Vancouver Market Overview for October 2024
The October 2024 Vancouver real estate market displays dynamic trends across the Downtown, Westside, and Eastside regions. While Downtown and Eastside detached markets remain balanced, attached properties in Vancouver Westside and Eastside continue to show strong seller advantages. Buyers looking to enter the market could find opportunities in the Downtown area’s balanced segment, whereas sellers can capitalize on high demand in specific Vancouver Westside and Eastside neighborhoods.
Attached Properties
The Downtown area maintains a balanced market for attached properties with a 13% sales ratio, meaning about 1.3 out of every 10 homes are selling. October’s data reveals that:
- The highest demand exists within the $400,000 to $600,000 price band, boasting a strong 27% sales ratio.
- Sellers find the West End and one-bedroom properties particularly advantageous, with West End listings at a 15% sales ratio and one-bedrooms at 15%.
- Properties sold on average at 100% of the list price, reflecting stable buyer demand despite a slight drop in price per square foot to $1,003.
Market Insights
With a balanced sales ratio, this market offers opportunities for both buyers and sellers. While two-bedroom homes saw a slight sales dip, affordable and single-bedroom properties continue to attract strong interest.
Vancouver Westside Market Overview
Detached Properties
In the Vancouver Westside, the detached property market leans towards a buyer’s market, with a 10% sales ratio and average sale prices around 4% below list prices.
- The most active price band is $2.5 million to $2.75 million, with a 32% sales ratio indicating a seller’s market within that price range.
- Arbutus and South Cambie are ideal selling locations with favorable ratios, and three- to four-bedroom homes remain the top performers.
Attached Properties
Contrasting the detached market, the Westside’s attached property segment is a seller’s market at a 22% sales ratio.
- Kitsilano and Mount Pleasant show high demand, with Kitsilano properties enjoying a robust 49% sales ratio.
- Properties sold 3% above the list price on average, indicating strong demand.
- The two-bedroom segment shows considerable activity, though one-bedroom properties in areas like Kitsilano yield the highest sales ratios.
Vancouver Eastside Market Overview
Detached Properties
The Eastside’s detached properties reflect a balanced market at a 13% sales ratio. Key points include:
- High activity within the $1.25 million to $1.5 million range, where properties experienced a 36% sales ratio.
- Noteworthy communities such as Strathcona saw particularly strong performance with a 67% sales ratio.
- Homes in the Eastside are priced attractively, with an average sales price slightly reduced to $1,847,500. Most homes are moving at around 97% of the list price.
Attached Properties
The Eastside’s attached properties currently thrive as a seller’s market with a sales ratio of 26%.
- The hottest price band here is $400,000 to $500,000, reflecting a 50% sales ratio.
- Areas like Fraser and Main display robust demand, especially in the one-bedroom market.
- Properties here are selling at 99% of the list price, indicating a well-priced market that is still affordable for many buyers.
Are you ready to navigate the Vancouver real estate market? Let’s connect and discuss your goals!
Contact:
- Sanjin Cvetkovic
- 📞 604-771-6415
- 📧 sanjin@sanjin.ca