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ROB ZWICK Monthly Market Update

Market Update

march 2012

Now that we have officially survived the dullest and greyest month of the year, it is time to look forward to Spring. While we still have a little ways to go until we get some of that fabulous sunshine, the Vancouver real estate market has started Spring early!

February was a very active month, with sales up dramatically over January in all markets. This is, of course, an expected trend, but the degree of activity increase is certainly worth noting. Another expected trend was an increase in active listings. While all areas experienced this increase, the degree of change is well below the growth in sales. Price changes vary greatly with neighbourhood and product type. The biggest changes in average pricing were the Downtown attached market (+13.8%), Vancouver East attached (+8.0%) and North Vancouver detached (+6.0%).

The highest absorption rates (ie. fastest moving product) in each market place was:

- North Van homes between $700,001 - $900,000
- Eastside homes between $600,001 - $700,000
- Westside homes between $1m -1.5m
- Westside condos between $300,001 - $400,000
- Eastside townhouses between $600,001 - $700,000
- Downtown condos between $300,001 - $400,000
- North Van condos between $400,001 - $500,000

So what does all that mean? Well, almost all of those categories would be classified as 'entry level' for each marketplace. To me, this suggests a pulling back of the foreign money that has been driving the market and a strong push from local buyers. This will be a very interesting trend to follow in the coming months.

What's next? Look for further, albeit smaller, increases in sales heading in to March, along with future growth in active inventory.

Rob

Unique Homes Blog

Japanese modern

Check out this Japanese Modern House located in Hinomiya, Japan. Clean lines, lots of wood, big windows and overhangs, all squeezed on a small lot - seems fairly similar to Vancouver!! See more photos on my Unique Homes Blog >>

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MARKET STATISTICS

Featured Listings

1316 West 7th Ave.

  • FOR SALE! Offered at $694,000
  • 2 Bedrooms, 3 Bathrooms
  • 1,201 sq ft in 2 levels
  • Home with modern fixtures and a private garden patio
More Details See All Listings

514-1088 Richards st.

  • FOR SALE! Offered at $465,000
  • 1 Bedroom + Den + Solarium, 1 Bathroom
  • 745 sq ft
  • Brand New Yaletown Condo with 2-5-10 Warranty
More Details See All Listings

707 - 2055 Yukon St.

  • SOLD! Offered at $619,000
  • 2 Bedrooms, 2 Bathrooms
  • 1,081 sq ft
  • False Creek Condo with lots of upgrades and a functional layout
More Details See All Listings

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