Vancouver’s West End Market Analysis May 2008
June 9th, 2008 Categories: West End
Vancouver’s West End market in May saw a 16% drop in sales from April, a 4% increase in listings and a 3% decrease in the Average Price. Days on the market is stable.
Listings 241 – up from 232 in April. One third (69) had price reductions and l had a price increase.
60% of Vancouver’s West End listings are under $500,000 (a total of 145). 62 are listed between $500,000 and $1 million and 31 are listed over $1 million, of which 9 are listed over $2 million and two of those are listed over $5 million.
Sales 36 – down from 45 in April. Ten of those Vancouver West End sales had a price reduced (25%).
27 sold under $500,000, 7 sold between $500,000 and $1 million and 2 sold over $1M
The least expensive Vancouver West End condo to sell in May was a studio in a leasehold building for $180,000. The highest priced was $1,545,000 for 2500 sq.ft.
2008 Sales – Jan 57, Feb 53, Mar 42, Apr 45, May 38
Days on Market – 34 (32 in April)
Average Price $469,708 ($480,282 in April).
Average $ pr sq ft – 544
Sale Price to List Price Ratio 98%
Reflections – there is about 6.5 months of supply. Under $500,000 there is 5 months of supply. Between $500,000 and $1 million there is 8.8 months of supply. The market over $1 million is the softest with a whopping 15.5 months of supply. Interestingly, of those Vancouver West End condos that sold, the days on the market remained the same as in April.
West End Happenings - 1772 Pendrell has a development permit for a 19 storey condo building, including 10 affordable units in the old house. The rental building at Gilford and Barclay has evicted its tenants in order to upgrade the building. Let us know if you are aware of any new development or rezoning permits in the hood or rental buildings that are being upgraded.
Planning to sell your West End condo? Fill out my contact form
Did you know you can search for listings on this site?
Did you know my first sale in real estate was at 1725 Pendrell in 1982? If memory serves me well I think the interest raes were around 15%. It was a 730 sq.ft. 2 bedroom and it sold for $110,000. The suite above it is presently listed at $525,000!
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