Vancouver Realtor Andrew Hasman: West Side & Downtown Real Estate

Happy New Year to all! Hard to believe another year has gone and here we are again gearing up for a new year. Vancouver’s housing market closed off the year on a muted note somewhat quieter than the same period a year ago.

It’s really a tale of two markets. The Detached ( single family market ) and the Attached ( condo and town home market .

If we take a look at the single family detached market we can see then housing prices ( on average ) across the Westside increased by 20% in 2011 versus 2011. The first half of the year saw a real Seller’s Market with tight supply and upward pressure on price. The Fall Market saw a reverse pattern set in with increasing supply and decreasing demand causing the market to fall into a much more balanced state and even a Buyer’s market in some areas.

The Attached Market saw much more stability throughout the year with condo and townhome prices, demand and supply almost flat compared to the same period last year. A true balanced market.

Here’s how the numbers stack up:

Westside Housing ( Single Family Homes)

• In December 2011 there were 62 homes sold versus 116 last year. A decrease of 46%
• For all of 2011 there were 1986 homes sold versus 1767 in 2010. An increase of 12%
• The average sale price of a home in 2011 increased by 20% from $ 1,978,777 to $ 2,393,345
• The supply of homes for sale was up by 68% at the end of December from 331 to 558 houses
• There were 9 months housing supply at the end of December this year versus 2.85 month’s supply at the same time last year.

Westside Housing ( Condos and Townhomes)

• In December 2011 there were 293 condo & townhomes sales versus 315 last year. A decrease of 7%
• In 2011 there were 5154 attached properties sold versus 5156 a year ago. Virtually no change.
• The average sale price of a Townhome has increased by 7% in the last year from $ 873,806 to $ 939,348
• The average sale price of a Condo has increased by 7% in the last year from $ 591,151 to $ 632,871.
• The supply of Townhomes and Condos was 12% and 2% higher at year end this year versus the same time last year respectively.
• There are presently between 5 and 6 month’s supply of Condos and Townhomes  on the market right now making this a Balanced Market

Please keep in mind that these figures are Vancouver’s Westside only. Actual figures will vary by neighborhood.

It looks like we are entering 2012 with a more stable balance market than this time last year. Buyers most likely will have more selection when choosing a home to buyer and seller’s will have to make sure they price sharp to ensure success.

If you have any questions about the market I am always available anytime to answer your questions. I look forward to speaking with you soon.

Wishing you the best to you and your families in 2012. 

Andrew Hasman
Direct 604-657-7936
Re Max Andrew Hasman Realty
www.andrewhasman.com

VANCOUVER, B.C. – January 4, 2012 – The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 percent increase from the 30,595 sales recorded in 2010, and a 9.2 percent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 percent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 percent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 percent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 percent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.
 
Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 percent from the 1,899 sales recorded in December 2010 and a 29.7 percent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 percent decrease over the 2,515 residential sales in December 2009, a 79.4 percent increase compared to December 2008’s 924 sales, and a 12.6 percent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 percent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 percent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 percent decline compared to the 1,699 units listed in December 2010 and a 49.4 percent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 percent from the 769 detached sales re-corded in December 2010, and a 30.2 percent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 percent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 percent compared to the 811 sales in December 2010, and a decrease of 32.9 percent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 percent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 percent compared to the 319 sales in December 2010, and a 44.7 percent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 percent between December 2010 and 2011 to $511,499.

Market Report Jan 2012