Vancouver Housing Market Update for end of August.

 

The Downtown core of Vancouver saw more sales in August than we got in July while the inventory dropped to its lowest level since April this year.

 

Downtown, Yaletown and The Westend ended the month in Sellers Market territory with Sales-to-Active listing ratios from 24% to 28% thanks likely in large part to the near 10% drop in inventory.

 

Condos in the Downtown core priced under $800,000 are clearly the most desirable and saleable product in todays market. This would explain why Coal Harbour is the cores slowest moving market through August with 13 sales and a balanced market Sales-to-Active listing ratio of 14%.

 

As for the most desired type of unit in the Downtown it’s clearly the studio and 1-bedroom homes as this class is the only in Sellers Market territory making up over 50% of all sales Downtown Vancouver.

 

Westside Vancouver Detached Housing

 

57 Detached homes sold on the Westside of Vancouver during August keeping the market in neutral at a 8% Sales-to-Active listing ratio. This environment provides buyers of Westside homes an opportunity to search for homes more comfortably and expansively. 

 

Many Buyers within this marketplace are also Sellers within the market so it’s good to keep the old saying “a rising tide lifts all boats” as a lowering tide should have similiar effects on both sides of your transaction. There is however still areas within this market where advantage could be had on both ends of the transaction.

 

For instance, Kitsilano continues to be a bright light in the Detached housing market on the Westside. With 11 more houses selling in Kitsilano this past month a seller in this neighbourhood will enjoy more advantageous conditions than any other on the Westside.

 

There is 252 listings priced at $5 million or more on the Westside and just 9 sales of homes priced in this range. There is certainly Buyers out there for homes in this marketplace but they are looking for value, quality, and definitive “hang your hat” on qualities in a home that will help maintain their investments value.

 

Strong marketing the drives home a properties value proposition is a must to succeed.

 

Westside Vancouver Condo and Townhouse Market.

 

Total Sales of Westside strata-titeled properties fell for a second consecutive month with 157 homes selling in August. Inventory has also dropped in those months however so overall market conditions remain in Sellers territory.

 

Fairview, False Creek and Kitsilano are by far the most active neighbourhoods on the Westside making up 56% of total sales. There is a greater number of condos and townhouses in these areas that the market would consider to be more affordable which is driving sales for the most part here.

 

Homes priced under $1.75 million are all enjoying good selling conditions which suggests we’re still in the midst of a great move-up market.

 

East Vancouver Detached Housing

 

Despite a lower level of inventory East Vancouver detached homes saw Sales-to-Active listing ratio drop as total sales dropped for a third consecutive month. With August turning over just 7% of listing this market provides Buyers an upper hand.

 

How much land assembly listings effect these numbers is tough to say definitively but it’s certainly part of it as those listing raise the inventory providing appearances of a Buyers Market that may be less distinct than they’d appear in the stats.

 

Nonetheless, owners and developers of homes on the Eastside are having a real challenge selling homes/properties priced over $1.75 million. As noted before marketing that drives home a properties unique value proposition and shines light on value added qualities is a must to achieve success.

 

Seller’s best bets are in Killarney and Fraserview neighbourhoods. 

 

I’ll write on this in another post but the “Making Room” housing plan proposed and presented by the City of Vancouver at Open Houses recently will presumably help improve the value proposition of Eastside properties over the coming year.

 

East Vancouver Condo and Townhouse Market

 

Inventory of East Vancouver condos and townhouse dropped by 12% to 412 active listings from the high water mark for the year of 467. This marketplace has been a strong spot throughout the year as value has been the name of the game.

 

Mount Pleasant is rockin’ with 45 condo/townhouse sales in August leaving just 39% of active listings unsold for the month. The Sales-to-Active ratio rose by another 10% as it did in July to 61% in August.

 

This market could certainly provide sellers opportunity to move-up into the detached housing market should they wish.