March 2012 Vancouver Real Estate Sales Absorption Report

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SALES

ABSORPTION

REPORT

VANCOUVER, BC | MARCH 2012

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

Vancouver real estate market statistics to keep you

ON TOP OF THE MARKET

INTRODUCTION | MARCH 2012



| 1111 Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

Our monthly sales absorption report is designed to keep you up-to-date and on top of the market. Every report analyzes the real

estate markets in North and West Vancouver, Downtown, and the East and West side of the city in terms of monthly sales, listings,

and absorption rates. The data is further broken down by price, residential type and the number of bedrooms. In addition to

statistics, a graph presents the past two years of sales, and a featured properties page which showcases our most recent listings

and/or sold properties. To help you better understand the contents of the report, we’ve compiled a list of definitions and

explanations of how we came about certain statistics:

ACTIVE LISTINGS The number of properties on the market. This number only includes those listed on the Multiple Listing Service

(MLS); properties not listed on the MLS, such as “For Sale By Owners”, are not accounted for. This number is dynamic and

constantly changes; new properties get listed and others are sold, terminated, cancelled, or expire.

ATTACHED PROPERTY A property that shares a common wall with another property such as a condo, apartment, townhome,

duplex, triplex, etc.

DAYS ON MARKET (DOM) The number of days a listing is active on the MLS before it is sold. Our report showcases the average

days on market which is calculated by adding all the days on market of each listing and dividing it by the number of listings for that

month. In a buyer’s market, the DOM is generally higher because inventory takes longer to sell and in a seller’s market, the DOM is

fewer.

DETACHED PROPERTY A property with no shared walls; a free standing house.

MONTH’S SUPPLY The number of months it would take at the current absorption rate, assuming no new properties are listed, for

all of the currently listed properties to sell. The widely accepted equilibrium benchmark in the industry is 5 months’ supply. At 5

months’ supply, the buyers are absorbing the existing inventory at a rate that stabilizes pricing; ergo, the supply demand curves are

at equilibrium. A market with greater than 5 months’ supply is considered a buyer’s market and one with less than 5 months’ supply

is a seller’s market. For example, if the market had only 2 months’ worth of supply available, pricing would be trending up (in favour

of sellers, hence a “seller’s market”). Conversely, an environment with 10 months’ supply would be putting downward pressure on

pricing (benefiting buyers) as buyers have more variety of properties to select from.

SALES ABSORPTION RATE The rate at which homes sell in an area; the higher the absorption rate, the faster homes are selling.

To calculate the absorption rate, take the number of homes sold in a month and divide it by the total number of listings available

that month.

The real estate market is dynamic and constantly changing, this report and its contents are our best representation of the market at

the time the report was created. If you have any questions, suggestions on how we can make the report better, or would like to

know where the market is at this very moment, please give us a call anytime!

E. & O.E.: This information is from sources which we deem reliable, but must be verified by prospective Purchasers and may be subject to change or

withdrawal. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers.

Independently Owned and Operated.

SALES

ABSORPTION

REPORT

DOWNTOWN | MARCH 2012




DOWNTOWN February March % Change

Active Listings 1471 1631 10.88% Number of Sales 197 274 39.09% Average Listing Price $777,424 $664,718 -14.50% Average Sale Price $745,093 $642,699 -13.74% Average DOM 45 46 2.22% Overall Absorption 13.39% 16.80% 25.44%

Price Range # of Listings # of Sales Absorption Rate 0 - 300,000 86 21 24.42% 300,001 - 400,000 233 63 27.04% 400,001 - 500,000 273 60 21.98% 500,001 - 600,000 238 37 15.55% 600,001 - 700,000 157 31 19.75% 700,001 - 800,000 105 16 15.24% 800,001 - 900,000 89 7 7.87% 900,001 - 1,000,000 56 4 7.14% 1,000,001 - 1,250,000 93 13 13.98% 1,250,001 - 1,500,000 72 9 12.50% 1,500,001 - 1,750,000 32 3 9.38% 1,750,001 - 2,000,000 30 3 10.00% 2M+ 140 7 5.00% TOTAL 1604 274 17.08%

Unit Type # of Listings # of Sales Absorption Rate Studio 81 18 22.22% One Bedroom 567 116 20.46% Two Bedroom 822 129 15.69% Three Bedroom+ 134 11 8.21% TOTAL 1604 274 17.08%

DOWNTOWN (ATTACHED ONLY)

• Includes Downtown, West End, Yaletown & Coal

Harbour

• March’s overall absorption was 16.80%, which

represents 6 months worth of supply (buyer’s market)

• There were 160 more listings and 77 more sales in

March than in February

• Average sale price in March was $642,699, a decrease

of $102,394 from February’s average

• Average DOM in March was 46 days; properties took

1 more day to sell than in February

DOWNTOWN (ATTACHED ONLY)

VANCOUVER WESTSIDE | MARCH 2012




ATTACHED February March % Change

Active Listings 1159 1280 10.44% Number of Sales 176 190 7.95% Average Listing Price $679,581 $726,107 6.85% Average Sale Price $664,996 $711,642 7.01% Average DOM 39 38 -2.56% Overall Absorption 15.19% 14.84% -2.25%



DETACHED February March % Change

Active Listings 1079 1116 3.43% Number of Sales 177 151 -14.69% Average Listing Price $2,727,747 $2,504,496 -8.18% Average Sale Price $2,647,094 $2,411,901 -8.88% Average DOM 31 31 0.00% Overall Absorption 16.40% 13.53% -17.52%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 2 1 50.00% 800,001 - 900,000 3 2 66.67% 900,001 - 1,000,000 5 2 40.00% 1,000,001 - 1,250,000 17 9 52.94% 1,250,001 - 1,500,000 67 19 28.36% 1,500,001 - 1,750,000 82 16 19.51% 1,750,001 - 2,000,000 110 22 20.00% 2,000,001 - 2,250,000 72 18 25.00% 2,250,001 - 2,500,000 110 13 11.82% 2,500,001 - 2,750,000 80 9 11.25% 2,750,001 - 3,000,000 95 13 13.68% 3 - 4M 233 16 6.87% 4M+ 217 11 5.07% TOTAL 1093 151 13.82%

Unit Type # of Listings # of Sales Absorption Rate Two Bedroom & Under 28 8 28.57% Three Bedroom 96 26 27.08% Four Bedroom 268 43 16.04% Five Bedroom+ 701 74 10.56% TOTAL 1093 151 13.82%

VANCOUVER

WESTSIDE

ATTACHED

• Excludes Downtown, West End, Yaletown & Coal

Harbour

• Overall absorption was 14.84%, which represents 6.7

months worth of supply (buyer’s market)

• Average sale price in March was $711,642, an increase of

$46,646 from February’s average

• Average DOM in March was 38 days; properties sold 1

day faster than in February

DETACHED

• Excludes Downtown, West End, Yaletown & Coal

Harbour

• The absorption rate in March was 13.53%, which

represents 7.4 months worth of supply (buyer’s market)

• Average sale price in March was $2,411,901, a decrease


• Average DOM in March was 31 days; there was no

change from the previous month

VANCOUVER

WESTSIDE

VANCOUVER WESTSIDE | APRIL 2012

VANCOUVER EASTSIDE | MARCH 2012





Active Listings 773 946 22.38% Number of Sales 141 180 27.66% Average Listing Price $443,852 $437,018 -1.54% Average Sale Price $438,317 $430,730 -1.73% Average DOM 56 36 -35.71% Overall Absorption 18.24% 19.03% 4.31%

Price Range # of Listings # of Sales Absorption Rate 0 - 250,000 56 7 12.50% 250,001 - 300,000 132 24 18.18% 300,001 - 400,000 303 62 20.46% 400,001 - 500,000 186 43 23.12% 500,001 - 600,000 83 18 21.69% 600,001 - 700,000 77 14 18.18% 700,001 - 800,000 62 8 12.90% 800,001 - 900,000 21 4 19.05% 900,001 - 1,000,000 7 0 0.00% 1,000,001 - 1,250,000 7 0 0.00% 1,250,001 - 1,500,000 4 0 0.00% 1,500,001 - 1,750,000 3 0 0.00% 1,750,001 - 2,000,000 0 0 - 2M+ 0 0 - TOTAL 941 180 19.13%



Active Listings 656 731 11.43%

Number of Sales 125 157 25.60%

Average Listing Price $915,008 $944,958 3.27%

Average Sale Price $910,995 $943,912 3.61%

Average DOM 41 27 -34.15%

Overall Absorption 19.05% 21.48% 12.71%

Price Range # of Listings # of Sales Absorption Rate

0 - 500,000 1 0 0.00%

500,001 - 600,000 4 1 25.00%

600,001 - 700,000 36 13 36.11%

700,001 - 800,000 140 24 17.14%

800,001 - 900,000 121 33 27.27%

900,001 - 1,000,000 116 44 37.93%

1,000,001 - 1,250,000 145 28 19.31%

1,250,001 - 1,500,000 93 10 10.75%

1,500,001 - 1,750,000 37 3 8.11%

1,750,001 - 2,000,000 17 1 5.88%

2M+ 5 0 0.00%

TOTAL 715 157 21.96%

Unit Type # of Listings # of Sales Absorption Rate

Two Bedroom & Under 41 13 31.71%

Three Bedroom 79 21 26.58%

Four Bedroom 140 43 30.71%

Five Bedroom+ 455 80 17.58%

TOTAL 715 157 21.96%

ATTACHED

• Overall absorption for the month of March was 19.03%,

which represents 5.3 months worth of supply

(equilibrium)

• Number of active listings increased by 173 listings to 946

• Average sale price in March was $430,730, a decrease of


• Average DOM was 36 days; properties sold 20 days faster

in March than in February

DETACHED

• March’s absorption rate was 21.48%, which represents

4.7 months worth of supply (seller’s market)

• Active listings totalled 731 in March, an increase of 75

from February

• Average sale price in March was $943,912, an increase of



weeks faster than in February

VANCOUVER

EASTSIDE

NORTH VANCOUVER | MARCH 2012





Active Listings 649 732 12.79% Number of Sales 106 131 23.58% Average Listing Price $480,405 $515,211 7.25% Average Sale Price $470,452 $507,075 7.78% Average DOM 48 38 -20.83% Overall Absorption 16.33% 17.90% 9.57%




Active Listings 385 438 13.77% Number of Sales 103 121 17.48% Average Listing Price $1,103,451 $1,110,888 0.67% Average Sale Price $1,086,759 $1,109,272 2.07% Average DOM 33 23 -30.30% Overall Absorption 26.75% 27.63% 3.26%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 57 15 26.32% 800,001 - 900,000 67 26 38.81% 900,001 - 1,000,000 56 16 28.57% 1,000,001 - 1,250,000 93 28 30.11% 1,250,001 - 1,500,000 84 22 26.19% 1,500,001 - 1,750,000 30 7 23.33% 1,750,001 - 2,000,000 27 5 18.52% 2,000,001 - 2,250,000 8 2 25.00% 2,250,001 - 2,500,000 14 0 0.00% 2,500,001 - 2,750,000 2 0 0.00% 2,750,001 - 3,000,000 4 0 0.00% 3 - 4M 5 0 0.00% 4M+ 6 0 0.00% TOTAL 453 121 26.71%


ATTACHED

• Overall absorption was 17.90%, which represents 5.6

months worth of supply (equilibrium)

• March saw 83 more active listing and 25 more sales than

in February

• Average selling price in March was $507,075, an increase



days faster than in February

DETACHED

• The absorption rate in March was 27.63%, which

represents 3.6 months worth of supply (seller’s market)

• Compared to February, March had 53 more listings and

18 more sales

• Average sale price in March was $1,109,272, an increase


• Average DOM was 23 days; properties sold 10 days

faster in March than in February

NORTH

VANCOUVER

WEST VANCOUVER | MARCH 2012





Active Listings 163 187 14.72% Number of Sales 27 27 0.00% Average Listing Price $822,188 $1,261,577 53.44% Average Sale Price $804,553 $1,231,810 53.10% Average DOM 59 83 40.68% Overall Absorption 16.56% 14.44% -12.83%




Active Listings 495 556 12.32% Number of Sales 68 78 14.71% Average Listing Price $2,509,408 $2,549,970 1.62% Average Sale Price $2,366,611 $2,420,185 2.26% Average DOM 53 46 -13.21% Overall Absorption 13.74% 14.03% 2.12%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 12 0 0.00% 800,001 - 900,000 6 2 33.33% 900,001 - 1,000,000 13 0 0.00% 1,000,001 - 1,250,000 27 6 22.22% 1,250,001 - 1,500,000 55 15 27.27% 1,500,001 - 1,750,000 55 11 20.00% 1,750,001 - 2,000,000 56 9 16.07% 2,000,001 - 2,250,000 19 7 36.84% 2,250,001 - 2,500,000 35 4 11.43% 2,500,001 - 2,750,000 25 3 12.00% 2,750,001 - 3,000,000 38 1 2.63% 3M - 4M 86 11 12.79% 4M+ 129 9 6.98% TOTAL 556 78 14.03%


ATTACHED

• March’s overall absorption was 14.44%, which represents

6.9 months worth of supply (buyer’s market)

• March had 24 more listings and the same number of sales

as February



• Average DOM in March was 83 days; properties sat on

the market for 24 days longer than in February

DETACHED

• March’s overall absorption was 14.03%, which represents

7.1 months worth of supply (buyer’s market)

• There were 61 more listings and 10 more sales in March

than in February



• Average DOM was 46 days in March; properties sold 7

days faster than in February

WEST

VANCOUVER

FEATURED PROPERTIES | MARCH 2012




JUST SOLD

310 – 928 Richards St, Vancouver BC $453,500

1 Bedroom 1 Den 1 Bathroom

626 sq. ft. 625 sq. ft. rooftop patio Balcony

9 ft. ceilings Laminate floors In-suite laundry

Club-like amenities 1 Storage locker 1 Parking

MLS V939420

403 – 1316 W. 11th Ave, Vancouver BC $445,000

1 Bedroom 1 Den & Solarium 1 Bathroom

Corner suite Open concept 709 sq. ft.

Westerly views Designer paint Maple floors

In-suite laundry 1 Storage locker 1 Parking

MLS V939084

PRICE REDUCED

108 – 1925 W. 2nd Ave, Vancouver BC $429,000

1 Bedroom 1 Bathroom 676 sq. ft.

Garden condo 378 sq. ft. fenced patio Laminate floors

Fully rainscreened Wood burning fireplace Building updates

Steps from Kits Beach In-suite laundry 1 Parking

MLS V938663

NEW LISTING

PH7 – 3089 Oak St, Vancouver BC $419,900

Penthouse 1 Bedroom 1 Bathroom

Corner unit Open concept 655 sq. ft.

77 sq. ft. balcony Floor-to-ceiling windows City views

Over-height ceilings In-suite laundry 1 Parking

MLS V941072

NEW LISTING

FEATURED

PROPERTIES (CLICK PROPERTY FOR

MORE DETAILS)

http://mlslink.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1535213863&s=BRC&t=BRC




March 2012 Vancouver Real Estate Sales Absorption Report

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