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It’s that time of year again! We’ve closed off the fourth quarter which means it’s time to review and reminisce about the 2012 year in Vancouver Real Estate.
Click here to download the complete Q4 2012 Westside Analysis.
Here are some of the highlights from each of the three property segments in the fourth quarter:
2012 was a year defined by lower overall sales volume. Sales in the fourth quarter were 31% below the same quarter last year. In total, 1,228 detached homes were sold on the Westside in 2012 – this is down by 38% compared to 2011.
Home values, for the most part, also ended the year below 2011 levels. The MLS® HPI Benchmark Price for a typical Detached Home on the Westside was down by 5.5% year-over-year. The median sales price reinforced this trend, settling just below the $2 million mark at $1,980,000, representing a drop of about 8%.
Several neighbourhoods bucked this trend. Kitsilano finished the year strong, with 20 units sold in the fourth quarter and a Benchmark Price of $1,436,700 – up by 1.9% from December of 2011. Quilchena led the Westside in year-over-year home value growth, with a solid gain of 4.8% to reach $2,411,500. University was the hottest neighbourhood in the fourth quarter, with its Benchmark Price jumping by 8.7% in just 3 months.
The Buyer’s Market we experienced in the third quarter has begun to shift towards being more balanced on an overall basis, as the fourth quarter ended with a sales-to-new-listings ratio of 43% – an improvement from a 30% ratio at the end of the third quarter.
When you look at the sales-to-new-listings ratio by price segment, however, you will see much greater variance. For example, for homes priced above $4,000,001, the Buyer’s Market is holding strong with an 18% ratio. On the other hand, for homes priced between $2 and $2.5 million, it is clearly a Seller’s Market with a ratio of 142%.
According to actual sales results from the fourth quarter, the median sales price for a Westside Townhouse ended the year at $879,500, representing again of 10% from Q4 2011. Conversely, the Benchmark Price for a typical Westside Townhouse ended the year 3.0% below December 2011 levels at $663,600.
In order to truly understand the value trends, Townhouses need to be considered at the neighbourhood level. Some of the lower-volume neighbourhoods, like Cambie and University, finished the year well above 2011 levels, with gains in their Benchmark Prices of 13.6% and 10.7% respectively. The highest-volume neighbourhood, Kitsilano, saw its Townhouse values drop by 13.1% to $589,800 in just the past quarter.
Like the other two categories, Townhouses experienced a more balanced market in the fourth-quarter. The sales-to-new-listings ratio was 49%, compared to 37% at the end of the third quarter. The hottest price segment was between $900,001 and $1 million with 14 units sold in the fourth quarter.
Sales volume for Westside Townhouses decreased as the year went along, with fourth quarter sales totaling 99 units. However, this represents just a 14% drop from 2011 unit sales. In total, 27% fewer Westside Townhomes sold in 2012. Townhouses were selling 5 days faster than in the previous quarter, according to the median days on market – however, this is still 10 days higher than in Q4 of 2011.
For the most part, Condo prices on the Westside remained steady in 2012. The median sales price was $470,500 in the fourth quarter, just $500 above the median sales price at the end of 2011. Benchmark Prices showed a slight downward trend, ending the year at $463,700, or 1.3% below December 2011 levels.
As always, digging down to the neighbourhood level reveals a greater range of home value trends. For example, Condo values in the Downtown Core ended the year up by 3.6% at $387,800 – Downtown also experienced the most sales volume in the fourth quarter, with 136 condos sold. Yaletown, which ended the year 3.3% below December 2011 levels, has shown more recent strength and actually says its condo values increase by 6.8% in just 3 months to reach a Benchmark price of $537,100.
The fourth quarter was quite slow in terms of Condo sales, with 566 units sold – this is 35% less than the fourth quarter of 2011. Overall, 3,343 Condos sold on the Westside in 2012, compared to 4,425 in 2011. This slowdown is strongly associated with the fact that Condos are taking longer to sell. The median days on market was 42 days at the end of 2012, compared to just 23 at the end of Q1 2012.
Click here to download the complete Q4 2012 Westside Analysis (PDF).
Fawn Bluff,Bute Inlet
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The River House Estate,Telkwa
4566 NW Marine Drive,Vancouver West
1098 Wolfe Avenue,Vancouver West
5476 Angus Drive,Vancouver West
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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
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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