Vancouver West real estate > detached homes
Detached home sales in Vancouver Westside for the month of December, 2011 at 62 units was just 51% of the previous month sales of 121 units. The total active listings continue to drop sharply second month in a roll to around 550 homes (compared to around 820 homes just 2 months ago). This helped to take some pressure off the market. You can view detached homes for sale in Vancouver west using the link here.
With average 3-month sales around 101 homes, the inventory of Vancouver West detached homes (MOI) at 5.4 months. This helped to re-balance the market and relieve pricing pressure built up in September. The much slower sales pace in the second half of 2011 could be an indication that home prices in Vancouver West may have peaked a few months back.
The home buying activities in Vancouver West are still very strong when compared to the neighboring municipalities like Richmond, Vancouver East and Burnaby. The markets in these other cities were much more tampered and buyers are now taking more time to check out homes for sale on the market. The average home price for West Vancouver for the month spiked up significantly. This could be due to the average price was skewed due to smaller number of sales with higher home prices transacted. The median price dropped slightly, but is is staying above the $2.00 million level.
Current market outlook for Vancouver West detached home market
The Vancouver West detached home market is unique and with reasonable supply and demand from rich home buyers, home sales appear to be fairly well supported. The uncertainties on the economic fronts in the US, Europe and 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.