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