Vancouver real estate in the West End saw increased optimism in the New Year with listings up slightly from 242 in December to 253 in January 2009, having reached a record high for the year in November. Sales were up from 21 to 26, having reached a record low for the year in November. The days on the market for condos that sold was up from 53 to 69. The average selling price increased from $407,357 to $447,226 and is a 25% drop since January 2008. Half the sales were under $400,00 and the highest price was $1,388,000. The list price to sale price ratio increased 1%, meaning sellers discounted their list price less than they did in December. The West End has 9.7 months of inventory on the market, down from 11 months in December. The average $ pr sq ft for those West End condos that sold increased from $512 to $528. Currently 31 listings under $300,000. The market under $300,000 and between $400,000 and $500,000 has the most demand.
Listings – 253
Least expensive – $195,000 for a concrete building, 99 year leasehold, 430 sq.ft. Lease expensive strata l bedroom $218,000. Least expensive strata 2 bedroom is $347,000 with most of them begnning at $410,000. There were better deals under $200,000 in Novemeber/December. Most expensive $4,385,000 for 2694 sq.ft. in the Shangri-la.
4 West End condos listed under $200,000. 25 listed between $200,000 and $300,000. 75 listed between $300,000 and $400,000. 43 listed between $400,000 and $500,000. 25 listed between $500,000 & $600,000. 20 listed between $600K & $800K and 61 listings from $800K to $4,385,000.
2008 Listings - Jan 168, Feb 172 , Apr 232 , May 241 , June 235, July 235, Aug 246, Sept 257, Oct 268, Nov 281, Dec 242
2009 Listings – Jan 253
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
2009 Sales – Jan 26
Two sold under $200,000. 7 sold between $200,000 and $300,000. 4 sold between $300,000 and $400,000. 7 sold between $400,000 and $500,000. and 2 between $500K and $600K. 2 sold between $600K and $800K and 2 sold between $1M and $1.5M. 40% had a list price reduction. 4 sales were at the Shangri-la (REBGV categories 1111 Alberni as the West End)
Supply - 3 1/2 months supply under $300K. 18 months between $300,000 and $400,000. 6 months between $400K & $500K. 12 months between $500K and $600K. 10 months between $600K & $800K . 30 months supply for West End condos listed over $800,000 and no market at present over $1.5M in Vancouver’s West End.
Least expensive - a 500 sq.ft. one bedroom for $162,000, $270 pr sq ft…unbelievable value! An all tme low for current sales. The stats show that we last saw this price in this building was summer of 2004!!! Surely this market has bottom?
Most expensive – $1,388,000 for 1600sq-ft in the Shangri-la. Just over $800 pr sq ft. Purchased as a pre-sale for $1M.
2008 Average Days on Market – July 51, Aug 57, Sept 65, Oct 45, Nov 48, Dec 53
2009 Average Dasy on Market – Jan 69
2008 Average Sale Price – Jan $592,298. Aug $392,000 Sept $447,834, Oct $370,468, Nov $375,433, Dec $407,357
2009 Average Sale Price – Jan $447,226
In Dec’07 the average sale price was $541,000 in Dec’05 it was $333,000. In Dec ‘06 it was $414,000.
2008 Average Selling Price $ pr sq ft - Dec $512, Nov $478, Oct $505 Sept $526, Jul $556, Jun $553, May $544
2009 Average Selling Price $ pr sq ft – Jan $528
2008 List Price to Sale Price Ratio - Dec 93% ,Nov 93% , Oct 95%
2009 List Price to Sale Price Ratio – Jan 94%
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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{ 1 comment… read it below or add one }
Hi Maggie,
That is very interesting to see that the average selling price of many condos has increased. I haven’t found that here in Kamloops. If anything, there is definitely a downward pressure on home prices. There are just too many homes on the market here! It will be interesting to see what happens in the next few months. Thanks for your earlier comment on my blog!
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