Downtown Vancouver Attached Property Market Update : May 25th - June 1st
We have compiled sales and listings statistics for the period running from May 25th to June 1st, 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. This past week (and the month of May in general) was marked by an increase in market activity (both listings and sales) as well as a further demonstration of market stability and equilibrium; with 254 new listings (up from 130 new listings the previous week), which demonstrated a ~49% supply increase. 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. Many lenders and mortgage specialists have been predicting (quite rightly) a forthcoming increase in lending rates as our economy begins its recovery. Stock market health, a decrease in credit gaps as well as healthy commodity prices have aided in a Canada-wide stabilization. Transaction volume numbers have remained strong, and with interest rates looking to remain relatively low in the interim we expect a very competitive summer for our markets.
Listing versus Sales update for May 25th - June 1st
254 new listings in the Vancouver West Region with 138 (54%) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).
New Listings Per Sub-Area:
- Downtown Core: 71 (51%)
- Coal Harbour: 26 (19%)
- West End: 28 (20%)
- False Creek North: 13 (10%)
TOTAL : 138
213 total sales in the Vancouver West Region with 108 (51%) falling in the downtown areas.
Sales Per Sub-Area:
- Downtown Core: 50 (46%)
- West End: 32 (30%)
- Coal Harbour: 12 (11%)
- False Creek North: 14 (13%)
TOTAL : 108
Sales volume continued to demonstrate continual growth over the first quarter 2009, moving from 155 sales to 213. 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 early-Summer. 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 [213 : 254] ’sales to listings’ or 84% saturation - stronger market fundamentals, a return to supply / demand equilibrium, and an influx of buyer activity has been leading our recovery period!
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!