Downtown Vancouver Attached Property Market Update : January 4 - January 11
We have compiled sales and listings statistics for the period running from January 4th to January 7th, 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. As we ease into the post-holiday 2010 market we have witnessed a signficant jump in new listing supply, well confirmed sales volume continues to lag; though that again could be partially attributed to the 'holiday drag' as contracts continue to be finalized and deals go firm. Vancouver West saw a total of 237 new active attached listings this past week; with downtown accounting for 150 new listings or roughly 63% of total new listing supply. This is a return of the pre-holiday market where we saw an average of approximated 210 new listings per weekly period. Sharp pricing remains paramount in all markets as average days on the market is low for well-priced listings, well over-priced units tend to remain on the market for a more extended time frame. We continue to see a lack of supply in the lower-end 2-bedroom market ($500,000 range) and units in the Yaletown and False Creek North neighbourhoods continue to move at a brisk pace. The luxury market continues to move at a consistent if relatively decreased pace; where listings over $1,000,000 tend to take between 40-75 days on the market depending on pricing and area. As mentioned, sales volume continued to lag behind after the holiday lull; with 61 confirmed attached sales in Vancouver West. The downtown markets accounted for 33 confirmed attached sales or approximately 54% of total sales volume. The market continues to display evidence of stability leading into the 2010 Olympic games with first time buyers being the most active demographic, but the buyer demand is moving upwards; though luxury markets continue to see mixed conditions depending on area.
Listing versus Sales update for January 4th - January 11th
237 new listings in the Vancouver West Region with 150 (63%) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).
New Listings Per Sub-Area:
- Downtown Core: 92 (62%)
- Coal Harbour: 12 (8%)
- West End: 23 (15%)
- False Creek North: 23 (15%)
TOTAL : 150 (63%)
61 total sales in the Vancouver West Region with 33 (54%) falling in the downtown areas.
Sales Per Sub-Area:
- Downtown Core: 17 (52%)
- West End: 5 (15%)
- Coal Harbour: 5 (15%)
- False Creek North: 6 (18%)
TOTAL : 33 (54%)
The downtown markets continued to lead the Vancouver West attached market; accounting for 63% of new listing supply, and 54% of total sales volume. New listing supply increased in the first quarte 2010 market to combat the excess of demand we've been witnessing since the fourth quarter of 2009; as nearly record low interest rates and limited options continue to fuel buyers.
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.susankeevil.com and www.vancouverrealtyonline.com for up to date statistics, new listings, and all relevant real estate news!