For homeowners selling a Detached home in Vancouver's Westside, the reality is that the market is not shaping up to be what is was in 2011, which was an anomoly.  On this date in 2011, there were only 376 single family homes for sale, versus 777 homes on the market today.  In the month of January, 2011, 171 homes sold at an average selling price of $2,283,943.  In January 2012, only 44 Detached homes have sold, at an average selling price of $2,578,811, a drop of 75% in the number of sales one year ago.

In contrast to the average selling price today, the average list price of a Detached home in the Westside is $3,602,096. 

A year ago, the sale to list ratio was 45%, compared to 5.6% today.  For homeowners, the reality is that there is now an oversupply of listings compared to the current demand, whereas in 2011, there were far more buyers competing for fewer listings.  Now there are many more home sellers competing for fewer buyers, who are very price sensitive, as the buying frenzy of 2011 has pushed affordability levels beyond the reach of many buyers.  Homeowners who are serious about selling, versus "cashing in" on speculation, are advised to price their home slightly below the last comparable sale to get ahead of what looks like a softening of prices.  For an honest and detailed evaluation of your property's value in today's market, call Diane at 604-261-9311.