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October is here, and with it comes the weather that we love to hate. I always say that there are two subjects that Vancouverites like to talk about most: the weather and real estate. It’s raining right now, so let’s get down to real estate.
Click here to download the complete Q3 2012 Westside Analysis.
Here are some of the highlights from each of the three property segments in the fourth quarter:
Actual sales prices have rebounded from the sharp corrections in Q2, as both the median and average sales prices climbed back towards first quarter levels.
The HPI Benchmark Price didn’t show the same trend that Actual sales did, as a typical Westside Benchmark Property is now estimated to sell for 5.2% less than in Q2. However, it really depends on the neighbourhood, as typical homes in Oakridge, Quilchena, South Granville and Mount Pleasant (West) saw 1.5%, 1.6%, 2.8% and 16.8% quarterly growth in their respective Benchmark Prices.
The sharpest decline occurred in Point Grey, where estimated selling prices sit 24.8% below 2011 levels. Buyers are clearly responding to this opportunity, as Point Grey led the Westside in Q3 with 33 single-family homes sold.
YTD unit sales of Detached Homes are down by 39% compared to last year. Part of the slowdown can be associated with the fact that these Homes are taking longer to sell – the median days on market has increased to 34 days, compared to just 14 in Q1.
The Westside as a whole has shifted in favour of the home buyer, as 796 new single-family home listings were added and 238 were sold. This represents a sales-to-new-listings ratio of 30%, which can indicate a Buyer’s Market. This trend is particularly strong at the higher price points – for example, homes priced by $3.75 and $4 million had a sales-to-new listings ratio of just 4%. The market is more balanced for homes priced between $1.25 and $2.25 million.
The third quarter was relatively slow for Westside Townhouse sales, with 115 units sold. That brings the year-to-date total to 421 units sold (30% below 2011 levels).
Just like the other categories, Townhouses are also selling more slowly, as Buyer’s become more patient with the market and consider their options with the current inventory. The median days on market reached 40 days in the third quarter, up from 17 in Q2.
As a whole, the sales-to-new-listings ratio was at 37% in the third quarter – this is indicative of a Buyer’s market. The strength of the Buyer’s market is more obvious in the higher price range ($1.3 million +) where new listings are greatly outpacing sales.
The most active neighbourhood in the third quarter was Kitsilano, representing 33% of all Westside townhouse sales. Correspondingly, Kitsilano’s HPI Benchmark Price of $678,400 falls within the most active price segment of $600,001 and $700,000. That price segment is very balanced with a sales-to-new-listings ratio of 56%.
Condo prices remain the most stable of the 3 property types on the Westside. The median sales price has stayed within a $6,000 range so far in 2012, and the HPI Benchmark Price for the Westside as a whole is just 1.2% below 2011 levels at $465,600.
In total, 13 Westside neighbourhoods posted quarter-over-quarter gains in their estimated selling prices, ranging from just 0.1% in Dunbar to a very healthy 5.2% in Cambie. Coal Harbour posted a notable 3.5% 3-month gain to reach $648,700 for a typical condo.
Compared to Q3 of 2011, sales were down by 30% with 698 units sold. Year-to-date, the Westside has sold 2,777 units so far this year (22% less than 2011). Much of the slowdown can be associated with the increased time it is taking to sell a condo, as the median days on market reached 37 days in Q3, up from 24 in Q2.
With a sales-to-new-listings ratio of 38%, the Westside as a whole is in the early stages of a Buyer’s market. However, this varies significantly by price point. The most active price segment ($300,001 – $400,000) was more balanced, with 169 condos sold and a ratio of 47%. Buyers have more options in the luxury segment as supply is beginning to greatly outweigh demand.
Click here to download the complete Q3 2012 Westside Analysis (PDF).
Fawn Bluff,Bute Inlet
5791 Newton Wynd,Vancouver West
2606 – 2610 Marine Crescent,Vancouver West
The River House Estate,Telkwa
4566 NW Marine Drive,Vancouver West
1098 Wolfe Avenue,Vancouver West
5476 Angus Drive,Vancouver West
4745 West 6th Avenue,Vancouver West
4176 Crown Crescent,Vancouver West
1657 W King Edward Avenue,Vancouver West
1075 Douglas Crescent,Vancouver West
4327 Locarno Crescent,Vancouver West
4584 West 1st Avenue,Vancouver West
3690 East Boulevard,Vancouver West
4335 Rockridge Road,West Vancouver
6640 Mang Road,Richmond
2421 Eddington Drive,Vancouver West
2336 West 20th Avenue,Vancouver West
9911 Bates Road,Richmond
611 Shaw Avenue,Coquitlam
2349 Lawson Avenue,West Vancouver
2714 West 32nd Avenue,Vancouver West
2817 138th Street,South Surrey White Rock
3676 West 50th Avenue,Vancouver West
11220 Seaton Road,Richmond
229 Fourth Street,New Westminster
2-2838 Birch Street,Vancouver West
4629 Ross Street,Vancouver East
10180 Finlayson Drive, Richmond,Richmond
615 Shaw Avenue,Coquitlam
1101 – 535 Nicola Street,Vancouver West
1552 129A Street,South Surrey White Rock
803 – 175 Victory Ship Way,North Vancouver
10640 Anglesea Drive,Richmond
203 – 1024 West 7th Avenue,Vancouver West
2415 West 1st Avenue,Vancouver West
1837 West 12th Avenue,Vancouver West
2885 Woodsia Place,Coquitlam
202-2065 West 12th Avenue,Vancouver West
903 – 112 East 13th Street,North Vancouver
217-10780 No 5 Road,Richmond
210-5629 Dunbar Street,Vancouver West
2204 Portside Court,Vancouver East
206-4080 Yukon Street,Vancouver West
538 – 1515 West 2nd Avenue,Vancouver West
140-15230 Guildford Drive,Surrey
202 – 14100 Riverport Way,Richmond
103 – 930 West 16th Avenue,Vancouver West
113 – 9299 Tomicki Avenue,Richmond
Lot Q 739 Highland Road, Roberts Creek,Sunshine Coast
402 1875 West 8th Avenue,Vancouver West
304 8139 121A Street,Surrey
851-855 Terminal Avenue,Vancouver East
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