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