We have compiled sales and listings statistics for the period running from October 13th to October 20th, and released them in this easy to read format! If you have any further questions or require more detail please get in touch with us. New listing supply in Vancouver West took a step-back after demonstrating significant growth over the past three weeks. After sitting at a relative high in the previous period with 290 new attached listing; we saw a fall this week down to a more average level of 198 new attached listings. The downtown markets shared the decrease in supply with the Westside as both areas witnessed a step back in new available listings after notable gains in previous periods. Sharp pricing remains paramount in all markets as average days on the market is low for well-priced listings, well over-priced units tend to remain on the market for more a more extended time frame. We continue to see a lack of supply in the lower-end 2-bedroom market ($500,000 range) and units in the Yaletown and False Creek North neighbourhoods continue to move at a brisk pace. As mentioned, sales volume took a bit of a tumble over the past week with 127 confirmed transactions; down from 173 sales the previous week. The downtown neighbourhoods continued to account for just over half of the sales volume in Vancouver West, however; they continue to notably outpace the Westside in regards to new listing supply. Vancouver West as a whole saw 198 new attached listings; a fall after three consecutive weeks of growth, up from the 290 new listings submitted last week. The market continues to display evidence of stability leading into the 2010 Olympic games with first time buyers being the most active demographic, but the buyer demand is moving upwards; though luxury markets continue to see mixed conditions depending on area.
Listing versus Sales update for October 13th to October 20th
198 new listings in the Vancouver West Region with 112 (57%) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).
New Listings Per Sub-Area:
- Downtown Core: 66 (60%)
- Coal Harbour: 15 (13%)
- West End: 15 (13%)
- False Creek North: 16 (14%)
TOTAL : 112 (57%)
127 total sales in the Vancouver West Region with 68 (54%) falling in the downtown areas.
Sales Per Sub-Area:
- Downtown Core: 34 (50%)
- West End: 11 (16%)
- Coal Harbour: 12 (18%)
- False Creek North: 11 (16%)
TOTAL : 68 (54%)
As mentioned, the downtown markets accounted for roughly half of the overall Vancouver West sales increases this past week. New listing activity lagged slightly after posting nearly a months worth of positive growth. The downtown markets represented a significant portion of the Vancouver West market share; with 57% of new listings falling in the downtown neighbourhoods, and 54% of the firm sales transactions also falling downtown. Despite our listing versus sales ratio number there continues to be pent up demand in certain downtown areas; we have [127 : 198] ’sales to listings’ or 64% saturation – look for interest rates to climb over the next three to four months as the Federal Government moves to counter post-recession inflationary conditions.
If you have any questions about specific figures or activity in your neighbourhood please do not hesitate to give us a call! And remember to visit www.susankeevil.com and www.vancouverrealtyonline.com for up to date statistics, new listings, and all relevant real estate news!
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