Vancouver Real Estate Analysis for West End December 2008
January 22nd, 2009 Categories: Vancouver Housing Market, Vancouver Real Estate, West End
Vancouver real estate in the West End saw December listings down to 242 from 281 in November, having reached a record high for the year in November. Sales were up from 15 to 21 , having reached a record low for the year in November. The days on the market for condos that sold was up from 48 to 53, which isn’t the highest for the year. The average selling price increased from $375,433 to $407,357 and is a 30% drop since January and is equal to the price in Dec’06. Half the sales were under $400,00 and the highest price was $785,000. There were more sales over $500,000. The list price to sale price ratio did not change. The West End has 11 months of inventory on the market, down from 18 in November. The average $ pr sq ft for those West End condos that sold increased to $512, having dropped under $500 pr sq ft in November for the first time this year. You can now buy condos in the West End under $200,000, prices not seen since end of 2004!! Most demand under $300,000 and least demand over $800,000.
Listings - 242
Least expensive - $173,000 for a West of Denman concrete building with a roofdeck and indoor pool, 99 year leasehold, 573 sq.ft., needing renovation. Investor alert! This price was last seen at the end of 2004!!
4 West End condos listed under $200,000. 25 listed between $200,000 and $300,000. 68 listed between $300,000 and $400,000. 33 listed between $400,000 and $500,000. 44 listed between $500,000 & $600,000. 16 listed between $600K & $800K and 52 listings from $800K to $5,775,000.
2008 Listings - Jan 168, Feb 172 , Apr 232 , May 241 , June 235, July 235, Aug 246, Sept 257, Oct 268, Nov 281, Dec 242
Sales - 21
2008 Sales - Jan 57, Feb 53, Mar 42, Apr 45, May 38, June 29, Jul 25, Aug 25, Sept 29, Oct 16, Nov 15, Dec 21
Seven under $300,000. 4 sold between $300,000 and $400,000. 4 sold between $400,000 and $500,000. 4 sold between $500,000 and $600,000. and 2 between $600K and $800K. Over half of them had a list price reduction.
Supply - 4 months supply under $300K. 17 months between $300,000 and $400,000. 8 months between $400K & $500K. 11 months between $500K and $600K. 8 months between $600K & $800K and no market at present over $800K in Vancouver’s West End.
Least expensive - a 673 sq.ft. one bedroom for $218,000, $312 pr sq ft…unbelievable value! strata too! It sold new in 1976 for $38,000. The stats show that we last saw this price in this building end of 2004!!!
Most expensive - $785,000 for 1066 sq-ft in a 5 year old beach avenue building, with English Bay views. $700 pr sq ft. This condo first registered mid ‘04 for $483,000.
Average Days on Market - July 51, Aug 57, Sept 65, Oct 45, Nov 48, Dec 53
Average Sale Price - Jan $592,298. Aug $392,000 Sept $447,834, Oct $370,468, Nov $375,433, Dec $407,357
In Dec’07 the average sale price was $541,000 in Dec’05 it was $333,000. In Dec ‘06 it was $414,000.
Average Selling Price $ pr sq ft - Dec $512, Nov $478, Oct $505 Sept $526, Jul $556, Jun $553, May $544
List Price to Sale Price Ratio - Dec 93% ,Nov 93% , Oct 95%
When you’re ready to buy or sell West End or Vancouver real estate, contact Maggie, an experienced realtor, marketing Vancouver homes since 1981
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2 Comments »
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Consumer Confidence could wake up in a snap shots if they can go to study real estate in universities, spend five year to get degree and diploma then find the truth about Vancouver Real Estate Never Go Down Why? Because buy new one or renovate old one replace the cost of matterial,labour and kill six months to two year of your own time to keep suprevison on all that work or buy new one where developer will do stuff for you in response you can reach at work on panctual time then enjoy your evenings with families and friend.
In a result there is bargain of labour and matterial cost replacement but all that process has nothing to do with Vancouver Housing Prices.
Comment by 1 — January 22, 2009 #
Hi Maggie,
I’m wondering if this listing is overpriced at all?
http://www.realtor.ca/propertyDetails.aspx?propertyId=7673416
Do you think I could get any sum off it?
Comment by Mark S — January 23, 2009 #