Vancouver Westside Housing Market Update - October 2011

October sees a stable “balanced market” for Vancouver’s Westside Real Estate Market

 

October typically sees a pick-up in sales versus September and this year was no different. After the Thanks Giving Long Weekend we did see a pick-up in sales activity. No surprise. That being said, with all the economic turmoil I cannot help but think that has affected our markets keeping buyers on the sidelines.

Below is a summary of the Westside market broken down into Single Family, Condos and Town home properties. For a more specific read on the market I can be reached anytime by email or by mobile at 604-657-7936. I always invite your inquiries.

Westside Housing ( Single Family Homes)

-          In October 2011 there were 120 homes sold vs 161 last October, a decline of 25%

-          Year to date there have been 1803 homes sold vs 1490 last year, an increase of 21%

-          Average sale price was $ 2,351,148 this October vs $ 2,123,111 last October, an increase of 10%

-          Year to date Average sale prices are up 21% from $ 1,959,493 to $ 2,382,271

-          As at October 31^st the supply of homes on the market was 43% higher than October 2010.

-          We have approx. 6.89 month’s supply vs 3.57 month’s supply this time last year.

 

Westside Housing ( Condos and Town Homes)

-          The sales and supply of Town Homes during October this year is almost identical with October 2010. Sales were down 11% from 51 units to 45 units this year. Supply is down just 3% from 298 units to 288 units.

-          Year to date the sales of Westside Town Homes has increased 9% from  598 units to 654 units this year.

-          The average sale price of town homes is up 7% year to date from $ 881,709 last year to $ 948,258 this year.

-          Sales and supply of condos is also identical with October last year. Sales were down 2% and supply is down 1% from October 2010 to 2011

-          Condo prices have risen 7% year to date from $ 593,267 to $ 637,476

Vancouver’s housing market looks stable with the months of supply of housing indicating we are in a “Balanced Market”. This all points to a healthy market and is ideal for those looking to buy and sell.

 

  

As November arrives I predict a continued stable market with inventory of properties slowly declining as we head towards year end.  Prices should remain stable across all sectors of our market.

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

 

Have a great day

 

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