Downtown Vancouver Attached Property Market Update : May 19th - May 25th
We have compiled sales and listings statistics for the period running from May 19th to May 25th, and released them in this easy to read format! If you have any further questions or require more detail please get in touch with us. We witnessed another notable drop in new listing supply this past week; down to 130 new listings from 187 new listings the previous week, which demonstrated a ~30% supply decrease. US and foreign buyer activity has been increasing recently as we have been working with numerous buyers out of California, Florida, and China with more coming in daily interested in Canada’s insulated banking system, competitive financing options, and relatively low Vancouver prices. April and May have historically been quite busy periods for our markets, and we anticipate an increase in both listing and sales activity through mid-June prior to a predictable lull in the later summer months. Buyer activity has continued to increase as we witness more multiple offer situations. Transaction volume numbers have remained strong, and with interest rates looking to remain low in the interim we expect a very competitive summer for our markets.
Listing versus Sales update for May 19th - May 25th
130 new listings in the Vancouver West Region with 72 (55%) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).
New Listings Per Sub-Area:
- Downtown Core: 33 (45%)
- Coal Harbour: 13 (18%)
- West End: 17 (24%)
- False Creek North: 9 (13%)
TOTAL : 72
155 total sales in the Vancouver West Region with 79 (51%) falling in the downtown areas.
Sales Per Sub-Area:
- Downtown Core: 26 (30%)
- West End: 25 (29%)
- Coal Harbour: 6 (7%)
- False Creek North: 22 (25%)
TOTAL : 87
Sales volume continued to demonstrate further stability over the first quarter 2009, remaining strong, moving from 157 sales to 155. Of note is the continual movement of the downtown market towards equilibrium as sales versus new listings have remained in the 1 : 1 ratio range; indicating improving market fundamentals (notably a healthy supply versus demand dynamic). We expect stronger sales movement to continue through late-Spring. As stated previously there has been an influx of buyer activity over the past month and a half, as more individuals seem to be looking at price depreciation and favorable mortgage conditions. The sales to listing ratio also remained strong this past week sitting at [157 : 177] ’sales to listings’ or 89% saturation - very competitive financing options, and a slight drawback on the supply side have led to a much tighter downtown market!
If you have any questions about specific figures or activity in your neighbourhood please do not hesitate to give us a call! And remember to visit www.vancouverrealtyonline.com for up to date statistics, new listings, and all relevant real estate news!
Vancouver Realty Online