Vancouver West Detached Homes – March Sales
Detached home sales for the month of March, 2011 at 279 units was 15% higher than the previous month sales of 242 homes. When compared to the total active listing count around 515 homes, the inventory of Vancouver West detached homes (MOI) at around 2.36 months is very tight on the supply of homes.
The limited supply and strong demand for homes is keeping home prices high, and there is no sign of a slow down in home prices moving higher.
Although the supply of homes over the past 3 months increased significantly, there was a much stronger demand for homes compared to the same period last year. The overall market sentiment is strong and there are many home buyers ready to snatch up homes that are priced according to current market expectation.
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 is now hovering around $2.3 million. The median price for the month dropped back to around 1.80 million from around $2.10 million recorded last month. The price level for Vancouver West detached homes is expected to be maintained.
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.