Westside Vancouver Detached Property Market Update : January 25 - February 2
We would like to present ‘Westside Detached Stat Package’ for the week of January 25th - February 2.
We witnessed strong detached supply numbers for the second consecutive week as the Westside neighbourhoods posted 84 new detached listings (up from 76 new listings in the previous period). Dunbar continued to lead the way with 14 new detached listings as sellers move to meet the excess demand in the area. Shaughnessy and Point Grey also provided strong listing numbers with 9 new detached listings in each area. After very tight supply versus demand conditions over the past 3-4 months we've seen a slight 'loosening' on the supply side as more sellers have proceeded to bring their homes on the market in the face of very active buyer interest. Low interest rates, competitive pricing, and a lack of supply to this point have driven very competitive offer situations on the Westside; with Dunbar, Arbutus, and Point Grey being quite demanding on buyers. Over the past 2-4 weeks we've seen a loosening in supply that should move to offer a more equilibrium set of conditions in many Westside markets.
Confirmed detached sales numbers also improved over last weeks numbers with 37 confirmed detached sales on the Westside (up from 26 confirmed sales in the previous period). Competitively priced properties continue to move with relatively low average 'days on the market' numbers, though multiple offer situations have decreased as supply volume has moved to match the aggressive demand we've seen since the onset of first quarter 2010. Dunbar and Point Grey continued to lead on the sales side with 7 detached sales in each area.
Despite strong demand in many areas (notably Dunbar, Point Grey, and Arbutus) our sales to listing ratio remains skewed towards the supply side with a sales to listings ratio of 37 : 84 or a 44% saturation rate. It is important to look at the placement of the sales activity, however; as we see outliers like South Granville where we witnessed 17 new detached listings to only 1 detached sale as buyers continue to focus on core markets, and are tentative to move further south from the city centre.
Please note if your neighbourhood is not included in the weekly list it indicates there were zero (0) new listings in your area for that period.
The 84 new detached active listings on the Westside were distributed as follows:
Arbutus (AR) : 6
Cambie (CA) : 3
Dunbar (DU) : 14
Kerrisdale (KE) : 3
Kitsilano (KT) : 8
Mackenzie Heights (MH) : 4
Marpole (MR) : 2
Oakridge (OA) : 1
Point Grey (PG) : 9
Quilchena (QU) : 2
South Cambie (SC) : 1
South Granville (SG) : 17
Shaughnessy (SH) : 9
Southlands (SL) : 2
S.W. Marine (SW) : 2
University (UL) : 1
84 total new detached listings on the Westside from January 25 - February 2.
This past week there were 37 detached sold listings in the Vancouver West Region. Please note if your neighbourhood is not included in the weekly list it indicates there were zero (0) sales in your area for that period.
The 37 detached sold listings on the Westside were distributed as follows:
Arbutus (AR) : 4
Cambie (CA) : 4
Dunbar (DU) : 7
Kerrisdale (KE) : 2
Kitsilano (KT) : 3
Mackenzie Heights (MH) : 1
Marpole (MR) : 1
Point Grey (PG) : 7
Quilchena (QU) : 1
South Granville (SG) : 1
Shaughnessy (SH): 1
Southlands (SL) : 3
S.W. Marine (SW) : 2
37 total detached sales on the Westside from January 25 - February 2.
If you are interested in more detailed breakdowns of sales versus listing ratios for your area please do not hesitate to get in touch with us! And remember to visit http://www.susankeevil.com and http://www.vancouverrealtyonline.com for even more real estate updates and info!