East Vancouver Real Estate - What is Happening?
Taking 2 sample neighbourhoods; Grandview Woodlands & Killarney, this analysis was done internally for clients to give insight to current market snapshot and trend analysis in a consistently stabilized month of September for the years 2016, 2017, 2018.
VE – Grandview Woodlands
Detached
Sales 2018 – 8 +20%
Sales 2017 – 10 +11%
Sales 2016 - 9
Inventory 2018 – 74 +12% +85% (2 years)
Inventory 2017 – 66 +65%
Inventory 2016 - 40
HPI Price Index
YTD 2018 - $1.729M +3.4% +8% (2 years)
YTD 2017 - $1.671M +4.4%
YTD 2016 - $1.600 M
What does this mean?
Stable sales volumes. Near double inventory over last 2 years. Steady prices with growth. Buyers: Much more selection. Search value vs timely opportunity. Sellers: Know your value, know your selling points.
Attached
YTD Sales 2018 – 7 - 36.4%
YTD Sales 2017 – 11 -31%
YTD Sales 2016 - 16
Inventory 2018 – 15 +300%
Inventory 2017 – 5 -50%
Inventory 2017 - 10
HPI Price Index
YTD 2018 - $537k +7.4%
YTD 2017 - $500k +28.8%
YTD 2016 - $388k
What does this mean?
Sales volume have plummeted by over ½ in past 2 years. Inventory has rebounded to steady levels. Prices continue to rise. Buyers: This is a competitive price point, location and marketplace. Be ready to take action when you find your prize. Sellers: Can be aggressive in pricing, make improvements to gain maximum sale prices.
VE – Killarney
Detached
Sales 2018 – 13 + 0%
Sales 2017 – 13 + 260%
Sales 2016 – 5
Inventory 2018 – 65 -19.8%
Inventory 2017 – 81 -1.3%
Inventory 2016 - 82
HPI Price Index
YTD 2018 - $1.552M -2.7%
YTD 2017 - $1.595M -4.3%
YTD 2016 - $1.665M
What does this mean?
Sales volumes are steady. Inventory has decreased. This is one of the few detached areas that has realized reduced inventory. Prices have seen small consistent reductions > 7% over 2 years. Buyers: Active market, don’t delay if you find your prize. Sellers: Can be aggressive, maximize your assets for largest return.
Attached
YTD Sales 2018 - 0
YTD Sales 2017 - 1
YTD Sales 2016 - 1
Inventory 2018 – 9 + 450% + 150%
Inventory 2017 – 2 -66%
Inventory 2016 - 6
HPI Price Index
YTD 2018 - $509k + 17% + 44.6%
YTD 2017 - $434k + 23%
YTD 2016 - $352k
What does this mean?
Condo sales barely exist in this neighbourhood. Prices continue to rise. Buyers: get in now, negotiate hard! Sellers: More competition, be competitive, make improvements where possible for maximum and speedy sale.