As expected ( after four months of declining sales ) the Summer market continues to chug along with
house sales at levels not seen since 2009. There are now 12.5 month’s supply of houses for sale on the Westside which technically puts us in a Buyer’s Market. This is quite a change from where we were one year ago when we had 4.5 month’s supply. I expect the level of homes on the market to remain stable though August with sales hovering around 70 to 90 sales for the month.
September and October typically bring an increase in demand but also an increase in inventory. This year may see many home owners de list their properties not willing to sell at prices the market is willing to pay. If this is the case we should see inventory levels remain stable.
On Vancouver’s Westside home prices continue to be far out of line with economic fundamentals meaning we have become fully reliable on foreign buyers supporting our current price levels. If we continue to see an absence of these buyers then prices ( in my opinion) will trend lower. You only have to look at the High End of the market above $ 3 million and there is a glut of homes for sale. Where have all the buyers gone?
Here’s how the numbers stack up for Vancouver’s Westside:
Single Family Homes:
- During the month of July there were 83 homes sold versus 139 one year ago. A decline of 40%. Year to date home sales are down by 41% compared to 2011.
- Average selling price of a home was $ 2,397,045 almost unchanged from 1 year ago. Year to date the average sale price is also even with last year at $ 2,415,050.
- There were 1038 homes listed for sale at July 31st this year compared to 632 1 year ago. That is an increase of 64%
- There were 12.5 month’s supply of houses at July 31st versus 4.5 month’s one year ago.
Townhomes and Condos:
- Townhomes sales fell 25% and Condo sales fell 19% from this July compared to July 2011. Year to date sales are down 31% for Townhomes and 18% for condos.
- The average sale price of a towmhome is 9% below last July and Condo prices were down 7%. Year to date prices of both townhomes and condo are almost even.
- The inventory of townhomes has risen by 27% from 266 units to 340 units and condo supply has climbed 16% from 1941 to 2260 units.
- There are now 7.4 month’s supply of townhomes versus 4.3 month’s a year ago. Condo supply has climbed from 5.7 month’s to 8.2 month’s last year.
Greater Vancouver Real Estate Market ( single family houses)
- Sales of all detached properties on MLS in July fell 28% from 1101 units last July to 790 units this year. Year to date sales are down 26%.
- Average selling price has fallen by 8% from $ 1,133,357 to $ 1,041,325.
- The supply of houses has increased by 24% and the month’s of supply has increased from 5.8 to 10 month’s this year.
Overall our market seems to be gradually cooling . That being said, it is summer and this is probably what a “Normal Summer” market should feel like. For most Vancouverites this market feels slow but remember so many of the past years we have had booming conditions. A Booming market is only sustainable for so long.
If you are looking to know the market value of your home or have any general real estate questions I am always available to be of service. Please call me anytime at 604-657-7936 or email me at Andrew@andrewhasman.com
Have a great summer
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