Vancouver Real Estate Market Analysis for West End February 2009
March 16th, 2009 Categories: West End
Vancouver real estate in the West End saw increased optimism in the New Year with listings up slightly from 253 in January to 274 in February, having reached a record high for the year in November. Sales were up from 26 to 34 having reached a record low for the year in November. The days on the market for condos that sold dropped from 69 to 44. The average selling price increased from $447,226 to $477,545 and has increased for 4 consecutive months. and is a 20% drop since January 2008. 75% of the sales were under $500,00 and the highest price was $2,480,000 in the Shangr-la. The list price to sale price ratio is flat. The West End has 8 months of inventory on the market, down from 9.7 months in January. The average $ pr sq ft for those West End condos that sold is stable at $525. The market under $300,000 has the most demand.
Listings – 274
Least expensive – $158,000 for a concrete building, 99 year leasehold, 450 sq.ft. Least expensive strata l bedroom $259,000. Least expensive strata 2 bedroom is $347,000 with most of them begnning at $410,000. There were better deals under $200,000 in Novemeber/December. Most expensive $5,888,000 for 4500 sq.ft. in the Shangri-la.
3 West End condos listed under $200,000. 40 listed between $200,000 and $300,000. 85 listed between $300,000 and $400,000. 50 listed between $400,000 and $500,000. 62 listed between $500,000 & $1M. 23 listed between $1M and $2.5M and 11 listed above $2.5M.
2008 Listings - Jan 168, Feb 172 , Apr 232 , May 241 , June 235, July 235, Aug 246, Sept 257, Oct 268, Nov 281, Dec 242
2009 Listings – Jan 253, Feb 274,
2008 Sales – Jan 57, Feb 53, Mar 42, Apr 45, May 38, June 29, Jul 25, Aug 25, Sept 29, Oct 16, Nov 15, Dec 21
2009 Sales – Jan 26, Feb 34
One sold under $200,000. 9 sold between $200,000 and $300,000. 12 sold between $300,000 and $400,000. 4 sold between $400,000 and $500,000. and 6 between $500K and $1M. 2 sold between $1M and $2.5M. Only 25% had a list price reduction (compared to 40% in January). 7 sales were at the Shangri-la (REBGV categories 1111 Alberni as the West End)
Supply - 4.3 months supply under $300K (up from Jan). 7 months between $300,000 and $400,000. 12 months between $400K & $500K. 10 months between $500k and $1M and 17 months supply for condos listed of $1M.
Least expensive - a 500 sq.ft. one bedroom for $162,000, $270 pr sq ft…unbelievable value! An all tme low for current sales. The stats show that we last saw this price in this building was summer of 2004!!! Surely this market has bottom?
Most expensive – $1,388,000 for 1600sq-ft in the Shangri-la. Just over $800 pr sq ft. Purchased as a pre-sale for $1M.
2008 Average Days on Market – July 51, Aug 57, Sept 65, Oct 45, Nov 48, Dec 53
2009 Average Dasy on Market – Jan 69, Feb 44
2008 Average Sale Price – Jan $592,298. Aug $392,000 Sept $447,834, Oct $370,468, Nov $375,433, Dec $407,357
2009 Average Sale Price – Jan $447,226, Feb $477,545
In Dec’07 the average sale price was $541,000 in Dec’05 it was $333,000. In Dec ‘06 it was $414,000.
2008 Average Selling Price $ pr sq ft - Dec $512, Nov $478, Oct $505 Sept $526, Jul $556, Jun $553, May $544
2009 Average Selling Price $ pr sq ft – Jan $528, Feb $525
2008 List Price to Sale Price Ratio - Dec 93% ,Nov 93% , Oct 95%
2009 List Price to Sale Price Ratio – Jan 94%, Feb 94%
When you’re ready to buy or sell West End or Vancouver real estate, contact Maggie, an experienced realtor, marketing Vancouver homes since 1981
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