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 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.
Andrew & Jill Hasman