September is typically a transitional month for the local real estate market as folks return back to normal routines after the summer break. In most years the September / Fall Real Estate market does not begin to gain momentum until the latter part of the month. As we close September this year the same can be held true.

We have compiled several stats below which will provide an overview of Vancouver’s Westside Housing market. September housing sales slowed from both July and August levels with the supply levels increasing. We now have approx. 8 months housing supply on the Westside versus less than 3 months supply back in the month of March.

Westside Housing ( Single Family Homes)

• In September 2011 there were 104 homes sold vs 143 last September, an decline of 27%
• Year to date 1683 homes have been sold vs 1329 last year, an increase of 26%
• Average sale price was $ 2,407,014 this September vs $ 1,917,000 last September, an increase of 25%.
• Year to date vs last year average sale prices are up 22% to $ 2,384,490
• As at September 30th this year the supply of homes was 21% higher than September 2010.
• We have 7.9 month’s supply at September 30th this year vs 4.7 month’s supply last year

Westside Housing ( Condos & Town homes)

• In September 2011 there were 369 attached properties sold vs 373 last September.
• Year to date 4081 attached properties have been sold vs 4045 last year, an increase of 1%
• Average sale price of condos sold was $ 660,158 this September vs $ 589,170 last September, an increase of 12%.
• Average sale price of a town home sold was $ 994,932 this September vs $ 946,207 last September , an increase of 5%.
• Year to date average sale price of a condo is 7% higher than in 2010 and town home prices are 6% higher than 2010.
• Supply of town homes and condos is down by 8% and 5%% respectively with month’s supply on the market indicating a balanced market for both categories.

Please keep in mind these figures are for Vancouver’s Westside only up until September 2011. Based on current market conditions, the Condo and Town Home market looks stable across Vancouver’s Westside.

The Housing ( Single Family Homes) market looks like it has softened in the past month with almost 8 months housing supply.

We cannot help but think the recent turmoil in the global financial markets is weighing on individuals decisions to buy a home. How this all plays out in our housing market is yet to be seen. Everyone has a varying opinion.

If you have any questions or would like specific information regarding the market value of your home we are always available to help.

Have a great day.

Andrew Hasman
Direct 604-657-7936
Re Max Andrew Hasman Realty
www.andrewhasman.com

There goes Summer! That was fast! Hard to believe, shorter days, back to school and back to work is all hear! That being said, as I write this one of the warmest and sunniest stretches of weather lies ahead this Labour Day Weekend. We deserve it.

Vancouver’s Real Estate market on the Westside performed as expected in August with slower sales than July but overall market conditions remaining stable. Of the six properties I sold in August, five involved Multiple Offer scenarios with the final selling prices coming in at or over asking in all cases.

Here is how the numbers stack up:

Westside Housing ( Single Family Homes)

• In August there were 130 homes sold vs 134 in last August, virtually even.
• Year to date there have been 1579 homes sold vs 1186 in 2010, an increase of 33%
• Average sale price was $ 2,494,938 this August vs $ 1,908,544 last year, an increase of 30%
• Year to date vs last year average sale prices are up 22% to $ 2,383,006
• As at August 31th this year supply of homes is 5% lower than the same time last year.
• The months of supply is virtually even with last year at 5. Five month’s supply translates into a Balanced Market.

Westside Housing ( Condos & Townhomes)

• Condo and Townhome sales were up 4% and 7% respectively compared to August of last year.
• Year to date there have been 3712 attached properties sold vs 3672 last year. An increase of 1%
• Average sale price of a Townhome was $ 1,026,417 this August vs $ 829,030, an increase of 23%
• Average sale price of a Condo was $ 630,356 this August vs $ 586,215 last year, an increase of 7%
• Year to date the average sale price of a Townhome is 6% higher than last year and Condo prices 7% higher.
• The supply of condos and townhomes are both down by 11% and 16% respectively.

Please keep in mind these figures are Vancouver’s Westside only and only tell a general overview of the local market. These numbers do indicate a balanced Market in both the Detached and Attached market.

Compared to the Summer of 2010 this year the local market has performed better with prices holding stable and buyers remaining ( for the most part ) optimistic about Vancouver’s Real Estate market.

If you have any questions or would like specific market information regarding the market value of your home I am always available to help

Have a Great Day

Andrew Hasman
Re Max Andrew Hasman
Direct 604-657-7936