VANCOUVER WEST SIDE MARKET UPDATE - MAY 2018
Sales, listings and average sale price trended upwards in May.
Listings are now higher than they've been since Oct'15.
Average sale price ticked up slightly for houses and townhomes but not for condos.
Demand for luxury condos (over $3M) has dropped substantially since the introduction of the Foreign Buyers Tax in August 2016. Luxury Sales in May'16 clocked in at 16 and are down to 7 last month.
LISTINGS - Total West Side listings clocked in at 2,264 (up from 1,686 in March) which is 32% higher than a year ago and the most listings we've had since Oct'15
Houses - 899 listings , up 34% from a year ago.
Townhomes - 216 listings, up 27% from a year ago
Condos - 1,149, up 26% from a year ago and the highest sinced Nov'16
SALES - Total sales were 492 which is down from 464 in April and down 37% from a year ago.
Sales peaked in Mar'16 at 981.
Houses had 91 sales, down 51% from a year ago. Best month in 2017 was May with 186. The peak was June 2015 with 236 sales.
Townhomes - 42 sales, down37% from a year ago. Sales peaked in Apr'15 at 84.
Condos - 359 sales, equal to April but 31% less than a year ago. Sales peaked in Mar'16 with 683 which was the record month.
AVERAGE SALE PRICE - $1.612.000, down 5% from a year ago and equal to May'16.
Overall sale price hit an all time high at $1.734.000 in October 2017.
Condos - $1.011.000 which is 5% higher than a year ago but lower than Jan'18.
Jan'14 ASP was $631,000.
Houses - $4M, up 4% from a year ago. The peak was Oct'17 at $4.4M
Jan'14 ASP was $2.7M.
Townhomes - $1.489.000, up 5.5% from a year ago Jan'18 was a record high.at $1.7M
Jan'14 ASP was $855,000.
Best Selling Price Range
townhomes $1.2M-$1.3M and $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 - 7
townhomes - 1
houses - 52
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