Downtown Vancouver Attached Property Market Update : January 11 - January 18
We have compiled sales and listings statistics for the period running from January 11th to January 18th, 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 moved into the second week of January new listing supply continued to remain strong, with 238 new attached listings (compared to 237 new listings in the previous week); with 137 listings or 57% falling in the downtown neighbourhoods, a slight decline from the 63% we saw last week. The West End and the downtown core continued to be the most active in regards to new supply, with 29 new listings in the West End, and 78 in the downtown core neighbourhood (though this was down from 92 new listings the previous week). When compared to the Westside areas we see a high of 26 new active listings in Kitsilano. Confirmed sales volume continued to lag notably behind new listing supply as we saw 58 confirmed transactions across all of Vancouver West. The downtown core demonstrated the largest gap in listing to sales ratio with 25 attached sales downtown compared to 78 new listings; giving us a low 32% listing saturation rate. The West End, and Kitsilano also demonstrated low confirmed sales numbers when compared with new listing volume. Downtown as a whole accounted for 39 sales or 67% of confirmed sales volume this past week (up from 33 confirmed sales in the previous period). There remains access demand in certain areas; most notably for lower-end two-bedrooms in the $450,000 - $600,000 price range in and around Yaletown and False Creek North. The areas near Crosstown (Tinseltown) also continued to move product quite quickly.
Listing versus Sales update for January 11th - January 18th
238 new listings in the Vancouver West Region with 137 (57%) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).
New Listings Per Sub-Area:
- Downtown Core: 78 (57%)
- Coal Harbour: 12 (9%)
- West End: 29 (21%)
- False Creek North: 18 (13%)
TOTAL : 137 (57%)
58 total sales in the Vancouver West Region with 39 (67%) falling in the downtown areas.
Sales Per Sub-Area:
- Downtown Core: 25 (62%)
- West End: 7 (17%)
- Coal Harbour: 5 (11%)
- False Creek North: 4 (10%)
TOTAL : 39 (67%)
The downtown markets continued to lead the Vancouver West attached market; accounting for 57% of new listing supply, and 67% 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. Confirmed sales transactions trended upwards slightly this week after starting off the New Year with relatively low figures, but new listing supply continued to outpace confirmed sales by approximately 3:1 downtown.
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!