While there is no doubt that the real estate market in Vancouver has cooled slightly over the past few months and into the month of September, it has begun to increase as the fall season has progressed. In fact, sales have jumped in all categories of housing, including detached homes, condominiums, and townhomes. Here is some important information regarding the increase in real estate activity for the fall season.
Looking at the Numbers for Detached Homes
One of the areas that has been experiencing the slowest growth over the past year is the detached home market. This decrease in sales was brought on by many different factors, such as a drop in overall demand, however, recently this trend has begun to change.
The numbers for the week of September 28th show that there was an increase of almost a half-million dollars when compared to home sales in the previous week. This increase puts the median value of detached homes in the Vancouver area at roughly $2.5 million.
Townhomes and Condos Follow Suit
During the week of September 28th, there were a total of 33 townhome sales, and this more than triples the numbers from the week before. However, with Labor Day being celebrated and back-to-school activities occurring, a slight slump in sales is to be expected. These sales caused an increase in townhome prices of nearly $130k, bringing the median sale price to $1.23 million.
In line with the increase in townhome sales, there was also a notable rise in condo sales. In fact, there were a total of 122 units sold during the week of the 28th, which is a stark contrast to the only 76 condos that were sold during the previous week.
On the other hand, unlike detached homes and townhome prices, condo prices did drop by about $5,000 to a median price of $745,000. According to Vancourier.com, this median sales price is the result of 32 sales in the West Vancouver area of $586,000 and 90 condominium sales in East Vancouver with a price of $798,500.
Will the Fall Sales Trend Continue?
As it has been shown, there was a considerable jump in sales for all residential units, including detached homes, townhomes, and condos. Detached home sales for the week of September 28th rose nearly a half-million dollars, while the median value of townhomes jumped $130k. And even though condo sales increased, the median value did decrease by $5,000. Looking at the numbers, there is reason to believe that fall sales will continue to rise over the coming weeks.