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Thursday, January 5, 2012
Vancouver Westside Housing Market Summary for 2011
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)
Westside Housing ( Condos and Townhomes)
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.
Wednesday, January 4, 2012
Balanced real estate market prevailed through much of 2011
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.