Newsletter E-market update
April 07, 2014
Home sales steady in first quarter. Spring 2014
Greetings once again! On a personal note I returned in March from my annual sojourn to Hua Hin, Thailand where the sun, sand and golf courses refresh my spirit in our winter months. The highlight of my travels this year was a trip across the Mekong River into Laos. Outstanding French colonial architecture, hand- made silk, superb coffee and pastries. The food was excellent and the people are extremely friendly.
The first three months of 2014 saw a steady pace of property sales, generally higher than last year but still below the 10 year sales average. Detached home sales were well above last year’s numbers especially on the Eastside (352 vs. 253 last year). The Westside sales were also better (401 vs. 369 last year). There appears to be more Asian buyers in the market this year, and the most coveted properties are tear- down or lot value homes on the Westside. There have been huge bidding wars on these types of properties. On the Eastside, as prices continue to rise, buyers are moving further east of Fraser Street as far as Nanaimo Street where the demand and bidding wars for homes in these neighbourhoods is fierce. Property prices are really shooting up on the Eastside in areas previously less known.
The Westside condo market is lagging behind in sales so far this year. While there have been a few sales of very high end condos, in general, it is only the very well priced condos that are selling on the Westside. I am seeing a large turnout at open houses and lots of tire kicking, so I know there is a demand out there. I believe buyers feel there is room for prices to retreat, interest rates will remain low and there no urgency to rush the purchase. The townhouse market is better and seems to be the desired choice for those buyers wishing to stay on the Westside.
The Eastside condo and town home market is well ahead of last year’s pace as more and more buyers decide to head east where prices are lower and there are more options now that developers are building more on the Eastside.
- Over 18 years of experience in your market area.
- Professional and honest expertise.
- A full service and extensive marketing plan to maximize the sale price of your home.
when it is time to sell…call me first!!!
View the current Vancouver Condo Real Estate Listings