Welcome back. Another autumn month has come and gone - and so has the sun - which thankfully lingered on into a record breaking dry spell that had October coming up roses.
Vancouver's West End - ever popular, affordable and varied - showed the same signs as the overall market in Vancouver. A cooling off on activity and sales but some who hold a crystal ball - are quite disappointed they cannot crow the same tune for the average home prices in the area. The West End of course presents one of the most diverse selection of home options in any city core area - anywhere in North America. Stanley Park, beaches, city center and it's options are all just steps away in any direction.
October numbers - a look back. I am asked daily about all the predictions, headlines, patio chat - across the board - on whats coming and how loud will the bang be. I hate to use the word "crash" but that seems to be the jargon of the day. I still have the headlines from 4 years ago stating the end is near. No doubt this year has shown decreased activity. Seems everyone was enjoying our record dry spell and housing was a lower priority for those not in immediate need to up or downsize - due to life changes.
October is always an interesting month. Coming off the summer market - it does tend to pick up as we trundle into the Christmas season and some great deals are had, much like buying a car - at the end of the year. Those in the know opt to hunt for a new home before the spring rush - the traditional height of any real estate market. Vancouver's is well known for starting early.
On the sales front, this October in the West End is showing 24 sales. There are currently 254 active listings - pretty much the average for the entire year. The average sale price - based on one bedroom homes listed under $500,000 - was $326,000.00. Looking at 2011 for the same month, there were 49 sales posted. The average sale price based on the same criteria was $350,000.00.
There are factors that can move the price up and down. Remember that the West End area encompasses lease-holds, co-ops, etc - the age of buildings can range from 50 year old stucco to new luxury concrete. The West End is officially any home located along Burrard Street looking west (south to False Creek) and along Georgia Street looking south - bordered by Stanley Park. This average includes leasehold properties that may list for $180,000 to new luxury one bedrooms in the high $400's.
October 2010 - 54 sales - average sale price for one bedroom's = $350,000.
October 2009 - 71 sales - average sale price = $349,000.
October 2008 - 20 sales - average sale price = $312,000.
October 2007 - 56 sales - average sale price = $400,000.
Next year ? Hard to say but if we look at 2008 and the rebound that followed in 2009 once the clouds cleared after that financial mess - are we looking at possibly the same response - if confidence levels return ?
That is the magic question. And for that answer - I regrettfully have to refer you to a magician. One who can see into the future and with the world in continual financial turmoil - yet once again predict Vancouver is going to come crashing down the real estate slope. Year 2013 will prove to be the most interesting in the last ten - you can bet a "rabbit-out-of-the-hat" on that one.
Contact me anytime for a chat. No magic - just straight talk - straight answers.