We have compiled sales and listings statistics for the period running from September 8th to September 15th, 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 experienced a third consecutive week of weakened sales volume, though the market did improve slightly.  In the downtown markets this has a lot more to do with the quality, quantity, and location of desirable listings then more global economic variables.  New listings continued to trend upwards, but the spacial distribution of the listings did not curb demand in the 'hotter' 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 209 new attached listings; supply rebounded as mentioned this past week, up from the 145 new listings submitted last week.  Sales volume saw a marginal increase, with 125 sales (up from 106 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 8th to September 15th

209 new listings in the Vancouver West Region with 115 (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: 70 (61%)
• Coal Harbour: 13 (11%)
• West End: 18 (16%)
• False Creek North: 14 (12%)

TOTAL : 115 (55%)

125 total sales in the Vancouver West Region with 66 (53%) falling in the downtown areas.

Sales Per Sub-Area:

• Downtown Core: 37 (56%)
• West End: 12 (18%)
• Coal Harbour: 11 (17%)
• False Creek North: 6 (9%)

TOTAL : 66 (53%)

Sales volume saw a moderate recovery, and new listing activity rebounded noticeably; though as mentioned the distribution of the new listings remains focused in certain areas. The downtown markets took a moderate percentage of the Vancouver West market share; with 55% of new listings falling in the downtown neighbourhoods, and 53% 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 [125 : 209] ’sales to listings’ or 60% saturation – interest rates fell last 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.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