Vancouver Real Estate (westside) Where 95% Of Homesellers Are Slowing The Market

Jan. 1, 2009 - PRLog -- The Vancouver real estate market is in tough.  Much of this is caused by the obvious price correction in Vancouver but much is also caused by sellers that are not realistic or serious.  The vast majority of Vancouver home sellers are pricing their homes far too high. The following Vancouver real estate market statistics should be helpful in understanding where we are right now.

For the month of November 2008 there were 705 detached homes for sale, 364 townhouses and duplexes (attached homes) and over 2000 apartment condos for sale.  In total that’s nearly 3,100 active listings in the Vancouver west side market.  

The sales to listing ratio for each category was roughly 5% and the expiring listing rate was between 8-10%.  

Our focus here is going to be detached housing where there were 705 listings, 34 sales and 79 expired listings.  

Active Listings

The highest priced listing was listed at $19.8 million, the lowest was $637,000 and the average priced  west side Vancouver home for sale comes in at $2,106,000.  The average length these homes are on the market is 149 days.

Roughly 46.9% of the homes listed in Vancouver reduced their price at least once, while 16.7% of listings reduced more than once.  The largest price reduction was $1.93 million and the average price drop was $214,000 respectively.  There was virtually no difference in time on the market between active listings that reduced and those that did not.

Expired Listings

These are the Vancouver Westside homes that failed to sell within their contracted time lines.  The Listing to Expiry ratio was 11.2% for the period with 79 properties coming off the market.  The highest priced expired listing was $5,388,000, the low was $675,000.  The average time on the market for these properties was 109 days.

There were 37 (nearly 50%) of the expired listings that reduced their price by an average of $133,000.   The average price for expired Vancouver Westside (detached) listings was just over $1.8 million.
Vancouver West Sales

There were 34 sales in November with a List to Sale Price ratio before price reductions of 80.7% and after price reductions, 88.37%.  The average list price of homes sold was approximately $1,679,000 and their average time on the market was 76 days.  That’s roughly have the average time of all active listings.  

There was a List to Sale success rate of less than 5%.  Roughly 22 or 64.7% of the  properties sold reduced their price at least once.  The average amount sellers had to come down from their original list price was $354,000 while the average off the final list price was $185,205.  

The largest drop from the listing price just of one million dollars.

Vancouver property assessment values averaged $192,000 above sale prices.

These statistics show the level of competition is fierce and that for anyone wanting to sell their home, they must not only be patient, they must price their home well.  

Kevin Lynch
Sutton Group West Coast Realty
604.307.9448
www.kevinlynchrealestate.com
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All statistics indicated, inferred and supplied herein are approximate and are for informational purposes only. This information does not replace a home estimate, property appraisals or other professional services. All parties are strongly advised to do their own research prior to making any real estate related decisions including (but not limited to) having multiple, comprehensive home and market estimates, surveys, inspections, appraisals and legal advice. Not intended to induce or cause breach of an existing relationship.

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Vancouver's top real estate news resource for buyers, seller, media and press, realtors and investors. Kevin Lynch is Vancouver's premier real estate agent helping people realize their home ownership and real estate investment dreams.