VANCOUVER WEST SIDE MARKET UPDATE - JULY 2018
Overall sales and average sale price trended down in July, whilst listings increased
Listings are now on par with the end of 2014.
Average sale price dropped for houses , increased for townhomes and flat for condos.
Demand for luxury condos (over $3M) has dropped substantially since the introduction of the Foreign Buyers Tax in August 2016.
Condo Sales over $3M in July'18 are the lowest they've been since Feb'15 and 25% less than a year ago.
Condo sales between $2M and $3M have declined 25% from a year ago
Condo sales between $1M and $2M are down 21% from a year ago and equal to July'15.
LISTINGS - Total West Side listings clocked in at 2,328 (up from 1,686 in March) which is 16% higher than a year ago and the most listings we've had since Oct'15
Houses - 864 listings , up 7% from a year ago.
Townhomes - 199 listings, up 22% from a year ago
Condos - 1,220 up 22% from a year ago and the highest sinced Nov'15
SALES - Total sales were 391 which is down 23% from a year ago.
Sales peaked in Mar'16 at 981.
Houses had 57 sales, down 23% from a year ago. The peak was June 2016 with 236 sales.
Townhomes - 39 sales, down 2.5% from a year ago. Sales peaked in Apr'15 at 84.
Condos - 295 sales, 25% less than a year ago. Sales peaked in Mar'16 with 683,
AVERAGE SALE PRICE - $1.310.000, down 13% from a year ago.
Overall sale price hit an all time high at $1.734.000 in October 2017.
Condos - $935,000 which is 5% lower than a year ago
Jan'14 ASP was $631,000.
Houses - $3.2M, down 28% from a year ago. The peak was Oct'17 at $4.4M
Jan'14 ASP was $2.7M.
Townhomes - $1.364.000, up 5% from a year ago
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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