If you’ve been driving around the neighborhoods of Vancouver’s Westside these past few months you will notice a lot more SOLD stickers on For Sale signs. You’ll also notice many more SOLDS along the busier corridors. Busy street sales are typically a sign of tightening market conditions. Thinking that maybe the market has been busy, well you are right. Home sales in October were up an impressive 72% on the Westside verses last October and supply has fallen by 13%. If you’re a homeowner thinking of selling, this is a time when conditions are right for you!
Overall home sales in the Greater Vancouver area were up 33% and supply was down 10%. These statistics are a far cry from where we were 1 year ago.
This all being said, home prices appear stable and have been much of this year.
So what’s been selling on Vancouver’s Westside? Building lots are still in hot pursuit. For home buyers with deep pockets, the bigger the lot the better! There have been numerous large 15,000 sq. ft plus building lots sold this year and many with multiple offers. We are talking about price levels above $ 3.5 million. In addition to building lots, new home sales have seen a pick up since the summer. There have been numerous 50 ft lot new homes sold compared to a year ago when almost none of these homes were moving.
Forecasts from CMHC predict the stable housing market will continue into 2014. If you are looking to buy or sell and would like a market update specific to your neighborhood call upon us at any time. We are here to help and with over 22 years experience, you can be assured of receiving honest accurate market information.
Andrew & Jill Hasman