October Market Update: Vancouver Real Estate Insights
As October 2024 draws to a close, Vancouver’s real estate market shows diverse trends across Vancouver West and Vancouver East, impacting condos, townhomes, and detached homes in each area. Here’s an in-depth look at current trends, inventory, and pricing insights.
1. Market Trends for October 2024
October continues to present unique trends in Vancouver’s real estate market across both Vancouver West and East:
- High Condo Demand: Condos remain popular in both Vancouver West and East, driven by buyers seeking affordability in central locations.
- Appeal of Townhomes: Vancouver East’s more affordable townhome market appeals to young families, while Vancouver West remains competitive despite a limited inventory.
- Detached Market Differences: Vancouver East’s detached homes offer more accessible options for buyers compared to Vancouver West’s high-price detached properties.
2. Inventory Updates
Inventory levels in October varied notably across Vancouver West and Vancouver East:
Vancouver West
- Condos: With 706 new condo listings, Vancouver West saw a total of 1,815 active listings and 308 sales, highlighting a competitive condo market.
- Townhomes: There were 92 new townhome listings, totaling 207 active listings, with 36 sales. Demand for townhomes remains steady despite the limited inventory.
- Detached Homes: Detached home listings saw 166 new additions, totaling 673 active listings with only 68 sales.
Vancouver East
- Condos: There were 219 new condo listings in Vancouver East, bringing active listings to 442. With 100 sales, Vancouver East’s condo market offers a more affordable entry point than Vancouver West.
- Townhomes: Townhome listings included 44 new entries, totaling 71 active listings, with 28 sales, making townhomes an accessible yet limited option in Vancouver East.
- Detached Homes: Detached homes in Vancouver East saw 174 new listings, with a total of 614 active listings. With 78 sales, Vancouver East’s detached home market provides more affordable alternatives compared to Vancouver West.
3. Pricing Overview
Pricing insights for October reveal the difference in affordability across both regions:
Vancouver West
- Condos: The median selling price was $833,250, with a median price per square foot of $1,097, and 308 sales.
- Townhomes: The median selling price was $1,454,500, with a price per square foot of $1,086, and 36 sales.
- Detached Homes: The median selling price was $3,300,000, with a price per square foot of $1,226, and 68 sales.
Vancouver East
- Condos: The median selling price was $658,000, with a median price per square foot of $945, and 100 sales.
- Townhomes: The median selling price was $1,148,500, with a price per square foot of $892, and 28 sales.
- Detached Homes: The median selling price was $1,843,750, with a price per square foot of $851, and 78 sales.
4. Key Market Influences in October
A variety of factors impacted Vancouver’s market this October:
- Interest Rates: Higher interest rates continue to shape buyer demand, especially for first-time buyers and downsizers seeking condos and townhomes in Vancouver East.
- Urban Lifestyle Preferences: Vancouver West remains a premium choice for those seeking central urban living, while Vancouver East offers more affordable options for those prioritizing space and budget.
- Inventory Constraints: Detached homes in both areas face supply constraints, although Vancouver East provides comparatively more accessible detached options than Vancouver West.
Conclusion
October 2024 saw healthy demand across Vancouver’s real estate markets, with strong interest in condos and townhomes in both Vancouver West and East. Vancouver East’s pricing and inventory offer more affordable options, while Vancouver West remains a competitive market for those seeking central locations and luxury properties.
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