After several months of declining sales and negative buyer sentiment the new year appears to be showing signs of a stabilizing market. The year finished off with inventory levels falling off as sellers de- listed their homes for the Holiday Season and for the simple fact that they were not willing to sell at current market levels. I suspect many of these properties will stay off the market until prices firm up or until seller motivation changes. I noticed Open Houses were alot busier in January along with private buyer viewings. Many buyers sitting on the fence last Fall are now looking seriously at making a purchase. Many already have as January sales stayed on par with last year for single family houses and attached properties.
As I write this brief summary we are approaching the Lunar New Year next week. Typically this has been a very busy period for homes sales as many buyers from China make the trip to Vancouver for the purpose of visiting family and purchasing property. So far the numbers of buyers from China does appear far below levels seen in 2010-2012. By this time next month we will have a better idea if the Off- Shore buyer has made any significant impact to our local market. I will keep you posted.
As we approach Spring, many of you that are thinking of selling, this is an ideal time to begin preparing your home for sale. Jill and I are all about pre-listing preparation and it’s a big part of our VALET SERVICE. We don’t just list your home we help you prepare it for a successful sale. Call us today and let us help put you on the path to success.
Below is a brief summary of how the real estate numbers stack up as at January 31st compared to last year;
Westside Single Family Homes:
- Homes sales were down in January this year by a mere 3% from January 2012 from 86 units to 83 units this year.
- The average selling price of a single family home was down 5% this year from $ 2.485 million to $ 2.345 million.
- The supply of homes is now 3% below last year at January 31st from 796 units to 771 units.
- Month’s supply is virtually unchanged at 9.2 indicating a Buyer’s Market.
Townhomes and Condos:
- Townhomes sales were up 11% and Condo sales were down 5% during the month of January compared to last year.
- The average sale price of a townhome increased 4% to $ 1,000,040 from $ 959,188 and the average condo price fell by 7% from $ 638,814 to $ 592,285.
- The supply of Townhomes was unchanged from last year resulting in 8.5 month’s supply. Condo inventory was up 2% resulting in 7.7 month’s supply versus 7.1 month’s last year.
Greater Vancouver ( All Areas) Detached:
- Across the Greater Vancouver area single family home sales were down 17% from last January with average sale prices holding stable at $ 1,152,000 virtually unchanged from last year.
- The supply of homes on the market was 7% higher at month’s end resulting in 10.5 month’s supply versus 8 month’s last year. This is still considered to be a Buyer’s market.
For a more detailed analysis of what is going on in your specific neighborhood please contact us anytime. Prices and market conditions can be neighborhood specific, reading into the above statistics don’t necessarily tell the picture that is relevant to your home. We look forward to your calls anytime
Andrew & Jill Hasman