The Vancouver Westside market remains active.  In the past week, 164 properties were reported sold, and of those, 22% sold over the asking price, which indicates that there were multiple offers (most of these are condos).  Many properties sold at the full asking price, or within 1% of list.  The listing inventory is only slightly up from a low in early September and is now at 2,270.  As fixed mortgage rates have increased, and there is a threat of the Prime lending rate going up in the next 6 months, buyers who are sitting on the fence will either make a buying decision more quickly, or remove themselves from the market if affordability is an issue.  

Of the properties that were reported sold last week, 17 were priced over $2 million, or in the luxury category.  39 properties sold were between $1 mil and $2 mil.  In the under $1 mil category, there is about an even split of over and under $500,000.

If you are thinking of Selling, this is still a great time to list.  Call Diane 604-261-9311 for an indepth analysis of where your property fits in today’s market.