Westside Vancouver Real Estate - What is Happening? – vancouver real estate

Westside Vancouver Real Estate - What is Happening?

Taking 2 sample neighbourhoods; Dunbar & Marpole, this analysis was done internally for clients to give insight to current market snapshot and trend analysis in a consistently stabilized month of September for the years 2016, 2017, 2018.

 

VW – Dunbar

 

Detached

Sales 2018 – 107              - 39%    

Sales 2017 – 176              - 43%

Sales 2016 – 307

 

Inventory 2018 – 110      +24%     69% (30 DOM)

Inventory 2017 – 89        +37%              (18 DOM)

Inventory 2016 – 65                                (11 DOM)

 

HPI Price Index

2018 - $3.3M     - .02 %

2017 - $3.305M  -1.1 %

2016 - $3.339M  

 

What does this mean?

 

Prices are Holding!!!! Sales volumes are down, prices are not. Over the past 2 years inventory is up by an average of 30.5%; sales are down 41%. Buyers: more options, more time, waiting is not showing lower prices. Sellers: More competition > be better, more strategic when selling.

 

Attached

Condo Sales 2018 – 12   - 43%

Condo Sales 2017 – 21   - 34%

Condo Sales 2016 - 32

 

Inventory 2018 – 4         

Inventory 2017 - 4

Inventory 2017 - 4

 

HPI Price Index

2018 - $714k      14%       27%

2017 - $627k      11%

2016 - $563k

 

What does this mean?

 

Condo prices in Dunbar are rising; avg of 13% in the last 2 years. Literally NO inventory, no competition for Sellers: Buyers: limited inventory/choices, limited development, strong long-term returns. Sellers are in control, afford to be aggressive in pricing.

 

VW – Marpole

Detached

 

Sales 2018 – 54                + 3.8%      + 42% (2 years)

Sales 2017 – 52                - 44.1%

Sales 2016 – 93

 

Inventory 2018 – 69       + 46.7%

Inventory 2017 – 45        + 2.2%

Inventory 2016 - 44

 

HPI Price Index

2018 - $2.319M                + .1%        + 11% (2 years)

2017 - $2.316M                1+1%

2016 - $2.086M

 

What does this mean?

 Sales are down, inventory is rising. Prices are stable and strong with avg 5% inc over the last 2 years. Buyers: more options, more time, possibility of negotiation. Sellers: more competition, be ready to compete, know your value.

 

Attached

Sales 2018 – 11                + 10%

Sales 2017 - 10

Sales 2016 - 10

 

Inventory 2018 – 57        + 211%

Inventory 2017 – 27        + 8%

Inventory 2017 - 25

 

HPI Price Index

YTD 2018 - $608k             + 5.9%

YTD 2017 - $574k             + 26%

YTD 2016 - $454k

 

 

What does this mean?

Stable sales volumes, doubled Inventory, still growth in prices. Buyers: Lots of options, time to negotiate > pit 1 seller vs the other. Sellers: You are not the only choice. Be ready to be flexible in negotiations.