February Sales Report – Vancouver West Detached Homes

March 26, 2011

in Vancouver west homes

Vancouver West Detached Homes – February Sales

Detached home sales for the month of February, 2011 at 242 units was 80% higher than the previous month sales of 134 homes.  When compared to the total  active listing count around 470 homes, the inventory of Vancouver West detached homes (MOI) at around 1.94 months is very tight on the supply of homes.  The current strong pricing pressure would continue to move detached home prices higher in the coming months. Unless there are much more homes coming onto the market, or a huge jump in mortgage rates, 2011 will likely result in much higher detached home prices for Vancouver West.

Current market outlook

With fewer choices for home buyers, sellers are listing their homes at higher prices than comparable homes that were sold in recent weeks.  The average Vancouver West home  price jumped substantially from around $2.15 million in December to around $2.3 million in January and 2.4 in February, 2011.  The median price continued to edge up and currently it moved to a new height around $2.1 million after exceeding $2.0 million last month. Current price level is expected to maintain its momentum and the housing market for  2011 is expected to remain positive.

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Building Lot Sales Activities

Sales activities for older detached homes in Vancouver West are very strong with multiple offers bidding up the prices to record level.  Homes that were sold within days of posted on the mls system were very often selling at prices way over asking on homes that received multiple offers.

You can view detached homes for sale in Vancouver west using the link here.

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