We have compiled sales and listings statistics for the period running from
November 2nd to
November 9th,
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 remained relatively stable for the second consecutive week; with downtown and the Westside neighbouhoods demonstrating similar listing and sales numbers to what we've been seeing since around the third week of October. New sales supply has continued to be slightly contracted after falling on average at the end of last month, with
170 new attached listing; in previous periods we saw new attached sales numbers in the 200 - 275 range per week, but since the last portion of October we've seen a stabilization at the
170 per week mark
.
As mentioned, the supply ratio between downtown and the Westside
remained static as both areas witnessed a similar drop off in new
listing supply; with the downtown markets accounting for
60% of new listing activity, which we've come to identify as the norm over the 2009 recovery market.
Sharp pricing continues to make the difference between long listing
periods and shorter sales times as sellers with over-ambitious starting
prices watch their properties take notably longer 'days on the market'
periods to sell. 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. Sales volume continues to trend upwards and demonstrate stability, with
160 confirmed transactions; up from 136 sales the previous 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. Bank of Canada posturing indicates stable lending rates through early-2010.
Listing versus Sales update for November 2nd to November 9th
170 new listings in the Vancouver West Region with 102 (60%) falling in the downtown areas (including: West End,
Downtown,
Coal Harbour, and
False Creek North sub-areas).
New Listings Per Sub-Area:
TOTAL : 102 (60%)
160 total sales in the Vancouver West Region with 98 (61%) falling in the downtown areas.
Sales Per Sub-Area:
TOTAL : 98 (61%)
As mentioned, the downtown markets accounted for 61% of the
overall Vancouver West sales increases this past week. New listing activity remains the most active in the 1-bdrm market, with plenty of units priced in the sub-$400,000 range.
The downtown markets represented a significant portion of the
Vancouver
West market share; with 60% of
new listings falling in the downtown neighbourhoods; and 61% 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 [160 : 170] ’sales to listings’ or 94% saturation
– as noted government posturing seems to indicate a stability in lending rates over the interim.
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! Also check out our other downtown specific sites at:
http://www.vancouverscondos.com ,
http://www.yaletownresidences.com,
http://www.coalharbourmarketing.com, and
http://www.mrdowntown.ca!
Mr.Downtown
604.418.7653
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