65 34.7% 1299 5% 59 11.7% 29 38.1% 304 46.9% 636
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NOVEMBER 2019 vs NOVEMBER 2018 DETACHED UNIT SALES 65 34.7% INVENTORY AT MONTH END 1299 5% AVE. DAYS ON MARKET 59 11.7% HPI (combined total) $2,904,200 -9.32% TOWNHOME UNIT SALES 29 38.1% INVENTORY AT MONTH END 636 3% AVE. DAYS ON MARKET 35 2.2% HPI (combined total) $1,133,900 -3.14% CONDO UNIT SALES 304 46.9% INVENTORY AT MONTH END 3552 2% AVE. DAYS ON MARKET 43 22.7% HPI (combined total) WESTSIDE $750,400 VANCOUVER November -4.02% NOVEMBER 2019 NOVEMBER- SINGLE FAMILY DETACHED HOMES THE REAL WESTSIDE RESULTS: NOV 2019 THE REAL NEIGHBOURHOOD RESULTS: NOV 2019 SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $4,000,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $3,600,000 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $3,311,712 $3,192,700 $3,163,834 Average Sales Price $3,200,000 $3,153,770 Arbutus 6 $3,248,000 -2.59 0.90 $3,054,255 $3,015,047 – Cambie 5 $2,275,400 0.83 -0.18 $3,000,000 $2,800,000 $2,915,000 $2,860,953 $2,830,000 $2,895,000 Dunbar 13 $2,489,800 2.39 1.57 $2,707,500 $2,400,000 Kerrisdale 3 $2,849,500 0.62 2.78 Kitsilano 6 $2,341,000 -0.27 6.10 Median Sales Price $2,000,000 – MacKenzie Heights 2 $3,024,700 1.16 1.61 JUNOJUL AUG SEP CT NOV Marpole 4 $1,929,500 -1.31 -0.68 DAYS ON MARKET MONTHLY TREND Mount Pleasant VW 1 $2,101,400 -1.93 -4.68 Oakridge VW 1 $2,578,600 -1.24 -4.62 70 69 Point Grey 8 $2,943,000 -1.53 -0.96 62 62 59 60 56 Quilchena 5 $3,079,200 -5.58 0.36 S.W. Marine 3 $2,897,300 -0.51 -1.21 50 Average Days on Market 46 49 – Shaughnessy 2 $4,761,600 -1.68 -1.74 Days 40 43 38 38 South Cambie 0 $3,055,900 -0.91 -1.38 30 30 29 South Granville 6 $3,475,700 -0.46 1.20 20 Southlands 1 $3,109,200 0.46 -0.16 10 University VW 0 $4,618,500 1.57 2.12 Median Days on Market JUNOJUL AUG SEP CT NOV – West End VW 0 $1,816,900 0.59 -2.77 Vancouver West 65 $2,904,200 -0.27 0.81 UNIT SALES (BY MONTH) 2018 2019 CHANGE June 86 72 -16.3% July 53 59 11.3% Aug 52 64 23.1% FAITH’S KEY INSIGHTS: Sept 45 69 30.6% ■■ Dunbar is back as the hottest detached housing market on the Westside, Oct 68 69 1.7% posting the highest sales, 13, and the biggest price increase in November Nov 49 65 34.7% with a 2.3% rise from a month earlier, than any other Westside Total 359 399 13.0% neighbourhood. During the peak of the market nearly four years ago this neighbourhood led the entire city in the number and rapidity of detached house sales, so this may be harbinger. The benchmark price of a Dunbar LISTING AND SALES ACTIVITY BY PRICE SEGMENT detached house in November was $2.48 million, while it was just above $3.1 million at the peak. Price Segment ($) New Listings Added Unit Sales Sales-to-New- Listings Ratio ■■ Westside detached house sales in November were up 32.7% from 0 – 2,000,000 11 9 82% November 2018 to 65, reflective of a year-over-year increase in detached 2,000,001 – 2,250,000 3 7 233% house sales seen right across Metro Vancouver, which experienced a near 2,250,001 – 2,500,000 7 6 86% 60% rise in transactions. With 123 new listings added to the Westside 2,500,001 – 2,750,000 6 1 17% in November, the sales-to-new-listing ratio was 54%, much higher than 2,750,001 – 3,000,000 10 14 140% the 17.2% ratio across the Metro region, however. A real estate sales 3,000,001 – 3,250,000 6 5 83% recovery often begins at the centre and radiates out so this is likely what we are seeing today. 3,250,001 – 3,500,000 10 7 70% 3,500,001 – 3,750,000 7 5 71% ■■ While most are hailing the return of a seller’s market on the Westside due 3,750,001 – 4,000,000 10 3 30% to the high sales-to-listing ratio, some caution is advised. It still takes an 4,000,001 – 4,500,000 14 6 43% average of 59 sales for a new listing of detached house to sell and buyers 4,500,001 – 5,000,000 9 1 11% remain hesitant when listing prices reach $3 million, making them subject to a higher “school tax.” The sales-to-new-listing ratio in November was 5,000,001 – 6,000,000 9 2 22% 100% for the 37 houses listed up to $3 million and 32% for the 86 houses 6,000,001 – 7,000,000 8 0 0% listed higher than $3 million. The ratio fell to 0% for houses priced at more 7,000,001 – 8,000,000 0 0 0% than $6 million. If you are a Westside detached house seller who has 8,000,000 – 10,000,000 5 0 0% doubts about your listing price, Faith Wilson Group is widely recognized for 10,000,001+ 8 0 0% its ability to set accurate market values. Totals 123 65 54% Faith’s Exclusive Westside Analysis PAGE 2 OCTOBER- SINGLE FAMILY DETACHED HOMES THE REAL WESTSIDE RESULTS: OCT 2019 THE REAL NEIGHBOURHOOD RESULTS: OCT 2019 SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $4,000,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $3,600,000 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $3,335,566 $3,222,345 $3,192,700 Average Sales Price $3,200,000 $3,153,770 $3,163,834 $3,054,255 Arbutus 6 $3,334,400 0.15 4.22 – Cambie 6 $2,256,600 -0.49 -0.70 $2,800,000 $2,950,000 $2,915,000 $3,044,444 $2,860,953 $2,830,000 Dunbar 15 $2,431,600 0.22 -1.20 $2,707,500 $2,400,000 Kerrisdale 6 $2,832,000 0.07 -0.97 Kitsilano 7 $2,347,400 3.94 6.59 Median Sales Price $2,000,000 – MacKenzie Heights 4 $2,990,100 -0.48 -2.97 MAYJUN JUL AUG SEP OCT Marpole 5 $1,955,100 0.61 1.20 DAYS ON MARKET MONTHLY TREND Mount Pleasant VW 0 $2,142,700 -2.87 -4.36 Oakridge VW 0 $2,611,000 -2.48 -1.17 70 69 Point Grey 8 $2,988,700 4.02 0.35 62 62 60 56 Quilchena 2 $3,261,000 1.30 5.12 S.W. Marine 5 $2,912,000 -1.38 2.44 50 Average Days on Market 46 49 – 40 Shaughnessy 4 $4,842,900 0.12 -2.87 Days 40 43 38 38 South Cambie 1 $3,084,100 -1.20 1.32 30 30 South Granville 7 $3,491,700 0.13 -1.70 27 20 Southlands 1 $3,095,000 -1.97 0.70 10 University VW 0 $4,547,200 -3.19 0.74 Median Days on Market MAYJUN JUL AUG SEP OCT – West End VW 1 $1,806,200 0.98 -5.15 Vancouver West 78 $2,912,000 0.61 0.57 UNIT SALES (BY MONTH) 2018 2019 CHANGE May 85 75 -11.8% June 86 72 -16.3% July 53 59 11.3% FAITH’S KEY INSIGHTS: Aug 52 64 23.1% ■■ The banker I talked to this week had seen a sudden increase in clients Sept 45 61 30.6% upsizing their homes, going from condos to townhouses, townhouses Oct 68 78 14.7% to houses, houses to better houses. He seemed surprised. I wasn’t. The Total 389 416 6.9% pent-up demand in Vancouver’s housing market has been building for months and after beginning to release this summer it virtually burst in October with a 45 per cent surge in overall sales compared to a year earlier LISTING AND SALES ACTIVITY BY PRICE SEGMENT across Greater Vancouver. Detached housing sales were up 47.3% from October 2018, the highest year-over-increase in 2019 with benchmark Price Segment ($) New Listings Added Unit Sales Sales-to-New- Listings Ratio prices up 7.5 per cent. The banker believes it is due to lower lending rates 0 – 2,000,000 13 6 46% – qualified buyers can seize five-year mortgages now at 2.9 per cent or less. Other say it is because benchmark prices are lower than a year ago. 2,000,001 – 2,250,000 6 9 150% I believe it is simply that people want to improve their lives and for many 2,250,001 – 2,500,000 11 9 82% that begins at home, a newer, better home. So it is no surprise that the 2,500,001 – 2,750,000 9 8 89% autumn uplift is so pronounced on the Westside, which has arguably the 2,750,001 – 3,000,000 13 7 54% best homes in the best neighbourhoods in all of Metro Vancouver. 3,000,001 – 3,250,000 9 9 100% ■■ Westside detached sales jumped 30.6% in September and a further 3,250,001 – 3,500,000 18 4 22% 14.7% in October from a year earlier.