For the month of October 2015, the market remains a strong seller’s market.
In Vancouver West, prices increased by 1.8% for detached homes, increased by 0.98% for townhouses and homes are sold in about 16 to 17 days.
In Vancouver East, median prices increased across all property types. 4.4 out of every 10 single family houses are sold in 10 days and 4.3 out of every 10 townhouses are sold in just 9 days.
In Richmond, prices fell 1.5% to 4% in September but prices started to increase again in October.
We are seeing ripple effects of this hot sellers market in the Fraser Valley now. Our buyers are facing multiple offers situation in Surrey and North Delta with 7 to 10 competing offers on well priced homes.
A 44-year old house in original condition in North Delta asking $729,000 was sold for $768,000 without subjects in 5 days.