The active listings for condos and apartments for Vancouver West in November 2010 at just under 1,650 homes against total sales of 352 homes, produced a relatively stable 4.69 months supply of condos. At current level of supply and demand, the condo market in Vancouver West is relatively stable with little market pricing pressure on condo buyers and sellers. In spite of a more balanced market, both the median and average selling prices for condos in Vancouver West declined from the previous month. The continued decline in active listings from the height around 2,500 homes as listed in June, 2010 helped to provide some stability to the market. At current the pace of supply and demand, there is no strong selling or buying pressure to move condo prices up or down. Compared to the same month a year ago, sales volume was lower by 27% and the median price was lower by about 4%.
Buyer activities are relatively stable, and there are a good selection of homes for buyers to choose from. When compared to sales activities over a 12 to 15 months period, sale volume was significantly lower. Both the average and median prices for Vancouver West condos and apartments are hovering at levels within a narrow horizontal range.
Seasonally, the winter months are expected to post lower sales. Although some housing critics were predicting home prices to decline next year, this may not happen if the supply and demand for condos and apartments remain stable. If interest rates are maintained at current level, the 2011 condo market for Vancouver West especially Downtown Vancouver may be expected to remain stable.