Vancouver West Housing Report – November, 2011
Detached home sales in Vancouver Westside for the month of November, 2011 at 121 units was at the same level as the previous month sales of 120 units. The total active listing count dropped significantly from the previous month total around 820 units to around 700 units. When compared to the average past 3-month sales around 115 homes, the inventory of Vancouver West detached homes (MOI) at 6.09 months. This is a fairly balanced market. When compared to the spring market, the slower sales pace and substantial supply of new listings in September and October helped to ease the frantic pace of buying activities.
The home buying activities are still very strong as there was no slowing down in the number of buyers eagerly looking out for good new listings coming onto the market. Other neighboring municipalities like Richmond, Vancouver East and Burnaby are seeing fairly steady home buyers activities. As can be seen from the median and average home prices chart above, the ease off in the average price is small, while the median price is holding on at $2.15 million level. The average price at around $2.40 million is lower than the peak at around $2.5 million.
Current market outlook
The median price for Vancouver west’s detached homes had been hovering between $2.0 to 2.25 million level the past 8 months. The uncertainties on the economic fronts in the US, Europe and not too encouraging economic news from China, are not having a significant dampening effect on home prices in Vancouver west.
You can view detached homes for sale in Vancouver west using the link here.