Vancouver’s West End Market Analysis August 2008
September 12th, 2008 Categories: Vancouver Housing Market, Vancouver Real Estate, West End
Vancouver’s West End market saw listings in August up a tad from 235 in July to 246 in August. Sales were flat(25 vs 25 in July) The days on the market for condos that sold increased from 51 to 57. The average selling price dropped from $496,935 to $386,344. Very much a bottom end market.
Listings - 246 - there is currently a 9.8 month supply of condos in Vancouver’s West End. The least expensive is $139,000 which is a studio at 1250 Burnaby and is a foreclosure. 90 of them have had a list price reduction.
3 are listed under $200,000. 30 condos are listed under $300,000, including a 630 sq.ft. condo at 1855 Nelson, west of Denman. 77 listed between $300 & $400K. 50 listed between $400 & $500K. 51 listings between $500 & $800K. 16 listings between $800K and $1 million and 28 over $1 million, including 7 over $2 million.
2008 Listings - Jan 168, Feb 172 , Apr 232 , May 241 , June 235, July 235, Aug 246
Sales 25 - 19 of the West End sales in August were under $500,000, 5 sold between $500,00 and $600,000 and one sold just under $1 million. 2 sales were under $200,000 (99 year leasehold buildings) and 13 between $200,000 and $400,000 and 8 between $400,000 and $500,000. Market becoming affordable for the bottom end buyer? 10 of the sold condos had a List Price reduction. The least expensive was $139,000 (list price $155,000). Wow!
Currently 8 1/2 months supply of West End condos under $500,000. 4.8 months supply for condos between $500K and $600K. A whopping 40 month supply for condos between $600K and $1 million. No takers for West End listings over a million in august. The least expensive 2 bedroom to sell was $424,000 for 838 sq.ft. in a concrete building ($505 pr sq ft).
2008 Sales - Jan 57, Feb 53, Mar 42, Apr 45, May 38, June 29, Jul 25, Aug 25
Average Selling Price $ pr sq ft - $369,000
Days on Market - July 51, Aug 57
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Income needed to qualify for a mortgage on a 385K condo is $95,000, assuming a cash down-payment of $40,000 (~10%). Median income for full-time workers in this part of Vancouver is 47K, which would qualify for a mortgage of 150K.
That leaves a bit of room to go yet before we reach a bottom-end market.
Comment by Alan — September 13, 2008 #