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
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Vancouver Market Analysis August 2008
September 5th, 2008 Categories: Real Estate News, Vancouver Real Estate
VANCOUVER WEST STATISTICS for August 2008 are not as gloomy as the media is reporting. Yes, sales are down (but after the last five years this is to be expected, as the market catches its breath), but so are listings down and the average price is flat for condos and up for townhomes and homes. Average days on market is up. Rather than lump Greater Vancouver stats into one package, check the individual municipality.
Aug2008 Aug2007 Jul2008 YTD2008 YTD2007
Units Sold 317 746 437 4088 6004
Median Selling Price
Condos: $425,000 $438,000 $425,000 $443,000 $412,000
Attached: $767,000 $713,000 $725,000 $725,000 $668,000
Det’d: $1,495,500 $1,480,000 $1,328,000 $1,495,000 $1,338,00
Active Listings
Aug2008 Jul2008 Aug2007
Condos: 2659 2767 1314
Detached: 964 996 422
Average Days on Market :
Condos - 50, up from 41 in July, 31 in June.
Houses - 59, up from 51 in July, 41 in June
Townhomes and Duplexes 35, down from 36 in July and 29 in June
Prices Vancouver West detached price increased 1.4% from a year ago, attached increased 2.5% and condos decreased 0.1%
Over the past 5 years, Vancouver West detached prices have increased 98.1%, attached 100.4% and condos 75.4%.
Greater Vancouver
The best appreciation for detached, over the last year, in the Greater Vancouver area is Squamish at 12.7%. The best value is on the Sunshine Coast.
The best appreciation for attached over the last year, in the Greater Vancouver area, is South Delta at 18.4%. Best value is Maple Ridge
The best appreciation for condos over the last year, in the Greater Vancouver area, is Vancouver East at 13.2%. Best value Port Coquitlam.
Reflections - we are selling fewer properties, they are taking longer to sell, the listings are dropping and the prices are flat or up. This is a good buyer’s market.
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