The stats just came out and EastVanTownhouses wants to keep you updated which is why we have compiled the East Van Townhouse Stats to give you our November market update. What you will see is that the average price of an East Vancouver townhouse in October was $836,837. This is up 24.9% from October last year; however, it is a slight drop in the average sale price from September’s average of $905,209. There were only 19 sales, a decrease of 38.7% from last October, but the average selling price to ask price was 100%.
East Van Average Townhouse Price
High Demand for East Vancouver townhomes
What can we take from this clip of stats? There is still very low inventory! Buyers are still being forced to pay full asking price as there is not much to choose from. The average days on the market was 8, which shows that the demand for East Van townhomes is still very high. We typically see a drop in inventory going into the winter. If homes were not selling, then we might see a higher number of townhomes on the market but as we have seen for the past two years, most townhomes are selling in less than 10 days.
The Sales to Active ratio remains in a sellers market at 34%. Anything over 20% is considered to be favourable towards sellers. Anything under 12% is favourable towards buyers and 12-20% is considered a balanced market. Last October the sales to active ratio was at 48% which was unseasonably high.
Townhouse Report – October 2016
What do we make of the East Van Townhouse stats in November? As long as inventory stays low we expect the market to remain favourable towards sellers. It remains a good time to sell, even though the overall feeling is that the market has slowed down. What we are finding is that it is a great time for families that are looking to move up into a bigger home. The detached market has slowed down and prices have decreased yet townhome and condo sales remain strong, narrowing the gap between detached homes and townhomes.
If you are wondering what your home is worth please give us a call for a free home evaluation or fill in our evaluation form and we will get you an evaluation within 24 hours.
To browse all East Van Townhomes for sale click here.
To browse all East Van Duplexes for sale click here.