The highest sales price for a Westside detached home in November was $15.5M in Point Grey. The lowest sales price was $1.5M in Dunbar.
Compared to 68 sales in November 2016, detached home sales were up 19% to 81 in November 2017. Of those sales, 17 received the asking price or more and 64 sold below the asking price. November 2017 supply increased 39% to 738 homes from 530 in November 2016.
| No. of Sales | Nov 2016 | Nov 2017 | % Change |
| Detached | 68 | 81 | 19% |
| Attached | 44 | 42 | -4.5% |
| Apartments | 296 | 380 | 28.4% |
Compared to October 2017, November detached west side home sales, decreased 24% from 106 to 81 while Months of Supply (MOS) increased to 9.1, from 7.3. Prices finally showed the drop we were expecting, down 13%, from $4.54M to $3.93M on average while median prices decreased 13% from $3.8M to $3.30M.
Average/Median
Price | Nov 2016
| Nov 2017 | % Change
|
| Detached (M) | $3.96/$3.4
| $3.9/$3.3 | -1.5%/-3% |
| Attached (M) | $1.28/$1.17 | $1.43/$1.36 | 12%/16% |
| Apartment (K) | $851/$663 | $986/$780 | 16%/18% |
November Westside apartments supply & demand both decreased very little leaving MOS down to 1.8 vs 1.9 in October. Median prices are down 5% from $818K to $780K while average prices are down 2% from $1004K to $987K. Overall, prices have been quite flat since April 2017.
Townhouse supply in November is up 2% from 159 in October to 162, while demand is down 22% from 54 to 42 units in November. This gives us 3.9 MOS, up 34% from 2.9 MOS in October. This resulted in prices decreasing 3% on median from $1.399M to $1.360M and 8% on average from $1.56M in October to $1.436.
| Mths of Supply | Nov 2016 | Nov 2017 | % Change |
| Detached | 7.8 | 9.1 | -6% |
| Attached | 2.9 | 3.9 | -44% |
| Apartments | 2.7 | 1.8 | -37% |
Detached home price reductions are creating a good buying opportunities. Apartment and townhouse prices remain stable and reflect strong demand and continued short supply.
Price range Detached | No. sales Nov 2016 2017 | % sales 2016 2017 |
$<3M | 26 34 | 38% 42% |
$3M-$5M
| 28 29 | 42% 36% |
$5M-$10M | 11 16 | 16% 20% |
| >$10M | 3 2 | 4% 2% |
Total
| 68 81
| 100
|
Government regulations both here and in China continue to make it difficult for foreign buyers to bring money here to purchase real estate and that is which creating opportunities for local buyers. Interest rates, currency exchange and lending restrictions will continue to be dampen sales.
We are currently in a buyers market for detached homes.
Click on the link at the top right for Westside Graphs.
Please call me at any time for a considered response to any and all of your real estate questions.
Merry Christmas and all the best for 2018!
Best regards,
Stuart