Vancouver West Housing Report – August, 2011
Detached home sales in Vancouver Westside for the month of August , 2011 at 130 units was 6% lower than the previous month sales of 139 units. The total active listing count increased slightly to around 630. When compared to the average past 3-month sales around 161 homes, the inventory of Vancouver West detached homes (MOI) at around 3.91 months is favourable to sellers. The supply of homes are comparatively low and buyers do not have too much price negotiation power when negotiating to buy their homes.
The limited supply of new listings helps to maintain home prices at current level. The lower sales as experienced the past 3 months could be due to seasonally lower sale during the summer months.
The overall market sentiment is strong and home buyers are looking out for suitable new listings coming onto the market.
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 as reported in August was just under $2.5 million, while the median price was just above $2.2 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.