Vancouver West Housing Report – September, 2011
Detached home sales in Vancouver Westside for the month of September , 2011 at 104 units was 20% lower than the previous month sales of 130 units. The total active listing count increased sharply from around 630 to 810 units. When compared to the average past 3-month sales around 124 homes, the inventory of Vancouver West detached homes (MOI) jumped from around 3.91 to 6.53 months which bring the market into balance. The increase in supply of homes from last month help to ease pricing pressure for resale homes.
Other neighboring municipalities like Richmond, Vancouver East and Burnaby tipped over into a buyers market with inventory surpassing the 7 and 8 months supply of homes. For now, home prices in Vancouver West had not suffer a price decline. The average price at around $2.45 million is lower than the peak at around $2.5 million.
Current market outlook
The median price is hovering around the $2.0 million mark which has been maintained the past 9 months between $2.0 to $2.35 million. With the uncertainties on the economic fronts in the US, Europe and not too encouraging economic news from China, Greater Vancouver housing market sales volume and housing prices will be pressured to go lower. Some economists are forecasting home prices in Greater Vancouver to decline by of 5% to 10%.
You can view detached homes for sale in Vancouver west using the link here.