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Downtown Vancouver Attached Property Market Update : September 21st - September 28th

By
Real Estate Agent with RE/MAX Select Properties

We have compiled sales and listings statistics for the period running from September 21st to September 28th, 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.  We continued to see growth in attached listing supply as new listing numbers trended upwards for the third straight week into late-September.  Sales volume recorded a moderate recovery as transaction volume moved from 136 confirmed sales in Vancouver West to 165 confirmed sales over this past week.  The downtown neighbourhoods only accounted for a small margin of this increase, however; as sales moved from 87 sales to 90 sales in the downtown areas.  False Creek North and Yaletown continue to be heavily in demand, especially in the mid-grade price brackets; ranging from around $400,000 up to $700,000.  Well-priced listings are moving at a hectic pace in these markets! Vancouver West as a whole saw 286 new attached listings; supply increased for the third straight week, up from the 219 new listings submitted last week.  Sales volume saw another slight increase, with 165 sales (up from 136 confirmed in the previous period).  Supply remains limited in the 1-bedroom market with sales of properties under the $450,000 mark continuing to be brisk; Yaletown and False Creek North continue to demonstrate pent up demand conditions.  We expect modest conditions to continue through mid-September prior to the regular increase in market activity in the Fall.

Listing versus Sales update for September 21st to September 28th

286
new listings in the Vancouver West Region with 156 (55%) falling in the downtown areas (including:West End, Downtown, Coal Harbour, and False Creek North sub-areas).


New Listings Per Sub-Area:

TOTAL : 156 (55%)

165 total sales in the Vancouver West Region with 90 (54%) falling in the downtown areas.

Sales Per Sub-Area:

TOTAL : 90 (54%)

The downtown markets accounted for only a slight percentage of the overall Vancouver West sales increases this past week. New listing activity rebounded for the third straight week; though as mentioned the distribution of the new listings remains focused in certain areas. The downtown markets took a lower-then-average percentage of the Vancouver West market share; with 55% 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, and over-supply in others; we have [165 : 286] ’sales to listings’ or 58% saturation – interest rates remained stationary this past week with most lenders offering in the range of 4.19% on a fixed 5-year term.

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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