septembe 2012 vancouver real estate sales absorption report

488 Drake Street Vancouver, BC V6B 5S9

jefffitzpatrick.com | [email protected] | 604.612.6120

VANCOUVER, BC | SEPTEMBER 2012

SALES

ABSORPTION

REPORT

Vancouver real estate market statistics to keep you

ON TOP OF THE MARKET

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

INTRODUCTION | SEPTEMBER 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 showcases our most recent listings and sold

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

certain statistics terminology:

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 Owner”, 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

lower.

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 (see below), assuming no new properties

are listed, for all of the currently listed properties to sell. To calculate month’s supply, take the total number of active listings in a

month divided by the total number of sales in the month. 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 | SEPTEMBER 2012




DOWNTOWN August September % Change

Active Listings 1585 1545 -2.52% Number of Sales 150 101 -32.67% Average Listing Price $697,546 $821,866 17.82% Average Sale Price $662,777 $779,834 17.66% Average DOM 56 59 5.36% Overall Absorption 9.46% 6.54% -30.92%

Price Range # of Listings # of Sales Absorption Rate 0 - 300,000 85 5 5.88% 300,001 - 400,000 250 27 10.80% 400,001 - 500,000 296 18 6.08% 500,001 - 600,000 209 17 8.13% 600,001 - 700,000 124 8 6.45% 700,001 - 800,000 94 5 5.32% 800,001 - 900,000 83 4 4.82% 900,001 - 1,000,000 55 1 1.82% 1,000,001 - 1,250,000 91 4 4.40% 1,250,001 - 1,500,000 65 3 4.62% 1,500,001 - 1,750,000 35 2 5.71% 1,750,001 - 2,000,000 25 1 4.00% 2M+ 133 6 4.51% TOTAL 1545 101 6.54%

Unit Type # of Listings # of Sales Absorption Rate Studio 74 1 1.35% One Bedroom 596 50 8.39% Two Bedroom 741 43 5.80% Three Bedroom+ 134 7 5.22% TOTAL 1545 101 6.54%

DOWNTOWN (ATTACHED ONLY)

• Includes Downtown, West End, Yaletown & Coal Harbour

• September’s overall absorption was 6.54%, which represents

15.29 months worth of supply (strong buyer’s market)

• There were 40 fewer listings and 49 fewer sales than in August

• Most active properties were those listed between $300,001 -

$400,000; least active were those in the $1.75M – 2M range

• Average sale price in September was $779,834, an increase of

$117,057 (17.66%) from Augusts’ average

• Average DOM in September was 56 days; properties took

3 days longer to sell than in August

DOWNTOWN

(ATTACHED ONLY)

VANCOUVER WESTSIDE | SEPTEMBER 2012




ATTACHED August September % Change

Active Listings 1408 1458 3.55% Number of Sales 119 74 -37.82% Average Listing Price $706,417 $665,037 -5.86% Average Sale Price $679,355 $634,034 -6.67% Average DOM 46 44 -4.35% Overall Absorption 8.45% 5.08% -39.95%



DETACHED August September % Change

Active Listings 1173 1220 4.01% Number of Sales 75 70 -6.67% Average Listing Price $2,634,311 $2,562,682 -2.72% Average Sale Price $2,423,851 $2,383,263 -1.67% Average DOM 54 43 -20.37% Overall Absorption 6.39% 5.74% -10.26%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 2 1 50.00% 800,001 - 900,000 3 1 33.33% 900,001 - 1,000,000 6 0 0.00% 1,000,001 - 1,250,000 29 4 13.79% 1,250,001 - 1,500,000 94 12 12.77% 1,500,001 - 1,750,000 106 11 10.38% 1,750,001 - 2,000,000 113 5 4.42% 2,000,001 - 2,250,000 72 12 16.67% 2,250,001 - 2,500,000 134 8 5.97% 2,500,001 - 2,750,000 94 3 3.19% 2,750,001 - 3,000,000 119 2 1.68% 3 - 4M 248 4 1.61% 4M+ 200 7 3.50% TOTAL 1220 70 5.74%

Unit Type # of Listings # of Sales Absorption Rate Two Bedroom & Under 28 4 14.29% Three Bedroom 119 9 7.56% Four Bedroom 286 22 7.69% Five Bedroom+ 787 35 4.45% TOTAL 1220 70 5.74%

VANCOUVER

WESTSIDE

ATTACHED

• Excludes Downtown, West End, Yaletown & Coal Harbour

• Overall absorption was 5.08%, which represents 19.67

months worth of supply (strong buyer’s market)

• Average sale price in September was $634,034, a decrease

of $45,321 (-6.67%) from Augusts’ average

• Most active segment were properties priced between

$900,000 - $1M; least active were those over $1.5M

• Average DOM in September was 44 days; properties sold 2

days faster than in August

DETACHED

• Excludes Downtown, West End, Yaletown & Coal Harbour

• Absorption in September was 5.74%, which represents 17.42


• Average sale price in September was $2,383,263, a decrease


• Properties under $900,000 and between $2M – $2.25M were

the most active; $900,000 – $1M segment was the least active



VANCOUVER

WESTSIDE

VANCOUVER WESTSIDE | APRIL 2012

VANCOUVER EASTSIDE | SEPTEMBER 2012





Active Listings 867 877 1.15%

Number of Sales 64 58 -9.38%

Average Listing Price $909,579 $932,582 2.53%

Average Sale Price $879,532 $907,573 3.19%

Average DOM 36 33 -8.33%

Overall Absorption 7.38% 6.61% -10.41%

Price Range # of Listings # of Sales Absorption Rate

0 - 500,000 3 0 0.00%

500,001 - 600,000 6 1 16.67%

600,001 - 700,000 58 8 13.79%

700,001 - 800,000 132 13 9.85%

800,001 - 900,000 181 13 7.18%

900,001 - 1,000,000 121 8 6.61%

1,000,001 - 1,250,000 176 10 5.68%

1,250,001 - 1,500,000 129 4 3.10%

1,500,001 - 1,750,000 38 1 2.63%

1,750,001 - 2,000,000 20 0 0.00%

2M+ 13 0 0.00%

TOTAL 877 58 6.61%

Unit Type # of Listings # of Sales Absorption Rate

Two Bedroom & Under 48 8 16.67%

Three Bedroom 96 13 13.54%

Four Bedroom 158 13 8.23%

Five Bedroom+ 575 24 4.17%

TOTAL 877 58 6.61%


Active Listings 828 891 7.61% Number of Sales 83 58 -30.12% Average Listing Price $417,959 $400,508 -4.18% Average Sale Price $405,928 $393,907 -2.96% Average DOM 57 42 -26.32% Overall Absorption 10.02% 6.51% -35.06%

Price Range # of Listings # of Sales Absorption Rate 0 - 250,000 102 11 10.78% 250,001 - 300,000 136 6 4.41% 300,001 - 400,000 247 17 6.88% 400,001 - 500,000 142 13 9.15% 500,001 - 600,000 90 5 5.56% 600,001 - 700,000 80 3 3.75% 700,001 - 800,000 45 1 2.22% 800,001 - 900,000 26 2 7.69% 900,001 - 1,000,000 5 0 0.00% 1,000,001 - 1,250,000 8 0 0.00% 1,250,001 - 1,500,000 4 0 0.00% 1,500,001 - 1,750,000 2 0 0.00% 1,750,001 - 2,000,000 4 0 0.00% 2M+ 0 0 - TOTAL 891 58 6.51%


ATTACHED

• Overall absorption for September was 6.51%, which

represents 15.36 months of supply (strong buyer’s market)

• Average sale price in September was $393,907, a decrease of

$12,021 (-2.96%) from Augusts’ average

• Most active price were properties under $250,000; least

active were those over $900,000

• Average DOM was 42 days; properties sold 15 days faster in

September than in August

DETACHED

• September’s absorption rate was 6.61%, which represents


• Average sale price in September was $907,573, an increase

of $28,041 (3.19%) from Augusts’ average

• Properties between $500,001 - $600,000 were most active;

properties under $500,000 and over $1.75M were the least



VANCOUVER

EASTSIDE

NORTH VANCOUVER | SEPTEMBER 2012





Active Listings 686 791 15.31% Number of Sales 65 42 -35.38% Average Listing Price $455,500 $473,109 3.87% Average Sale Price $441,775 $461,076 4.37% Average DOM 58 61 5.17% Overall Absorption 9.48% 5.31% -43.96%




Active Listings 506 586 15.81% Number of Sales 43 36 -16.28% Average Listing Price $1,159,669 $1,055,372 -8.99% Average Sale Price $1,105,562 $1,014,433 -8.24% Average DOM 51 31 -39.22% Overall Absorption 8.50% 6.14% -27.71%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 84 5 5.95% 800,001 - 900,000 94 10 10.64% 900,001 - 1,000,000 71 7 9.86% 1,000,001 - 1,250,000 116 11 9.48% 1,250,001 - 1,500,000 80 1 1.25% 1,500,001 - 1,750,000 47 1 2.13% 1,750,001 - 2,000,000 33 0 0.00% 2,000,001 - 2,250,000 22 1 4.55% 2,250,001 - 2,500,000 14 0 0.00% 2,500,001 - 2,750,000 8 0 0.00% 2,750,001 - 3,000,000 8 0 0.00% 3 - 4M 2 0 0.00% 4M+ 7 0 0.00% TOTAL 586 36 6.14%


ATTACHED

• Overall absorption was 5.31%, which represents 18.83


• Average selling price in September was $461,076, an

increase of $19,301 (4.37%) from Augusts’ average

• Most active price segment were properties under $300,000;

least active were those between over $1.25M

• Average DOM in September was 61 days; properties sat on

the market for 3 days longer than in August

DETACHED

• September’s absorption rate was 6.14%, which represents


• Most active properties were priced between $800,001 -

$900,000; least active properties were over $2.25M

• Average sale price in September was $1,014,433, a decrease


• Average DOM was 31 days; properties sold 20 days faster in

September than in August

NORTH

VANCOUVER

WEST VANCOUVER | SEPTEMBER 2012





Active Listings 190 213 12.11% Number of Sales 12 10 -16.67% Average Listing Price $995,200 $785,980 -21.02% Average Sale Price $904,687 $747,600 -17.36% Average DOM 72 89 23.61% Overall Absorption 6.32% 4.69% -25.67%




Active Listings 617 674 9.24% Number of Sales 31 33 6.45% Average Listing Price $2,809,483 $2,433,693 -13.38% Average Sale Price $2,609,822 $2,294,135 -12.10% Average DOM 61 38 -37.70% Overall Absorption 5.02% 4.90% -2.55%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 20 1 5.00% 800,001 - 900,000 8 0 0.00% 900,001 - 1,000,000 17 2 11.76% 1,000,001 - 1,250,000 32 2 6.25% 1,250,001 - 1,500,000 79 3 3.80% 1,500,001 - 1,750,000 51 6 11.76% 1,750,001 - 2,000,000 78 6 7.69% 2,000,001 - 2,250,000 28 1 3.57% 2,250,001 - 2,500,000 38 3 7.89% 2,500,001 - 2,750,000 38 3 7.89% 2,750,001 - 3,000,000 61 1 1.64% 3M - 4M 90 2 2.22% 4M+ 134 3 2.24% TOTAL 674 33 4.90%


ATTACHED

• September’s overall absorption was 4.69%, which represents


• Average sale price in September was $747,600, a decrease of

$157,087 (-17.36%) from Augusts’ average

• Most active properties were priced under $300,000;

properties over this price range saw little to no movement

• Average DOM in September was 89 days; properties sat on

the market for 17 days longer than in August

DETACHED

• Overall absorption in September was 4.90%, which represents

20.41 months of supply (strong buyer’s market)

• Average sale price was $2,294,135, a decrease of $315,687

(-12.10%) from Augusts’ average

• Properties priced within $900,000 - $1M and $1.5M - $1.75M

were the most active; those between $800,001 - $900,000

were the least

• Average DOM was 38 days; properties sold 23 days faster

WEST

VANCOUVER

FEATURED PROPERTIES | SEPTEMBER 2012



JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

1927 W. 15th Avenue, Vancouver BC $1,398,000

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1,568 sq.ft. High-end finishes Open concept

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MLS V975779

NEW LISTING! NEW LISTING!

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Largest unit in building Corner suite 2 Bedrooms

2 Bathrooms 979 sq. ft. 2 Balconies

New washer & dryer New carpets throughout Rainscreened

In-suite laundry 1 storage locker 1 parking

MLS V975780

307 – 535 Smithe Street, Vancouver BC $489,000

1 Bedroom 1 Bathroom 648 sq. ft.

2 Juliet balconies Deluxe finishes 9’4 ceilings

Hardwood floors Stainless steel kitchen In-suite laundry

1 storage locker In-suite storage/flex room 1 parking

MLS V975937

NEW LISTING!

209 – 2133 Douglas Road, Burnaby BC $429,000

2 Bedroom 2 Bathroom 863 sq. ft.

Expansive city views Floor-to-ceiling windows Open Concept

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MLS V974689

NEW LISTING!

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septembe 2012 vancouver real estate sales absorption report

Documents

buyers market

number of months

sellers market

months supply

market dom

number of properties

number of listings

number of days