After several months of slowing sales and increasing supply the new media have made it official. That Vancouver’s Housing Market is now officially slowing and it’s a “Buyer’s Market”.
September sales activity (on the Westside) continues to remain at levels not seen since the late 1990’s. We now have over 12 month’s housing supply and home prices were down (on average 6% ) in September this year’s verses last year.
This all being said, a correctly priced home that presents well will still attract offers and a sale within 30 days. There’s a lot of supply and choice for buyers right now. It’s critical for sellers to make their home stand out from the crowd. Pricing and Presentation is now more important than ever.
Here’s how the numbers stack up:
Westside Single Family Homes: During the month of September there were 86 homes sold compared to 104 last September. Year to date the sales are down by 39% from 1683 homes sold in 2011 to 1013 sold this year.
The average selling price of a home was down 6% this September verses last year to $2,259,214. Year to date the average selling price is up 2% to $ 2,434,759. There were 1044 homes listed for sale at September 30th this year verses 823 one year ago. That’s an increase of 26%
Months of supply has climbed from 7.91 last year to 12.13 this year. We are very much in a Buyer’s Market.
(Hat tip to Lurker on VCI)
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