Tuesday, December 6, 2011
Vancouver Real Estate Market Update Newsletter December 2011
The holiday season is upon us and the Vancouver real estate market is starting its seasonal slow down. As I'm sure you are all busy putting up Christmas decorations, shopping and attending/recovering from parties, I'll keep it short this month and get straight to the numbers.
Active listings are down across the board, in most cases more than 10%, as most potential Sellers are now waiting until the new year to put their home on the market. Look for this number to dip even further in December before beginning a steady climb to start the year. Not surprisingly, sales activity also dipped in all markets, with the exception of downtown (up 5.9%). Median pricing was all over the map. Vancouver West saw prices hold relatively flat while Vancouver East saw dips in both the attached and detached markets. Despite the busier sales numbers, downtown actually showed the biggest price drop at almost 10%. North Vancouver showed a surprising bounce back in prices across the board.
What lies ahead? Look for December and January to be predictably slow, both with active listings and sales, while prices sit fairly flat. The big boost to inventory will hit come February and that is when we will see how the Buyer demand matches up and impacts affordability. If the market follows typical seasonal trends and Buyers are out in full force, look for prices to stay flat through the first half of the year. Should demand not live up to expectations, we may see a slight dip in prices across the board.Have a safe and happy holiday season!