October 2011 Real Estate Update

(November 03, 2011 )

According to the Real Estate Board of Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in the direction over the past 5 months.  October sales for Greater Vancouver ranked the 2nd lowest total for October over the last 10years.  At the moment buyers have a good selection of properties to choose from and more time to make a decision on it.  Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively. 
This is not as evident in North&West Vancouver as our listing to sales % ratio are producing strong numbers.  The supply and demand seem fairly equal, especially in North Vancouver.

In North Vancouver the number of detached homes listed went from 204 in October - 116 in September and out of the 116 listed homes 79% sold.  There were 196 apartments listed compared to October 196 with 61% of those sold.  These numbers are well above average looking at the Greater Vancouver stats. Sales for Detached homes in North Vancouver grew.
In West Vancouver there were 149 detached homes listed in October of those 41% sold; compared to 189 listed in September of those 38% sold.  Have a look at West Vancouver Stats detached houses the numbers are astonishing, if we only had a crystal ball.....my money would have invested there for sure!
Here are the facts...

NORTH VANCOUVER

Single Family Benchmark Price - $952,808 1 year change - up 4%3 year change - up 18.7%5 year change - up 29%
Town Homes Benchmark Price - $659,9781 year change - up 13.3%3 year change - up 15.2%5 year change - up 24.9%
Apartment Benchmark Price - $384,9901 year change - 0.0%3 year change - up 6.3%5 year change - up 11.7%

WEST VANCOUVER

Single Family Benchmark Price - $1,694,4701 year change - 19.9% WOW!3 year change - 48.5% DOUBLE WOW!5 year change - 32.7% WE ALL WISHED WE BOUGHT IN WEST VANCOUVER!
Apartment Benchmark Prices - $682,8871 year change - up 9.1%3 year change - up 17.9%5 year change - up 20.3%