-Sales in November 2014 were down 16% from last year, but the average sale price is up 16% to $ 2.963 million. House inventory is down by 9% from 730 units to 664 units.
-Month’s supply is 5.6 this year vs 5.2 months a year ago. This indicates in average terms a ‘balanced market’.
Condos and Townhomes:
-Sales were down 20% for townhomes and up 13% for condos during November 2014 vs a year ago. The average selling prices were 18% higher for townhomes to $ 1,002,000 and 6% higher for condos to $ 647,700. Inventory was unchanged for townhomes and down 8% for condos at the end of November compared to a year ago.
-Month’s supply for townhomes was up to 5 months from 4 months and for condos down to 4.3 months from 5.3 months a year ago. These figures indicate a fairly balanced market with slight upward price pressure.
It’s important to note that the above statistics are for the West Side as a whole. Markets really do vary by specific neighborhoods and by the type of property. If you have any questions about the market in your neighborhood then it’s wise to speak with a realtor who has presence in your area. Call us today at 604-657-7936 and we will be happy to provide you with some helpful market information specific to your neighborhood.