Vancouver Westside Real Estate market Update for August 2011

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