Vancouver’s housing market finishes the year on an up note with solid momentum and balanced conditions. I’ve being saying this for most of this past year, balanced conditions and a sound market. These conditions are ideal for those looking to buy and sell. Ideal market conditions!
On Vancouver’s Westside single family sales have finished the year up by 33% from 2012. The average sale price increased by 5% to $ 2.546 million and the supply of homes is down by 12% from this period last year.
The same sound picture looks to be true for the townhome and condo market. Sales up by 16 and 11% for townhomes and condos, average sale prices almost unchanged and the supply down by 29% and 12% respectively.
There seems to be a greater sense of consumer optimism as we head into 2014 with regards to our real estate market. A year ago there was much talk of a looming correction which has not seemed to materialize. The talk on the street now appears more confident that market conditions will remain sound with prices holding steady.
The past year saw strong demand for building lots of all sizes and still appears to be the case. Also in strong demand looks to be new construction homes on 50 foot and wider lots. These homes appeared to correct downward in the late part of 2012 and by early 2013 demand was back.
If you are planning to sell your home this coming year call upon Jill and I to provide you with an honest realistic assessment of your home. This past year we helped 60 homeowners achieve their real estate goals with success. Put our 21 years of real estate experience to work for you.