Historically normal activity keeps the Greater Vancouver housing market in a balanced state

Stable Market continues in November for Vancouver’s Westside

For the 1^st time in four years we experienced a typical Fall November Fall market in most areas of Vancouver’s Westside. To sum it up we could say the market conditions are balanced with buyer’s now being able to select from more properties on the market. As I write this update as of December 7^th it looks like this stable pattern is continuing into December too. Looking back in 2011 it has really been another incredible year with home prices rising in all areas of the Westside as much as 25% from last year. Below are the November market stats for Vancouver’s Westside housing and condo market. I hope you find them informative:

Westside Housing ( Single Family Homes)

-          In November 2011 there were 121 homes sold versus 120 sold in October a month earlier.

-          Year to date there have been 1924 single family homes sold versus 1651 a year earlier. That is an increase of 16% in 2011

-          The average sale price was $ 2,354,629 this November versus $ 2,091,276 in November last year. That is an increase of 12%

-          Year to date average home prices are up 20% from $ 1,972,344 last year to $ 2,380,532 today

-          The supply of homes ( on the market ) as at November 30^th was 56% higher than the same period last year.

-          We had 5.82 months supply of homes on the market at November 30^th versus 2.79 month’s supply last year. We have gone from Seller’s Market to a Balanced Market!

Westside Housing ( Condos and Town homes)

-          Town home sales were down 14% this November versus November last year. Year to date we have seen an increase in Town home sales from 654 units in 2010 to 702 units this year. That is a 7% increase.

-          The average price of a town home sold has increased from $ 872,313 to $ 943,090 year to date last year to this year. An increase of 8%.

-          Condo sales were up 2% in November this year versus last year and year to date sales are virtually even with last year.

-          The average price of a condo sold has increased 7% year to date this year versus last year from $ 589,946 to $ 632,352

As we close out the year I expect the market to remain balanced closing off 2011 in what will remember as another memorable year for Real Estate trends in Vancouver. Continued low interest rates, limited supply of land and continued immigration from Asia will keep our housing market healthy into 2012.

If you have any questions about the Real Estate Market please call upon me at anytime.

I hope you have a restful and wonderful Holiday Season  welcoming your calls and inquiries in upcoming year

 

Happy Holidays

Andrew Hasman and Team

Stable Market continues in November for Vancouver’s Westside