VANCOUVER WEST SIDE MARKET UPDATE - MARCH 2018
Sales and listings increased slightly from February but listings remain low, except for houses. Average sale price was down for houses but up for condos townhomes.
Demand for listings over $3M has dropped substantially since the introduction of the Foreign Buyers Tax in August 2016.
Luxury Sales (over $3M) peaked in Apr'16 at 185 and are down to 35 sales in March, which is 48% less than a year ago and equal to Marcch 2013.
LISTINGS - Total West Side listings clocked in at 1,686 which is 3.5% higher than a year ago.
The peak in 2017 was July with 1961 listings.
Houses - 810 listings and the lowest since Mar'15.. Up 29% from a year ago.
Townhomes - 143 listings, up 15% from a year ago
Condos - 733, down 16% from a year ago. May'14 had 2,239 and listings have been on a decline since then.
SALES - Total sales were 436 which is up from 417 in Feb and down 27% from a year ago.
Sales peaked in Mar'16 at 981.
Houses had only 53 sales, down 42% from a year ago. Best month in 2017 was May with 186. The peak was June 2015 with 236 sales. This is the lowest point for sales since Nov'08.
Townhomes - 31 sales, down 45% from a year ago. Sales peaked in May'17 at 67. Apr'15 had 84 sales which is the best month over the last 4 years.
Condos - 352 sales, 22% less than a year ago. Sales peaked in May'17 with 527. Mar'16 was the best month over the last 4 years with 683 sales.
AVERAGE SALE PRICE - down to $1.354.000 and equal to a year ago. Overall sale price hit an all time high at $1.734.000 in October 2017 and In Apr'16 it was $1.728.000.
Condos - $1.36,000 which is 20% higher than a year ago but lower than Jan'18.
Jan'14 ASP was $631,000.
Houses - $3.3M, down 11% from a year ago. The peak was Oct'17 at $4.4M
Jan'14 ASP was $2.7M.
Townhomes - $1.5M, up 17% from a year ago Jan'18 was a record high.at $1.7M
Jan'14 ASP was $855,000.
Best Selling Price Range
townhomes $1.5M to $1.6M
Luxury Sales Over $3M in 2017
condos - 86
townhomes - 19
houses - 685
Luxury Sales Over $3M in 2018 YTD
condos - 18
townhomes - 2
houses - 69
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