. Several factors influence the housing market, including mortgage interest rates, inflation, employment, investment—the list goes on. A seller’s market is indicated by a sales-to-active-listings ratio of 20% or higher. In contrast, a buyer’s market is the result of a sales-to-active-listings ratio below 12%. We’re currently between 12% and 20%, which means it’s fair for both buyers and sellers.
If you’re interested in reading Snap Stats yourself, you can download November’s report at https://vancouvertownhouse.ca/market-statistics/. You can also sign up to have Ariane email you a copy every month when it’s released.