Let’s drill down the stats for Vancouver real estate in April. Vancouver (west side) real estate graph shows average sale price for houses (-1.8%) and condos (-4.5%) has slipped from a year ago but townhomes are up(+10%). We are definitely in a niche market. Greater Vancouver stats are different to Vancouver’s west side stats and neighbourhoods are performing differently, as are types of properties within those neighbourhoods. We can break it down further and say that one bedroom condos are performing better than two and three bedroom condos overall, but that varies from neighbourhood to neighbourood. We can also tell you that certain price ranges are performing better than others and that varies for the type of property. Welcome to hyperlocal information!
Which Vancouver Property Type has performed the Best Over the Last Year?
Houses! Their average sale price increased a $1M since Jan’09 vs. $370,000 for townhomes and $100,000 for condos. But because houses had the strongest price increase over the last three years they may be poised to have the largest correction. Due to the reduction in sales from Chinese buyers at the upper end, the average price which was spiked due to this specific market, is now declining. But the local market which didn’t see the spike isn’t undergoing the same decline.
Vancouver average house price for April was $2,308,084 vs. $2,790,531 in Dec’11, which is a whopping $482,000 drop (-17%) bringing the price down to a tad under Apr’11 price. Whereas townhomes at $1,072,748 are up 23% since Dec’11 (capturing the local market that used to buy a house?) and condos are down 10% to $617,037, having peaked in Feb’12.
In fact, Vancouver’s condo average $psf is at the same level as Mar’10 and townhomes are only a tad higher. Prices are on a roller coaster ride, with the peak not rising above the peak of two years ago. So perhaps the reduction buyers are hoping for has already taken place??
Why Hire a Hyperlocal Vancouver Realtor?
I keep restating that the Vancouver property market is doing different things in different neighbourhoods, in different price ranges, in different property types. When you hire me as a Vancouver Buyer or Seller agent I come armed with stats and graphs, hyperlocal info and decades of experience.
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