Royal LePage Westside
5970 East Boulevard , Vancouver, British Columbia
P: 604-261-9311
F: 604-261-6648
Wednesday, August 3, 2011 - Vancouver Westside Housing Prices - July, 2011
The Real Estate Board of Greater Vancouver has just released the Housing Price Index for the month of July, 2011:
| Benchmark Price | 3 Mo. Average | 1 Year Change | |
| Detached | $ 2,044,344 | $ 2,011,667 | + 26.9% |
| Attached | $ 812,545 | $ 809,588 | + 9.3% |
| Condominium | $ 518,396 | $ 522,604 | + 4.4% |
Prices appear to be at the peak and are showing signs of levelling off. The number of new listings to the market has decreased in all three categories over the previous month, and the number of sales has also shown a corresponding drop. A very hot commodity in the Spring, the number of Detached homes sold in July has dropped 34% from June, and we are starting to see price reductions on properties that were priced for the market to continue to rise. The number of Townhouses sold in July are down by 11% from June, and likewise, the number of Condominiums sold is down by 8.8%.
We are experiencing a typical summer market, with slower activity, but nonetheless, certain properties are still selling quickly. Condition, location, and price are still the key determining factors to achieving a quick sale.
For a complimentary and accurate estimate of the equity in your home, call Diane at 604-261-9311.
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