Current: Vancouver Westside ranges from a Hot Lower End Market to a Stable High-End Market with average 7 %SOLD rate and a
Sale Price /List Price of 92% or $277,500 avg. sale price discount from original list price.
Most Active Range: Homes below $2.25 mill. have 26.9 %SOLD rate.
Least Active Range: Homes between $5 mill. - $6 mill. have 2.0 %SOLD rate
History: The Vancouver Westside Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $280,001.
The Vancouver Westside Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $271,339.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Vancouver Westside has average Listing Supply; 706 homes are for sale and with the 7 %SOLD monthly rate gives us a ~14 months of inventory. 8% of the active listings have reduced their price by $295,982 on average and $251,000 median for the last month.
December's Real Estate Statistics shows 72% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $11,497 which is close to the $11,521 November price drop. On Average, the Fraser Valley Market shows a $7,226 monthly price decrease. Consumer confidence has been damped with the Volatile Stock Markets, tougher mortgage lending rules, and pending interest rate increases. We are forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market presents a Cool Market with 67% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 68% of Townhouse Markets are decreasing. (19 out of 28 Markets). Both Markets still indicate a Buyer's "Wait-To-Drop-More" behaviour for the last 2 quarters. We are forecasting a Buyers Market in all Condo/Townhouse Markets for the foreseeable future. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.