Second Quarter Stats North and West Vancouver
West Vancouver: 2nd Qtr 2011 432 Sales
2nd Qtr 2012 184 Sales 57.4% decrease in sales
North Vancouver: 2nd Qtr 2011 435 Sales
2nd
Qtr 2012 293 Sales 32.6% decrease in sales
Detailed Summary – West Vancouver by Sub-Area
I think it is important to break these figures down by sub-area. The biggest change in our market in 2011 was the number of Asian buyers in concentrated areas like Ambleside, Dundarave and the British Properties. It will be interesting to see if the other sub areas have also experienced a decline, even though they did not have a high Asian interest. A decline in the number of sales, does not immediately translate to a drop in prices. It is also important to remember that if the trend of dropping sales continues into the third quarter, that drop may not just be a result of economic issues affecting the market; seasonally the third quarter is always slow with so many people on vacation in July and August.
Let’s take a look at the
second quarter stats:
|
Sub Area |
Quarter |
Sale |
Median Price |
|
|
|
|
|
|
Altamont |
2nd Qtr 2011 2nd Qtr 2012 |
16 7 |
$ 2,437,500 $ 3,700,000 51.8 % increase |
|
Ambleside |
2nd Qtr 2011 2nd Qtr 2012 |
65 40 |
$ 1,539,000 $ 1,695,000 10.1 % increase |
|
Bayridge |
2nd Qtr 2011 2nd Qtr 2012 |
13 7 |
$ 1,825,000 $ 1,910,000 0.08 % increase |
|
British Properties |
2nd Qtr 2011 2nd Qtr 2012 |
63 19 |
$ 2,150,000 $ 1,972,500 8.3 % decrease |
|
All of Caulfeild |
2nd Qtr 2011 2nd Qtr 2012 |
44 21 |
$ 1,469,500 $ 1,997,000 35.9 % increase |
|
Cedardale |
2nd Qtr 2011 2nd Qtr 2012 |
5 3 |
$ 1,374,500 $ 1,652,500 20.2 % increase |
|
Cypress |
2nd Qtr 2011 |
21 |
11.5 % decrease
|
|
Cypress Park Estates |
2nd Qtr 2011 2nd Qtr 2012 |
12 3 |
$ 1,526,000 $ 1,800,000 18 % increase |
|
Dundarave |
2nd Qtr 2011 2nd Qtr 2012 |
36 13 |
$ 1,925,000 $ 2,100,000 9.1 % increase |
|
Eagleridge/Gleneagles |
2nd Qtr 2011 2nd Qtr 2012 |
8 8 |
$ 2,192,500 $ 1,530,000 30.2 % decrease |
|
Queens |
2nd Qtr 2011 2nd Qtr 2012 |
24 3 |
$ 2,275,000 $ 2,885,000 26.8 % increase |
|
Rockridge |
2nd Qtr 2011 2nd Qtr 2012 |
10 1 |
$ 3,450,000 $ 4,100,000 18.8 % increase |
|
Sentinel Hill |
2nd Qtr 2011 2nd Qtr 2012 |
12 7 |
$ 1,276,500 $ 1,288,000 0.9 % increase |
|
Westmount |
2nd Qtr 2011 2nd Qtr 2012 |
13 5 |
$ 3,050,000 $ 2,090,000 31.5% decrease |
I have not included all of the sub areas of West Vancouver. There may well be greater decreases in some of the areas above the highway like Chartwell, Whitby Estates, Canterbury and Chelsea Park.
There were many land sales in the second quarter of 2011, those same builders have now pulled their horns in for 2012 based on the drop in sales and the disappearance of the ‘Well Heeled’ Asian buyer. I believe those same builders will regret not taking advantage of a blip in the market when 2013 arrives and they are behind the eight ball with no product to push! Now really is the time to perpetuate ‘The Sky Is Falling’ story if you are a buyer.
If you are a seller - here is the summary of the second quarter stats. If you are in a pickle and have over spent based on what you thought was an ever ending gravy train, reduce your price and get out. If you have a quality built or quality kept home or you are in a fantastic location; be patient. Do not get your knickers in a knot, the sky is not falling.
Real Estate is just like poker – he who blinks first – loses!
If your specific location has not been mentioned in the above statistics, please give me a ring and I will be happy to supply you with an up-to-date summary of everything relevant to your area.
I look forward to hearing from you; you can be assured that nobody will work harder or more professionally on your behalf than I will.
Yours truly,
Patrick O’Donnell