As of June 2013 the overall Vancouver Westside Single Family market is officially a balanced market. This means that conditions are not favouring buyers or sellers. Which areas are hot if you are a seller? Which areas should you be searching if you are a buyer? Which price points are doing well? Which price points are suffering? Keep reading to learn more.
If you are a seller looking to sell a single family home in Vancouver Westside here are the locations to watch:
- Mackenzie Heights
Of these locations Kitsilano is doing the best with a 38% sales ratio (anything over 21% is a Seller's Market).
Where are the best places to focus my search efforts as a buyer? If you are looking in the following locations you are in luck (all showing a sales ratio of under 14% indicating a buyer's market) :
- South Granville
- South Cambie
Of these locations South Cambie would be your best bet as a buyer with a sales ratio of 9.52%.
The following graph breaks down all locations by their respective sales ratios:
The next question to answer is which price points are doing well and which are not? This question again can be answered by looking at the sales ratio for each price band. If you are a buyer looking at homes priced over $2,750,000 now is a great time to purchase. Not many people can afford a home this expensive in Vancouver and the number of homes that sell at over this price point are far and few between.
The most popular price point to sell in right now is the $1,000,000 to $1,750,000. This tells me that people are either looking to buy inexpensive starter homes in the Vancouver Westside or that they are looking for land to build a home.
So there is my interpretation of the Vancouver Westside Market as of June 2013. If you would like this type of statistical information interpreted for other parts of Vancouver please fell free to download the SnapStats package on the sidebar of my monthly newsletter or give me a call any time at 604-808-9796. You can also see me explaining the Vancouver Westside Market and how to interpret this information in a video from a wine and cheese event my wife and I hosted last month.