Vancouver West Detached Homes – January, 2011
Detached home sales for the month of January 2011 at 134 units was 16% higher than the previous month sales of 116 homes. When compared to the total active listing count around 400 homes, the inventory of Vancouver West detached homes (MOI) at around 2.98 months pointed to a market with very tight supply of homes. The current strong pricing pressure would continue to move detached home prices higher in the coming months. Unless there are more homes coming onto the market, or a huge jump in mortgage rates to dampen the market, 2011 will likely result in higher detached home prices for Vancouver West.
With fewer choices for home buyers, sellers are holding firm or increasing their homes’ selling prices. The average Vancouver West home price jumped substantially from around $2.15 million to around $2.75 million in January. The median price continued to edge up to and currently it is at just over $2.0 million. Current price level is expected to maintain with a reasonably stable spring market for 2011.
Building Lot Sales Activities
Sales activities for older detached homes in Vancouver West are strong with multiple offers being reported. Homes that were sold within days of posted on the mls system were selling at full price and very often in multiple offers situation, successful buyers paid much higher prices than asking to secure the homes they want to purchase.
You can view detached homes for sale in Vancouver west using the link here.