Vancouver Realtor Andrew Hasman: West Side & Downtown Real Estate

While there may be some markets clearly experiencing a soft buyer’s market, the Westside Market definitely saw a turnaround in March with all the sales stats showing a “balanced market”. There was a lot more buzz in the detached market with many more sales, 151 houses to be exact, the busiest month for houses sold since March of last year. Increased sales combined with a reduction of new house listings has brought the months of supply back under 6 which is indicative of a balanced market.

The most sought after properties in the detached market continue to be building lots and older lot value homes. These properties are still attracting the most attention with many sales involving multiple offers and over asking price sales. The new construction market continues to be experiencing the opposite effect with lots of inventory and sluggish sales.

In the Condo and Townhome market the story is the same. A reduced number of new listings, stable demand and stable prices have brought this market also into a more balanced state with 4 to 5 months supply.

March is the make or break month with Real Estate sales typically peaking as we are in the middle of the Spring Market. The increase in March sales provides buyers with some level of confidence that the market is stable and buying real estate is still a great place to park your money whether it’s for your principal residence of for investment.

Market Conditions really do vary by neighborhood and type of property. For a more detailed analysis of what’s happening in your area call or email us today. We have over 20 years experience selling homes on Vancouver’s Westside. Put our wealth of knowledge to work for you.

Westside Detached March summary:

• There were 151 homes sold this March versus 152 homes sold last year. Year to date home sales are down 18% from 415 units to 338 units.
• There were 18% fewer homes brought to the market in March and year to date new home listings are down 18% from 1131 units to 922.
• The supply of homes at month end was 898 units versus 854 a year ago. An increase of 5%
• The month’s of supply has gone from 5.6 last year to 5.9 this March. This number has been well over 8 months and as high as 11 months back in the late summer of last year. A reading under 6 months indicates a Balanced Market with price stability.

Westside Townhomes and Condos:

• Townhome sales were down 14%  in March compared to March of last year. Year to date sales are down 11%
• There were 35% fewer new town home listings in March compared to last year and year to date 22% fewer homes have come to the market.
• The average sale price is up 3% from last March to $ 950,000 and year to date the average price is unchanged.
• There were 12% fewer townhome listings at the end of March going from 302 units last year to 265 units this year.
• The months of supply sits at 4.6 at March month end this year versus 4.4 a year ago. A figure in the 4-7 month range indicates a balanced market.

Condo Sales:

• Condo sales were down 17% in March this year versus last year and year to date are down 16%.
• There were 17% fewer condos brought to the market in March this year and year to date 16% fewer condos have been listed
• The average selling price was up 8% in March this year compared with March last year. Year top date the average sale price is down 3%
• There were 1779 active condo listings at the end of March this year versus 1892 a year ago. A decrease of 5%
• The month’s of supply was 5.5 this year compared to 4.8 last year. The condo market looks balanced.

Overall the Spring Market has come to the Westside with a resurgence of buyers and sales. While we are not seeing sales levels anything like what we saw in 2011, 2010 and prior it’s still a market showing resilience fueled by low interest rates, immigration and confidence among local buyers.

We look forward to your comments and inquiries with any real estate questions you might have.

Happy Spring!

Andrew & Jill Hasman

When you read the real estate market stats in the newspaper and hear it in the media its quite evident that Vancouver’s housing market continues to remain cool.  Sales in February across the region were down again in February some 29% compared to last year and year to date are down 23%. Home prices to are down but ever so slightly.

On Vancouver’s Westside what’s going on really is neighbourhood specific and property specific. I am still seeing the strongest demand in Building Lots ( lot value properties). We sold 2 building lots in February, 1 in Dunbar and 1 in Shaughnessy. Both homes attracted multiple offers with the final selling prices moving way over the asking price. New Construction appears still very soft with a glut of new homes on the market and very few homes selling.

There have been some generous price declines on some properties where home owners need to sell. For those that do not have to sell, many homeowners have taken their homes off the market waiting for better times.

Below is a summary of Vancouver’s Westside Market Stats for February:

Westside Detached Properties:

• During the month of February there were 104 single family home sales compared to 177 last year. That is a decline of 41%. Year to date home sales are down 28% from 263 units last year to 187 units this year.
• The average selling price of a single family home was up 8% this February versus last year to now sit at $ 2,877,809. Year to date the average selling price is 1% higher than last year at $ 2,641,693.
• There were 890 homes on the market for sale at the end of February this year versus 777 last year, an increase of 14%.  
• Month’s supply increased from 4.4 last year to 8.5 this year indicating we are still in a Buyer’s Market.

Westside Attached Properties:

• Townhome sales fell 19% this February compared to last year and Condo sales fell 21%. Year to date Townhome sales are down 8% and Condo sales are down 15%.
• The average sale price of a townhome was just 1% lower than a year ago to now sit at $ 859,473 and Condo average sale prices were 13% lower to $ 589,689. Year to date townhome prices are down 1% and Condo prices are down 11% from the same time a year ago.
• The supply of town homes and condos is virtually unchanged from a year ago.
• The month’s of supply for townhomes has risen from 5.7 a year ago to 7 months this year. Condo supply has climbed from 5.4 to 6.8 months this year.

Over all stats show a soft but fairly stable market with supply levels only marginally up and prices showing resilience. There are pockets where prices have fallen by as much as 15% but for the most part price declines are fairly muted. I would say at the High-End of the market over $ 3 million there are potentially some pretty good deals to be had. Building lots and Lot Value homes in the sought after locations seem to have price stability.

For a more accurate assessment of your homes market value Jill and I are always available to drop by and meet with you. You can reach us anytime on our mobile at 604-657-7936 or via email at Andrew@andrewhasman.com

Yours Truly

Andrew Hasman

After several months of declining sales and negative buyer sentiment the new year appears to be showing signs of a stabilizing market. The year finished off with inventory levels falling off as sellers de- listed their homes for the Holiday Season and for the simple fact that they were not willing to sell at current market levels. I suspect many of these properties will stay off the market until prices firm up or until seller motivation changes. I noticed Open Houses were alot busier in January along with private buyer viewings. Many buyers sitting on the fence last Fall are now looking seriously at making a purchase. Many already have as January sales stayed on par with last year for single family houses and attached properties.

As I write this brief summary we are approaching the Lunar New Year next week. Typically this has been a very busy period for homes sales as many buyers from China make the trip to Vancouver for the purpose of visiting family and purchasing property. So far the numbers of buyers from China does appear far below levels seen in 2010-2012. By this time next month we will have a better idea if the Off- Shore buyer has made any significant impact to our local market. I will keep you posted.

As we approach Spring, many of you that are thinking of selling, this is an ideal time to begin preparing your home for sale. Jill and I are all about pre-listing preparation and it’s a big part of our VALET SERVICE. We don’t just list your home we help you prepare it for a successful sale. Call us today and let us help put you on the path to success.  

Below is a brief summary of how the real estate numbers stack up as at January 31st compared to last year;

Westside Single Family Homes:

• Homes sales were down in January this year by a mere 3% from January 2012 from 86 units to 83 units this year.
• The average selling price of a single family home was down 5% this year from $ 2.485 million to $ 2.345 million.
• The supply of homes is now 3% below last year at January 31st from 796 units to 771 units.
• Month’s supply is virtually unchanged at 9.2 indicating a Buyer’s Market.

Townhomes and Condos:

• Townhomes sales were up 11% and Condo sales were down 5% during the month of January compared to last year.
• The average sale price of a townhome increased 4% to $ 1,000,040 from $ 959,188 and the average condo price fell by 7% from $ 638,814 to $ 592,285.
• The supply of Townhomes was unchanged from last year resulting in 8.5 month’s supply. Condo inventory was up 2% resulting in 7.7 month’s supply versus 7.1 month’s last year.

Greater Vancouver ( All Areas) Detached:

• Across the Greater Vancouver area single family home sales were down 17% from last January with average sale prices holding stable at $ 1,152,000 virtually unchanged from last year.
• The supply of homes on the market was 7% higher at month’s end resulting in 10.5 month’s supply versus 8 month’s last year. This is still considered to be a Buyer’s market.

For a more detailed analysis of what is going on in your specific neighborhood please contact us anytime. Prices and market conditions can be neighborhood specific, reading into the above statistics don’t necessarily tell the picture that is relevant to your home. We look forward to your calls anytime

Yours Truly,

Andrew & Jill Hasman
Direct 604-657-7936

Firstly we want to wish all our clients past & present the very best for 2013.  We also want to thank you all for your continued support making this past year another very successful year for our company despite adverse market conditions.

This year we are celebrating a milestone of 20 years selling homes in Vancouver. For all of those 150 or so guests who made it to our jam-packed client celebration, thank you for being apart of a fabulous evening.

This past year saw a definte adjustment in certain types of property markets in Vancouver.  Tighter mortgage lending policies, a decline in buyers from China & worries about economics weighed on peoples confidence to buy real estate in 2012.

With this all being said, the overall property market appears stable with inventories quickly declining as we approached year end.  I think many are approaching 2013 with cautious optimism that the property market will remain stable.

The market correction on Vancouver's Westside the past year has been healthy. We could see prices dip further but I'm betting the next 3 months ( Jan-March ) will see a more robust market with prices stabilizing. Beyond that it's anyones guess.

The December sales stats are listed below.

Westside Single Family Detached Properties:

• During the month of December home sales were down 20% versus last year from 62 sales to 49 sales this year. For the full year of 2012 home sales were down 37% from 1986 units down to 1243 units.
• The average selling price of a single family home was down 22% from $2.79 million last year to $2.152 million this year. For the full year the average selling price looks even at approximately $ 2.4 million.
• The supply of single family homes ended the year at 697 units versus 558 units a year ago. An increase of 24%.
• Months of supply increased from 9 months last year to 14 months this year. This indicates a Buyers Market.

Townhomes and Condos:

• Townhome sales were about even with last December and Condo sales were down 40%! Year to date Townhome sales were down 26% and Condo sales were down 22%.
• The average sale prices of a townhome was 5% higher this December at $899,000 and year to date average sale price is down just 1% at $932,000. Condo prices in December were 9% lower at $578,800 and year to date down 2% to $ 618,500.
• The supply of townhomes was 10% higher at years end versus the same time last year at 230 units. Condo supply was 16% higher this year at 1527 units.
• Months of supply for townhomes increased slightly from 6 months to 7 months at years end. Condo months of supply climbed from 5 months last year to 10 months this year.

The above numbers are just averages and numbers for the whole Westside. For an accurate assessment of your property it’s important to focus on sales and activity by specific type of properties and in specific neighborhoods.


For a Market Evaluation specific to your home & neighborhood call or email us anytime.  Jill & I bring a wealth of experience & knowledge about what it takes to sell for the highest possible price & negotiate the best deal when buying.

We look forward to hearing from you soon.

Andrew & Jill Hasman

Andrew Hasman Remax

Firstly we want to wish all our clients past & present the very best for 2013.  We also want to thank you all for your continued support making this past year another very successful year for our company despite adverse market conditions.

This year we are celebrating a milestone of 20 years selling homes in Vancouver. For all of those 150 or so guests who made it to our jam-packed client celebration, thank you for being apart of a fabulous evening.

This past year saw a definte adjustment in certain types of property markets in Vancouver.  Tighter mortgage lending policies, a decline in buyers from China & worries about economics weighed on peoples confidence to buy real estate in 2012.

With this all being said, the overall property market appears stable with inventories quickly declining as we approached year end.  I think many are approaching 2013 with cautious optimism that the property market will remain stable.

The market correction on Vancouver's Westside the past year has been healthy. We could see prices dip further but I'm betting the next 3 months ( Jan-March ) will see a more robust market with prices stabilizing. Beyond that it's anyones guess.

The December sales stats are listed below.

Westside Single Family Detached Properties:

• During the month of December home sales were down 20% versus last year from 62 sales to 49 sales this year. For the full year of 2012 home sales were down 37% from 1986 units down to 1243 units.
• The average selling price of a single family home was down 22% from $2.79 million last year to $2.152 million this year. For the full year the average selling price looks even at approximately $ 2.4 million.
• The supply of single family homes ended the year at 697 units versus 558 units a year ago. An increase of 24%.
• Months of supply increased from 9 months last year to 14 months this year. This indicates a Buyers Market.

Townhomes and Condos:

• Townhome sales were about even with last December and Condo sales were down 40%! Year to date Townhome sales were down 26% and Condo sales were down 22%.
• The average sale prices of a townhome was 5% higher this December at $899,000 and year to date average sale price is down just 1% at $932,000. Condo prices in December were 9% lower at $578,800 and year to date down 2% to $ 618,500.
• The supply of townhomes was 10% higher at years end versus the same time last year at 230 units. Condo supply was 16% higher this year at 1527 units.
• Months of supply for townhomes increased slightly from 6 months to 7 months at years end. Condo months of supply climbed from 5 months last year to 10 months this year.

The above numbers are just averages and numbers for the whole Westside. For an accurate assessment of your property it’s important to focus on sales and activity by specific type of properties and in specific neighborhoods.


For a Market Evaluation specific to your home & neighborhood call or email us anytime.  Jill & I bring a wealth of experience & knowledge about what it takes to sell for the highest possible price & negotiate the best deal when buying.

We look forward to hearing from you soon.

Andrew & Jill Hasman

Andrew Hasman Remax

We continued to slow sluggish sales activity on the Westside during November. That being said there is some promising news. The number of homes on the market at the end of November has dropped substantially since peaking in mid-September. I have also noticed a lot more calls on our listed properties combining with more viewings too. Even though sales volumes continue to remain well below last year’s levels, the shrinking supply and stable sales volume over the past 6 months points to a stable market moving forward. In fact, I’m going to go out on a limb and predict a robust Winter Market with brisk activity in January & February.

For home owners thinking about selling in 2013, keep in mind if you list your home in March ( based on the last 4 years of sales activity) you missed the best time for selling. Home owners that listed their homes just before Chinese New Year achieved the highest selling prices. The period of Late January to end of the February was the busiest time for housing sales the last 4 years. Why should this year be any different? I do not see any housing crash or even much more downside to house prices. Prices have already slipped 10-15% in some cases and I feel that is as far as it will go.

Too many home owners and buyers try to time the market. I would suggest either buying or selling when the timing is personally right for you.

Here’s how the numbers look from November:

Single Family Homes:

- Home sales in November were down 36% versus November 2011 from 121 units to 77 units. Year to date home sales are down 37%
- The average selling price of a home was down 6% this November verses last Year. Year to date the average selling price is 1% higher to $ 2,425,576.
- The supply of homes is 20% higher at 846 units at November 30^th this year verses 705 last year. At month end the month’s supply now sits at 11 compared with 5.8 months a year ago.

Townhomes and Condos:

- Townhome sales fell 16^% and Condo sales fell 33% this November verses last November. Year to date Townhome sales are down 27% and Condo sales are down 21%.
- The average sale price of a town home was even with last November ( $ 870,000) and year to date is also even ( $ 940,000). Condo prices were 3% higher this November verses last year and year to date condo prices are 1% lower to sit at $ 620,000.
- The supply of townhomes is 7% higher this year verses the same time last year and condo supply is 12% higher

Overall the market looks pretty stable. I am finding that well priced properties are still commanding attention and are selling quickly. If you remove all the “Overpriced Properties” from the market place, there is still demand in the market place.

If you would like an assessment of your home or investment property I am always available to provide my professional opinion.

Wishing you and your family the very best of the season and Happy New Year

Andrew & Jill Hasman

As expected in any Fall market, October home sales saw an increase in units sales from September. The overall picture ( even though the market is soft ) is relatively stable. The number of homes on the market has now fallen below 1000 units resulting in the Months of Supply now less than 10. One month ago we were hovering around 13 month’s supply. Overall activity is still down from last year but the numbers in October showed the declines are slightly decreasing telling me there is no market crash in sight. The biggest prices reductions have been on the properties that saw the huge bump up in market prices. The more affordable end of the market while softer than one year ago has seen much lesser price adjustments to the down side.

The way I see it, it’s a great time to buy with very few ( if any ) competing offers. Buyers have time to make decisions, they have selection , they have rock bottom interest rates and they have lower prices. Why buy when the market is over heated and prices are being pushed higher. This is the best time to buy. If you ask most buyers they are waiting for prices to go lower. “Just let me know when the market has hit bottom and I will jump in too!” Not so easy to predict!

Here is how the numbers stack up for October:

Westside Single family homes:

-          During the month of October there were 104 homes sold verses 120 in October 2011. A decrease of 13%. Year to date home sales are down 38% from 1803 units to 1117 units.

-          The average selling price of a home was Up 6% in October to $ 2,510,313. Year to date the average selling price is Up 2% to $ 2,441,793.

-          There were 226 homes listed for sale in October verses 296 last year. A decline of 23%. At month end the supply of homes was 960 units verses 827 last year, an increase of 16%

-          The Months of Supply has fallen from over 12 last month to 9.23 months at the end of October. Last year we had 6.89 months of supply.

Westside Townhomes & Condos:

-          Townhome sales rose by 8% and condo sales fell by 19% this October verses last year. The year to date sales show town homes down by 28% and condos down by 20%

-          The average selling price is almost even this October verses last year and year to date selling prices are also virtually even.

-          The supply of townhomes was 17% higher and Condo supply was 10% higher than last October 31^st.

-          The Months of supply tells a stable market for townhomes with just over 6 months and that’s the same as last year. Condos have climbed from 5.7 months to 7.9 months this year.

If you are interested to know the market value of your home or just a general overview of the market conditions please call upon us at any time. We welcome your calls.

Yours Truly,

Andrew & Jill Hasman

After several months of slowing sales and increasing supply the new media have made it official.

That Vancouver’s Housing Market is now officially slowing and it’s a “Buyer’s Market”. The media always seem to be somewhat behind what is really happening on the front lines  It’s always best to speak with the REALTOR® active in your neighborhood to get a real handle on what’s happening specific to your house market.

September sales activity (on the Westside) continues to remain at levels not seen since the late 1990’s. We now have over 12 month’s housing supply and home prices were down (on average 6% ) in September this year’s verses last year.

This all being said, a correctly priced home that presents well will still attract offers and a sale within 30 days. There’s a lot of supply and choice for buyers right now. It’s critical for sellers to make their home stand out from the crowd. Pricing and Presentation is now more important than ever.
Here’s how the numbers stack up:

Westside Single Family Homes:

• During the month of September there were 86 homes sold compared to 104 last September. Year to date the sales are down by 39% from 1683 homes sold in 2011 to 1013 sold this year.
• The average selling price of a home was down 6% this September verses last year to $ 2,259,214. Year to date the average selling price is up 2% to $ 2,434,759.
• There were 1044 homes listed for sale at September 30th this year verses 823 one year ago. That’s an increase of 26%.
• Months of supply has climbed from 7.91 last year to 12.13 this year. We are very much in a Buyer’s Market.

Townhomes and Condos:

• During the month of September townhome sales fell by 32% and Condo sales fell by 33%. Year to date Townhome sales are down 31% and Condo sales are down 20%.
• The average selling price of a townhome was down 24% to $ 749,668 in September. Condo prices are even with last year. Year to date the average selling price of a townhome is even at $ 940,634 and condos are down 2% to $ 6254,144.
• The supply of townhomes has climbed by 19% from one year ago. Condo supply is up just 9%
• Months of supply of townhomes is 10.11 verses 5.69 one year ago. For condos, we have climbed from 6.21 months last year to 10.16 this year.

Is Your Home Market Ready?

If you are thinking of placing your home on the market this Fall, remember, First Impressions are everything. Jill and I would be pleased to drop by, meet with you and suggest what you can do to increase not only the saleability of your home but also its Market value. So many of our suggestions are typically simple changes or repairs well worth the effort.

A poorly staged home with outstanding deficiencies will always sell for less and take longer to sell that the well prepared home.

Don’t sell yourself short. Call us today! We can easily be reached on our mobile at 604-657-7936 or via email at
Andrew@andrewhasman.com.



Andrew Hasman

August was stable compared to July in that the supply of houses relative the the actual sales remained fairly stable. The one notable statistic was the Average sale price of a house. In August the average was pulled higher by 14% over the 2011 average sale price. This increase is due to two very large sales on the Westside during the month. Of the 75 houses sold, there were two sales over $ 12 million which have brought the average sale price up. Another interesting statistic is the drop in supply from Aug 31st to Sept 1st of approximately 60 houses. For the first time in several months we have under 1000 houses for sale but I predict this number to quickly move up as more homes enter the market in time for the Fall. In the past three weeks I personally noticed a pick-up in the number of buyers looking at houses and the number of offers received. So far we have not seen this translate into increased house sales. With September upon us it will be a matter of time before we see if our market will see increased sales activity or not. Stay tuned!

Here’s how the numbers stack up for Westside Real Estate Activity in August:

Single Family Homes

• During the month of August there were 75 homes sold compared to 130 last August and 83 one month ago. Year to date house sales are down 41%
• Average selling price of a house was up 14% from last August to $ 2,859,945. I believe this increase is due to two homes sold over $ 12 million during the month. This has no doubt pulled up the average. Year to date the average sale price is up 2% to $ 2,451,044.
• There were 995 homes listed for sale at Aug 31st this year compared to 643 one year ago. An increase of 54%
• At August 31st we have 13 month’s supply versus 5 month’s 1 year ago.

Townhomes and Condos

• During the month of August Townhome sales were down 29% from last year and condo sales were down 26%. Year to date sales are down 31 and 19% respectively.
• The average selling price of a townhome is down 4% and condo prices are even compared to last August. Year to date average sale prices are almost even with a townhome selling for $ 958,131 and a condo $ 621,379.
• The supply of townhomes and condos has risen 28% and 13% respectively.
• There are 8 month’s supply of townhomes and 8.5 month’s supply of condos at the end of August.
• Greater Vancouver ( All Real Estate Sales)
• Sales of all Single Family Houses in all Vancouver areas was down 39% from this August compared to last August. Year to date sales are down 28%
• Average sale price year to date is down 5% to $ 1,120,411 with 12.6 month’s supply of houses available compared to 6 month’s supply 1 year ago

Is Your Home Market Ready?

If you are thinking of placing your home on the market this Fall, remember, First Impressions are everything. Jill and I would be pleased to drop by, meet with you and suggest what you can do to increase not only the saleability of your home but also its Market value. So many of our suggestions are typically simple changes or repairs well worth the effort.

A poorly staged home with outstanding deficiencies will always sell for less and take longer to sell that the well prepared home.

Don’t sell yourself short. Call us today! We can easily be reached on our mobile at 604-657-7936 or via email at Andrew@andrewhasman.com.

Have a Great Autumn!

Andrew & Jill Hasman

As expected ( after four months of declining  sales ) the Summer market continues to chug along with
house sales at levels not seen since 2009. There are now 12.5 month’s supply of houses for sale on the Westside which technically puts us in a Buyer’s Market. This is quite a change from where we were one year ago when we had 4.5 month’s supply. I expect the level of homes on the market to remain stable though August with sales hovering around 70 to 90 sales for the month.

September and October typically bring an increase in demand but also an increase in inventory. This year may see many home owners de list their properties not willing to sell at prices the market is willing to pay. If this is the case we should see inventory levels remain stable.

On Vancouver’s Westside home prices continue to be far out of line with economic fundamentals meaning we have become fully reliable on foreign buyers supporting our current price levels. If we continue to see an absence of these buyers then prices ( in my opinion) will trend lower. You only have to look at the High End of the market above $ 3 million and there is a glut of homes for sale. Where have all the buyers gone?

Here’s how the numbers stack up for Vancouver’s Westside:

Single Family Homes:
-    During the month of July there were 83 homes sold versus 139 one year ago. A decline of 40%. Year to date home sales are down by 41% compared to 2011.
-    Average selling price of a home was $ 2,397,045 almost unchanged from 1 year ago. Year to date the average sale price is also even with last year at $ 2,415,050.
-    There were 1038 homes listed for sale at July 31st this year compared to 632 1 year ago. That is an increase of 64%
-    There were 12.5 month’s supply of houses at July 31st versus 4.5 month’s one year ago.

Townhomes and Condos:
-    Townhomes sales fell 25% and Condo sales fell 19% from this July compared to July 2011. Year to date sales are down 31% for Townhomes and 18% for condos.
-    The average sale price of a towmhome is 9% below last July and Condo prices were down 7%. Year to date prices of both townhomes and condo are almost even.
-    The inventory of townhomes has risen by 27% from 266 units to 340 units and condo supply has climbed 16% from 1941 to 2260 units.
-    There are now 7.4 month’s supply of townhomes versus 4.3 month’s a year ago. Condo supply has climbed from 5.7 month’s to 8.2 month’s last year.

Greater Vancouver Real Estate Market ( single family houses)
-     Sales of all detached properties on MLS in July fell 28% from 1101 units last July to 790 units this year.  Year to date sales are down 26%.
-    Average selling price has fallen by 8% from $ 1,133,357 to $ 1,041,325.
-    The supply of houses has increased by 24% and the month’s of supply has increased from  5.8 to 10 month’s this year.

Overall our market seems to be gradually cooling . That being said, it is summer and this is probably what a “Normal Summer” market should feel like. For most Vancouverites this market feels slow but remember so many of the past years we have had booming conditions. A Booming market is only sustainable for so long.


If you are looking to know the market value of your home or have any general real estate questions I am always available to be of service. Please call me anytime at 604-657-7936 or email me at Andrew@andrewhasman.com
Have a great summer


Andrew Hasman

This feels like the first Normal Real Estate market in many years. That is if you can even define or remember what “ Normal “ really feels like. Gone are the bidding wars and gone ( for now ) are the days when homes were selling in mere days. For buyers there is now good selection and no pressure to make that big commitment. For home owners trying to sell, patience is required and making sure you list your home at 2012 price levels which may be 5 to 10% below where they were a year ago. This all being said, when you price your home correctly we are seeing buyers show up with offers.

Sales of home across the Greater area of Vancouver are at levels not seen since 2000! Overall, prices still seem to be holding with some price softening in specific markets only. Vancouver’s Westside looks to be one of those markets. Fewer buyers from China, tougher mortgage regulations and concerns over the global economy are all weighing on consumer confidence. I predict these market conditions will continue through the balance of 2012 with further price softening.

Here’s how the numbers stack up on the Westside:                     

Single Family Homes:

-          During the month of June there were 102 homes sold ( slowest sales since Jan 2012) versus 213 one year ago. A decline of 52%. Year to dates house sales are off 41%.

-          Average selling price of a house was $ 2,401,547 which represents a 2% decline from June 2011 and an increase of 2% year to date.

-          There were 1078 homes listed for sale at June 30^th versus 603 last year. An increase of 78%

-          There were 10.5 month’s supply at June 30^th versus 2.8 month’s last year. This is considered a buyer’s market.

Townhomes and Condos:

-          During the month of June there were 34% few townhome sales and 11% fewer condo sales compared to last year. Year to date townhome sales are 32% lower and condo sales are 18% lower.

-          The average price of a townhome sold was 17% higher this June versus last and condo prices were 4% lower. Year to date townhome prices are 4% higher and condo prices are 1% lower.

-          There were 25% more townhomes listed for sale at June 30^th this year versus 1 year ago. Condo listings were 22% higher this year versus last year.

-          There were 7.8 month’s supply of townhomes this year versus 4.2 month’s last year. Condos were 7 month’s supply this year versus 5 month’s supply last year.

In the past three years the houses saw most of the run up in prices with huge demand from Immigrant buyers. It’s now this market that seems to be experiencing the most price softening . The Condo and Townhome market while softer is seeing more balanced conditions.

For a more comprehensive market update specific to your neighbourhood  call me anytime to schedule an appointment,

Yours Truly,

Andrew Hasman

Typically in most years our Real Estate Market sees an acceleration of real estate activity in March over February. This year we saw sales actually cool in March with sales of detached properties down from 177 units in February to just 152 units in March. That’s a decrease in sales activity of 14%.

This cooling trend ( in my opinion ) looks to be caused by a decrease in the number of Immigrant buyers in the market place. Last year saw a huge influx of buyers from Mainland China. This year it feels like there are far fewer of these buyers out there. If we take the Immigrant buyers out of the market place on the Westside, there seems to be very few local buyers chasing homes listed for sale above $ 2.5 million.

The supply of homes seems to be creeping higher with the number of homes up about 10% from last month to 854 units. We are far above last year’s inventory levels when we saw just 525 homes for sale at the end of March. From one year ago there are 62% more homes on the market on Vancouver’s West Side.

Based on the Inventory of Houses compared to the number of sales we have 5.62 month’s supply home homes for sale. This compares to just 1.88 month’s supply a year ago. Market Conditions have gone from a Seller’s Market last year to a Balanced Market this year.

Compared to last year the market feels slow. 

The condo and townhome market is also experiencing a slow down with market conditions in a Balanced State.

Here is how the specific numbers stack up:

Vancouver Westside Detached

-          In March 2012 there were 152 home sold versus 270 last year. Sales are down 45% !
Year to dates house sales are down from 655 units last year to 415 this year. A decline of 36%

-          As at March 31^st there were 854 homes for sale compared to 525 a year ago. An increase of 62%

-          There were 5.62 months supply at March 31^st versus 1.88 months supply last year.

Vancouver Westside Attached ( Condos & Townhomes)

-          Town Home sales were down 38% and Condo sales were down 32% in March 2012 versus March 2011

-          Year to date sales of Town homes are down 35% and condos are down 23%

-          As at March 31^st there were 21% more town homes and 11% more condos listed for sale versus 1 year ago

-          There were 5.72 month’s supply as at March 31^st this year versus 2.88 months last year of town homes

-          There were 4.8 month’s supply as at March 31^st this year versus 2.92 months last year of condos.

-          Both the Condo and Townhome markets remain balanced and not nearly as affected by the decline of Immigrant Buyers

It looks as though 2012 is going to be a year where we see the Real Estate Market on the Westside drift along in a sideways pattern. If sales continue to stay soft and supply continues to grow we could see prices begin to soften. That being said, in certain pockets of the Westside certain homes in specific neighborhoods still sell quickly ( many with multiple offers ) over the asking price. Building Lots, Lot Value properties still appear to be properties in the highest demand.  Homes in Kitsilano, Douglas Park, Mackenzie Hts, Point Grey and Dunbar priced under $ 2 million are still in high demand.

If you have any questions about the Real Estate Market, would like a complimentary market update or simply have any comments, I am always available to be of assistance. I will always respond  ( quickly )to direct calls to my mobile at 604-657-7936 or via email.

Happy Spring to All

Andrew Hasman

A house I sold was featured in the Saturday (March 17th) edition of the Vancouver Sun. Click here to read.

VANCOUVER, B.C. – February 6, 2012 – Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 percent decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 percent compared to the 1,819 sales in January 2011 and an 18 percent decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 percent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 percent increase compared to the 1,629 new listings reported in December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 percent increase compared to December 2011 and an increase of 20.2 percent compared to January 2011.

New MLS® Home Price Index launches in Canada

Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends in the housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by those boards.

The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.

“The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand home price trends across the country,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 percent compared to January 2011 and down 0.1 percent compared to December 2011. The MLS® HPI also tracks home prices across the Lower Mainland. The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of 5 percent compared to January 2011.

Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 percent from the 793 detached sales recorded in January 2011, and a 6.5 percent decrease from the 705 units sold in January 2010. The benchmark price for detached properties increased 11.3 percent from January 2011 to $1,034,700.

Sales of apartment properties reached 657 in January 2012, a decline of 7.9 percent compared to the 713 sales in January 2011, and a decrease of 26.3 percent compared to the 891 sales in January 2010.The benchmark price of an apartment property increased 2.4 percent from January 2011 to $371,500.

Attached property sales in January 2012 totalled 261, a decline of 16.6 percent compared to the 313 sales in January 2011, and a 20.2 percent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome unit declined 0.5 percent between January 2011 and 2012 to $468,000.

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

Stable Market continues in November for Vancouver’s Westside

For the 1^st time in four years we experienced a typical Fall November Fall market in most areas of Vancouver’s Westside. To sum it up we could say the market conditions are balanced with buyer’s now being able to select from more properties on the market. As I write this update as of December 7^th it looks like this stable pattern is continuing into December too. Looking back in 2011 it has really been another incredible year with home prices rising in all areas of the Westside as much as 25% from last year. Below are the November market stats for Vancouver’s Westside housing and condo market. I hope you find them informative:

Westside Housing ( Single Family Homes)

-          In November 2011 there were 121 homes sold versus 120 sold in October a month earlier.

-          Year to date there have been 1924 single family homes sold versus 1651 a year earlier. That is an increase of 16% in 2011

-          The average sale price was $ 2,354,629 this November versus $ 2,091,276 in November last year. That is an increase of 12%

-          Year to date average home prices are up 20% from $ 1,972,344 last year to $ 2,380,532 today

-          The supply of homes ( on the market ) as at November 30^th was 56% higher than the same period last year.

-          We had 5.82 months supply of homes on the market at November 30^th versus 2.79 month’s supply last year. We have gone from Seller’s Market to a Balanced Market!

Westside Housing ( Condos and Town homes)

-          Town home sales were down 14% this November versus November last year. Year to date we have seen an increase in Town home sales from 654 units in 2010 to 702 units this year. That is a 7% increase.

-          The average price of a town home sold has increased from $ 872,313 to $ 943,090 year to date last year to this year. An increase of 8%.

-          Condo sales were up 2% in November this year versus last year and year to date sales are virtually even with last year.

-          The average price of a condo sold has increased 7% year to date this year versus last year from $ 589,946 to $ 632,352

As we close out the year I expect the market to remain balanced closing off 2011 in what will remember as another memorable year for Real Estate trends in Vancouver. Continued low interest rates, limited supply of land and continued immigration from Asia will keep our housing market healthy into 2012.

If you have any questions about the Real Estate Market please call upon me at anytime.

I hope you have a restful and wonderful Holiday Season  welcoming your calls and inquiries in upcoming year

Happy Holidays

Andrew Hasman and Team

Stable Market continues in November for Vancouver’s Westside

VANCOUVER, B.C. – November 2, 2011 – With a sales-to-active property listings ratio of 15 percent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 percent decrease compared to the 2,337 sales in October 2010 and a 3.2 percent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

October sees a stable “balanced market” for Vancouver’s Westside Real Estate Market

October typically sees a pick-up in sales versus September and this year was no different. After the Thanks Giving Long Weekend we did see a pick-up in sales activity. No surprise. That being said, with all the economic turmoil I cannot help but think that has affected our markets keeping buyers on the sidelines.

Below is a summary of the Westside market broken down into Single Family, Condos and Town home properties. For a more specific read on the market I can be reached anytime by email or by mobile at 604-657-7936. I always invite your inquiries.

Westside Housing ( Single Family Homes)

-          In October 2011 there were 120 homes sold vs 161 last October, a decline of 25%

-          Year to date there have been 1803 homes sold vs 1490 last year, an increase of 21%

-          Average sale price was $ 2,351,148 this October vs $ 2,123,111 last October, an increase of 10%

-          Year to date Average sale prices are up 21% from $ 1,959,493 to $ 2,382,271

-          As at October 31^st the supply of homes on the market was 43% higher than October 2010.

-          We have approx. 6.89 month’s supply vs 3.57 month’s supply this time last year.

Westside Housing ( Condos and Town Homes)

-          The sales and supply of Town Homes during October this year is almost identical with October 2010. Sales were down 11% from 51 units to 45 units this year. Supply is down just 3% from 298 units to 288 units.

-          Year to date the sales of Westside Town Homes has increased 9% from  598 units to 654 units this year.

-          The average sale price of town homes is up 7% year to date from $ 881,709 last year to $ 948,258 this year.

-          Sales and supply of condos is also identical with October last year. Sales were down 2% and supply is down 1% from October 2010 to 2011

-          Condo prices have risen 7% year to date from $ 593,267 to $ 637,476

Vancouver’s housing market looks stable with the months of supply of housing indicating we are in a “Balanced Market”. This all points to a healthy market and is ideal for those looking to buy and sell.

As November arrives I predict a continued stable market with inventory of properties slowly declining as we head towards year end.  Prices should remain stable across all sectors of our market.

If you have any questions or would like specific information regarding the market value of your home I am always available to help.

Have a great day

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