Vancouver Westside Real Estate market Update for September 2011

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