Downtown Vancouver Attached Property Market Update : March 23rd - March 30th

We have compiled sales and listings statistics for the period running from March 23rd to March 30th, 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. Entrance level buyers continued to actively browse the market as showing activity again increased this week, and sales remained at a higher benchmark as we move into early Spring.  New listings have continued to decline (down to 132 from 170 or 22%), which indicates strong market variables amongst sellers who are not ‘afraid to hold onto product’ in a relatively down market.  This demonstrates the continuation of the ‘tightening up’ of the downtown market (and Vancouver West markets in general). As mentioned, we expect the increased buyer activity and great lending conditions to result in an increase in sales as we continue into Spring.

Listing versus Sales update for March 23rd - March 30th

132 new listings in the Vancouver West Region with 72 (55%) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).

New Listings Per Sub-Area:

• Downtown Core: 38 (53%)
• Coal Harbour: 9 (13%)
• West End: 9 (13%)
• False Creek North: 16 (21%)

TOTAL : 72

111 total sales in the Vancouver West Region with 66 (59%) falling in the downtown areas.

Sales Per Sub-Area:

• Downtown Core: 33 (47%)
• West End: 19 (31%)
• Coal Harbour: 5 (4%)
• False Creek North: 9 (18%)

TOTAL : 66

Sales continued their relatively strong performance over the first quarter 2009, moving from 94 sales to 111; the number remains well below seasonal norms but has improved notably over the past 12 weeks.  We expect stronger sales movement to continue through early-Spring.   As stated previously there has been an influx of buyer activity over the past month and a half, as more individuals seem to be looking at price depreciation and favorable mortgage conditions. The sales to listing ratio also remained strong this past week sitting at [111 : 132] or 84% - with market equilibrium, and the bottom of the current housing recession now in sight!

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.vancouverrealtyonline.com for up to date statistics, new listings, and all relevant real estate news!