Happy New Year to all! Hard to believe another year has gone and here we are again gearing up for a new year. Vancouver’s housing market closed off the year on a muted note somewhat quieter than the same period a year ago.
It’s really a tale of two markets. The Detached ( single family market ) and the Attached ( condo and town home market .
If we take a look at the single family detached market we can see then housing prices ( on average ) across the Westside increased by 20% in 2011 versus 2011. The first half of the year saw a real Seller’s Market with tight supply and upward pressure on price. The Fall Market saw a reverse pattern set in with increasing supply and decreasing demand causing the market to fall into a much more balanced state and even a Buyer’s market in some areas.
The Attached Market saw much more stability throughout the year with condo and townhome prices, demand and supply almost flat compared to the same period last year. A true balanced market.
Here’s how the numbers stack up:
Westside Housing ( Single Family Homes)
- In December 2011 there were 62 homes sold versus 116 last year. A decrease of 46%
- For all of 2011 there were 1986 homes sold versus 1767 in 2010. An increase of 12%
- The average sale price of a home in 2011 increased by 20% from $ 1,978,777 to $ 2,393,345
- The supply of homes for sale was up by 68% at the end of December from 331 to 558 houses
- There were 9 months housing supply at the end of December this year versus 2.85 month’s supply at the same time last year.
Westside Housing ( Condos and Townhomes)
- In December 2011 there were 293 condo & townhomes sales versus 315 last year. A decrease of 7%
- In 2011 there were 5154 attached properties sold versus 5156 a year ago. Virtually no change.
- The average sale price of a Townhome has increased by 7% in the last year from $ 873,806 to $ 939,348
- The average sale price of a Condo has increased by 7% in the last year from $ 591,151 to $ 632,871.
- The supply of Townhomes and Condos was 12% and 2% higher at year end this year versus the same time last year respectively.
- There are presently between 5 and 6 month’s supply of Condos and Townhomes on the market right now making this a Balanced Market
Please keep in mind that these figures are Vancouver’s Westside only. Actual figures will vary by neighborhood.
It looks like we are entering 2012 with a more stable balance market than this time last year. Buyers most likely will have more selection when choosing a home to buyer and seller’s will have to make sure they price sharp to ensure success.
If you have any questions about the market I am always available anytime to answer your questions. I look forward to speaking with you soon.
Wishing you the best to you and your families in 2012.
Re Max Andrew Hasman Realty