Vancouver West Housing Report – July, 2011
Detached home sales in Vancouver Westside for the month of July , 2011 at 139 units was 35% lower than the previous month sales of 213 units. The total active listing count increased slightly to around 615. When compared to the average past 3-month sales around 193 homes, the inventory of Vancouver West detached homes (MOI) at around 3.18 months is definitely a Seller’s Market with strong buying pressure to move home prices higher.
The limited supply of new listings and the fairly strong demand for homes continued to keep home prices high. There is no sign of a slowing down in buying activities from home buyers.
The overall market sentiment is strong and there are many home buyers ready and willing to buy in spite of home prices already moved up by more than 15% over the past 4 months.
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 months. The average Vancouver West home price is now hovering around $2.40 million, while the median price was just above $2.0 million. With limited supply of new listings, the current price level for Vancouver West detached homes is expected to remain positive with pricing pressure to move home prices higher.
You can view detached homes for sale in Vancouver west using the link here.