Vancouver Real Estate Market Update
Vancouver real estate market remains slow but statistics for the month of March show positive improvements. There are fewer properties coming to the market and the total number of listings has declined by 17%. Fewer listings and 30% more sales compared to the previous month of February indicate a stabilization of home prices.
The best performing markets were older homes with values close to lot value or pure lot value homes ready for new construction. Some of these listings received multiple offers and sale prices over asking prices.
A few of March’s multiple offers and sale figures
Cambie area 33 x 115 RS-1 Ask $1,185,000 Sold $1,186,000
Cambie area 43 x 125 RS-1 Ask $1,398,000 Sold $1,457,000
Kitsilano area 33 x 132 RS-5 Ask $1,399,000 Sold $1,452,000
Dunbar area 33 x 122 RS-5 Ask $1,598,000 Sold $1,703,000
Dunbar area 55 x 130 RS-5 Ask $2,078,000 Sold $2,145,000
MacKenzie Heights 50 x 130 RS-5 Ask $2,098,000 Sold $2,278,000
There is currently a 5.9 months’ supply of detached houses on the Vancouver West Side. This indicates a balanced market. In September of 2012 there was a high of an 11 month supply. It will be interesting to see if the detached market can sustain a balanced market supply through the spring summer months. (A buyers market is created when there is a 7 month supply of product).
The Townhouse market currently has a 4 months’ supply of product. Prices remain stable yet there has been 14% decline in the total number of sales compared to March 2012. What is sustaining the balanced market is the decline in the total number of townhouse listings. (A buyers market is created when there is a 7 month supply of product).
The Condominium market currently has a 5.5 months’ supply. The total number of sales is down 17% compared to March of 2012 but with a decline in the number of listings the market remains balanced. (A buyers market is created when there is a 7 month supply of product).
We have entered the spring season with an overall balanced market. This may be put under pressure if the total number of listings increases over the spring summer months. It is important to mention that is a Vancouver tradition for supply to increase May through August. This could swing us back into a buyer’s market. This will be interesting to watch.
For more specific or detailed information please call or email me. I would be more than happy to answer any questions you may have regarding the Vancouver real estate market.