Vancouver Real Estate – Humming Along

Drum roll please

The Vancouver Real Estate market continues to march along. The comparative numbers will for some, alleviate fears that the market was about to burst. For others, it continues on its path of unaffordability.

Attached – West Side

The West side attached total number of listings is slightly down at 1379. Total sales to date ring in at 318 again, slightly down from 2007 at 342.

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The surprise is that total listings has surpassed 2007 at 745. The real estate rule of thumb would suggest that with more listings available we should see a price drop. Not so! The average price increased from 2007’s $466,107 to $511,920.

My guess – buyers are still very selective and will only buy the best of the best and are still prepared to pay a higher price to get what they want.

Detached West Side

The pattern seen in the attached properties is duplicated in the west side detached area. Total active listings are higher than last year at 374. Sales are slighty lower at 75. More properties have been put on the market at 236.

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Here too a price drop would have been expected based on the influx of listings but instead, the average price increased from $761,105 to $877,272.

Whole Enchilada

The overall state if the Vancouver real estate market is arrived at by looking at the the most comprehensive outlook that incorporates all areas and all residential housing.

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Total active listings are just below the volume experienced in 2007 at 9998. Sales have fallen by less than 10 units compared to 2007. The inflow of new listings surpassed last year (4213) to 4881. Like the housing types above the average price for all residential housing catagories increased to $588,183 from $530,695

I see a still vibrant market that may grow further when coupled with the expected drop in interest rates, will continue on a path similar to that seen to date.

This could be the very best time to buy or sell.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email. Larry

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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