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.