Royal LePage Westside
5970 East Boulevard , Vancouver, British Columbia
P: 604-261-9311
F: 604-261-6648
Tuesday, July 5, 2011 - Vancouver Westside Housing Prices - June 2011
The Real Estate Board of Greater Vancouver has just released the Housing Price Index for the month of June, 2011:
| Benchmark Price | 3 Month Average | 1 Year Change | |
| Detached | $ 2,068,857 | $ 1,986,905 | + 30.2% |
| Townhouse | $ 820,452 | $ 812,179 | + 8.7% |
| Condominium | $ 524,650 | $ 525,502 | + 4.4% |
Detached, Single Family homes in Vancouver's West Side have risen an unprecedented 30% in the last year, mainly driven by offshore buyers. The number of new listings have decreased by 3% over May, 2011, while sales have risen by 6.6%. The market for single family homes still strongly favors Sellers, however, it does feel like prices may have peaked, as sales are starting to soften. Given the quick and sharp increase, many buyers are simply sitting on the sidelines waiting for a price correction.
Townhouse listings are down by 16.6% over the previous month, but sales are exactly even.
Condominium listings are up by 3.7% while sales are down by 15.2% over the previous month, and this segment of the market continues to be the most stable.
Given the disparity between property types, this is a great time to sell a Single Family home, and downsize to a Townhouse or Condominium. For a detailed evaluation of the equity in your home, call Diane today, 604-261-9311.
Archives
Categories
