Friday Facts – West Side Detached

Inventory Up

Vancouver Real Estate’s West Side has a greater number of Total Active Listings at 414 compared to last year at 375 – up 10%.

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The number of homes listed for sale since the beginning of the year is down 32% in comparison to last year.

The number of Sales are down for the same period from last year by 51%.

Prices on West Side still Rise

The Average Price has increased to $1.8 million from $1.3 – an increase of 30%

Where is the West Side Market Going?

Not a day goes buy where this question is not asked. Basically we have

More inventory – Fewer sales – Increased prices. 2007 was a record year so comparisons become problematic. Any number that is lower is construed by some to be the beginning of doom. However, a recent post considered the economic indicators that support a contrary view. Based on that post and article referenced I think that the Vancouver Real Estate Market is just settling into something more normal.

Who Is Buying at These Prices?

According to the most recent survey more than half of home purchases are made by those who previously owned a home. Published by the Mustel Group in 2007 on behalf of the Real Estate Board of Greater Vancouver the survey says that 54% of the purchasers bought and sold. It is reasonable to assume that these buyers are purchasing their new home with a substantial amount of equity from their first home.

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Affordability

While current interest rates and mortgage terms appear attractive, for the first- time buyer, the burden of high level debt is a deterrent that with each real estate price increase erodes further, their ability to participate in the market place.

I’m always happy to answer your Vancouver Real Estate questions. Feel free to drop me an email. Larry Yatkowsky

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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