august 2012 vancouver real estate sales absorption report

488 Drake Street Vancouver, BC V6B 5S9

jefffitzpatrick.com | [email protected] | 604.612.6120

VANCOUVER, BC | AUGUST 2012

SALES

ABSORPTION

REPORT

Vancouver real estate market statistics to keep you

ON TOP OF THE MARKET

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

INTRODUCTION | AUGUST 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. 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 | AUGUST 2012




DOWNTOWN July August % Change

Active Listings 1697 1585 -6.60% Number of Sales 176 152 -13.64% Average Listing Price $645,739 $721,664 11.76% Average Sale Price $617,861 $685,297 10.91% Average DOM 47 56 19.15% Overall Absorption 10.37% 9.59% -7.53%

Price Range # of Listings # of Sales Absorption Rate 0 - 300,000 81 5 6.17% 300,001 - 400,000 258 40 15.50% 400,001 - 500,000 299 30 10.03% 500,001 - 600,000 240 26 10.83% 600,001 - 700,000 131 15 11.45% 700,001 - 800,000 93 8 8.60% 800,001 - 900,000 80 4 5.00% 900,001 - 1,000,000 58 4 6.90% 1,000,001 - 1,250,000 86 6 6.98% 1,250,001 - 1,500,000 57 3 5.26% 1,500,001 - 1,750,000 41 4 9.76% 1,750,001 - 2,000,000 31 1 3.23% 2M+ 130 6 4.62% TOTAL 1585 152 9.59%

Unit Type # of Listings # of Sales Absorption Rate Studio 70 5 7.14% One Bedroom 606 63 10.40% Two Bedroom 772 72 9.33% Three Bedroom+ 137 12 8.76% TOTAL 1585 152 9.59%

DOWNTOWN (ATTACHED ONLY)

• Includes Downtown, West End, Yaletown & Coal

Harbour

• August’s overall absorption was 9.59%, which

represents 10.43 months worth of supply (buyer’s

market)

• There were 112 fewer listings and 24 fewer sales in

August than in July

• Average sale price in August was $685,297, an increase

of $67,436 (10.91%) from July’s average

• Average DOM in August was 56 days; properties took

9 days longer to sell than in July

DOWNTOWN

(ATTACHED ONLY)

VANCOUVER WESTSIDE | AUGUST 2012




ATTACHED July August % Change

Active Listings 1514 1408 -7.00% Number of Sales 148 135 -8.78% Average Listing Price $625,500 $706,417 12.94% Average Sale Price $607,332 $679,355 11.86% Average DOM 44 46 4.55% Overall Absorption 9.78% 9.59% -1.92%



DETACHED July August % Change

Active Listings 1239 1173 -5.33% Number of Sales 83 79 -4.82% Average Listing Price $2,543,656 $3,057,526 20.20% Average Sale Price $2,397,045 $2,784,682 16.17% Average DOM 47 57 21.28% Overall Absorption 6.70% 6.73% 0.54%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 2 0 0.00% 800,001 - 900,000 1 1 100.00% 900,001 - 1,000,000 4 0 0.00% 1,000,001 - 1,250,000 30 5 16.67% 1,250,001 - 1,500,000 85 12 14.12% 1,500,001 - 1,750,000 91 11 12.09% 1,750,001 - 2,000,000 122 10 8.20% 2,000,001 - 2,250,000 62 5 8.06% 2,250,001 - 2,500,000 117 5 4.27% 2,500,001 - 2,750,000 94 2 2.13% 2,750,001 - 3,000,000 117 7 5.98% 3 - 4M 252 9 3.57% 4M+ 196 12 6.12% TOTAL 1173 79 6.73%

Unit Type # of Listings # of Sales Absorption Rate Two Bedroom & Under 31 7 22.58% Three Bedroom 110 7 6.36% Four Bedroom 268 20 7.46% Five Bedroom+ 764 45 5.89% TOTAL 1173 79 6.73%

VANCOUVER

WESTSIDE

ATTACHED

• Excludes Downtown, West End, Yaletown & Coal Harbour

• Overall absorption was 9.59%, which represents 10.42

months worth of supply (buyer’s market)

• Average sale price in August was $679,355, an increase of

$72,023 (11.86%) from July’s average

• Average DOM in August was 46 days; properties sat on the

market for 2 days longer than in July

DETACHED

• Excludes Downtown, West End, Yaletown & Coal Harbour

• The absorption rate in August was 6.73%, which represents

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

• Average sale price in August was $2,784,682, an increase of


• Average DOM in August was 57 days; properties needed

10 more days on the market to sell than in July

VANCOUVER

WESTSIDE

VANCOUVER WESTSIDE | APRIL 2012

VANCOUVER EASTSIDE | AUGUST 2012





Active Listings 916 828 -9.61% Number of Sales 133 90 -32.33% Average Listing Price $420,378 $411,546 -2.10% Average Sale Price $412,087 $397,463 -3.55% Average DOM 42 57 35.71% Overall Absorption 14.52% 10.87% -25.14%

Price Range # of Listings # of Sales Absorption Rate 0 - 250,000 99 12 12.12% 250,001 - 300,000 137 19 13.87% 300,001 - 400,000 237 25 10.55% 400,001 - 500,000 122 16 13.11% 500,001 - 600,000 69 6 8.70% 600,001 - 700,000 73 5 6.85% 700,001 - 800,000 46 4 8.70% 800,001 - 900,000 24 2 8.33% 900,001 - 1,000,000 5 0 0.00% 1,000,001 - 1,250,000 7 1 14.29% 1,250,001 - 1,500,000 3 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 828 90 10.87%



Active Listings 918 867 -5.56%

Number of Sales 112 79 -29.46%

Average Listing Price $898,030 $937,394 4.38%

Average Sale Price $875,886 $902,054 2.99%

Average DOM 30 36 20.00%

Overall Absorption 12.20% 9.11% -25.32%

Price Range # of Listings # of Sales Absorption Rate

0 - 500,000 3 0 0.00%

500,001 - 600,000 8 2 25.00%

600,001 - 700,000 55 8 14.55%

700,001 - 800,000 124 13 10.48%

800,001 - 900,000 181 26 14.36%

900,001 - 1,000,000 136 12 8.82%

1,000,001 - 1,250,000 171 12 7.02%

1,250,001 - 1,500,000 117 6 5.13%

1,500,001 - 1,750,000 37 0 0.00%

1,750,001 - 2,000,000 24 0 0.00%

2M+ 11 0 0.00%

TOTAL 867 79 9.11%

Unit Type # of Listings # of Sales Absorption Rate

Two Bedroom & Under 46 10 21.74%

Three Bedroom 86 15 17.44%

Four Bedroom 162 21 12.96%

Five Bedroom+ 573 33 5.76%

TOTAL 867 79 9.11%

ATTACHED

• Overall absorption for August was 10.87%, which

represents 9.2 months worth of supply (buyer’s market)

• Number of active listings decreased by 88 listings to 828,

while sales decreased by 43 to 90

• Average sale price in August was $397,463, a decrease of

$14,624 (-3.55%) from July’s average

• Average DOM was 57 days; properties sat on the market

for 15 days longer in August than in July

DETACHED

• August’s absorption rate was 9.11%, which represents

10.98 months worth of supply (buyer’s market)

• August active listings totalled 867 and sales 79; a decrease

of 51 and 33 from July

• Average sale price in August was $902,054, an increase of


• Average DOM in August was 36 days; properties took 6

days longer than in July to sell

VANCOUVER

EASTSIDE

NORTH VANCOUVER | AUGUST 2012





Active Listings 788 686 -12.94% Number of Sales 83 62 -25.30% Average Listing Price $480,810 $456,898 -4.97% Average Sale Price $467,815 $443,787 -5.14% Average DOM 45 53 17.78% Overall Absorption 10.53% 9.04% -14.19%




Active Listings 519 506 -2.50% Number of Sales 60 51 -15.00% Average Listing Price $1,219,123 $1,229,562 0.86% Average Sale Price $1,157,564 $1,170,007 1.07% Average DOM 36 53 47.22% Overall Absorption 11.56% 10.08% -12.82%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 69 10 14.49% 800,001 - 900,000 80 11 13.75% 900,001 - 1,000,000 47 4 8.51% 1,000,001 - 1,250,000 111 12 10.81% 1,250,001 - 1,500,000 75 5 6.67% 1,500,001 - 1,750,000 41 3 7.32% 1,750,001 - 2,000,000 29 1 3.45% 2,000,001 - 2,250,000 18 2 11.11% 2,250,001 - 2,500,000 16 1 6.25% 2,500,001 - 2,750,000 5 1 20.00% 2,750,001 - 3,000,000 5 1 20.00% 3 - 4M 3 0 0.00% 4M+ 7 0 0.00% TOTAL 506 51 10.08%


ATTACHED

• Overall absorption was 9.04%, which represents 11.06

months worth of supply (buyer’s market)

• August had 102 fewer listings and 21 fewer sales than July

• Average selling price in August was $443,787, a decrease of

$24,028 (-5.14%) from July’s average

• Average DOM in August was 53 days; properties sat on the

market for 8 days longer than in July

DETACHED

• The absorption rate in August was 10.08%, which

represents 9.92 months worth of supply (buyer’s market)

• Compared to July, August had 13 fewer listings and 9 fewer

sales

• Average sale price in August was $1,170,007, an increase of


• Average DOM was 53 days; properties needed 17 more

days in August than in July to sell

NORTH

VANCOUVER

WEST VANCOUVER | AUGUST 2012





Active Listings 194 190 -2.06% Number of Sales 19 11 -42.11% Average Listing Price $833,868 $1,662,990 99.43% Average Sale Price $812,842 $1,590,840 95.71% Average DOM 57 60 5.26% Overall Absorption 9.79% 5.79% -40.89%




Active Listings 644 617 -4.19% Number of Sales 47 25 -46.81% Average Listing Price $2,571,404 $3,134,920 21.91% Average Sale Price $2,389,521 $2,868,140 20.03% Average DOM 58 54 -6.90% Overall Absorption 7.30% 4.05% -44.48%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 18 1 5.56% 800,001 - 900,000 5 0 0.00% 900,001 - 1,000,000 17 1 5.88% 1,000,001 - 1,250,000 29 4 13.79% 1,250,001 - 1,500,000 58 0 0.00% 1,500,001 - 1,750,000 40 2 5.00% 1,750,001 - 2,000,000 71 5 7.04% 2,000,001 - 2,250,000 28 1 3.57% 2,250,001 - 2,500,000 39 0 0.00% 2,500,001 - 2,750,000 35 1 2.86% 2,750,001 - 3,000,000 56 2 3.57% 3M - 4M 86 3 3.49% 4M+ 135 5 3.70% TOTAL 617 25 4.05%


ATTACHED

• August’s overall absorption was 5.79%, which represents


• August had 4 fewer listings and 8 fewer sales than in July

• Average sale price in August was $1,590,840, an increase

of $777,998 (95.71%) from July’s average (skewed by a

$5.8M penthouse sale)

• Average DOM in August was 60 days; properties sat on

the market for 3 days longer than in July

DETACHED

• August’s overall absorption was 4.05%, which represents


• August saw 27 fewer listings and 22 fewer sales when

compared to July

• Average sale price in August was $2,868,140 an increase

of $478,619 (20.03%) from July’s average

• Average DOM for August was 54 days; properties sold 4

days faster than in July

WEST

VANCOUVER

FEATURED PROPERTIES | AUGUST 2012




FEATURED

PROPERTIES

(CLICK PROPERTY FOR

MORE DETAILS)

3320 W. 5th Ave, Vancouver BC $960,000

Rear duplex Beautifully updated 1,424 sq. ft.

3 Storeys 3 Bedrooms 2 Bathrooms

Open concept Hardwood floors New carpets

In-suite laundry Private backyard Single car garage

MLS V962442

JUST SOLD! JUST SOLD!

410 – 1858 W. 5th Ave, Vancouver BC $478,000

Top floor suite 1 Bedroom & Den 1 Bathroom

Large balcony 702 sq. ft. 10’ ceilings

Hardwood floors Open kitchen with skylight Rainscreened

In-suite storage In-suite laundry 1 Parking

MLS V966313

108 – 1925 W. 2nd Ave, Vancouver BC $399,900

Garden condo 1 Bedroom 1 Bathroom

676 sq.ft. 378 sq.ft. patio Open concept

Laminate floors Wood-burning fireplace Rainscreened

Steps to Kits Beach In-suite laundry 1 Parking

MLS V967394

NEW LISTING!

404 – 2665 W. Broadway, Vancouver BC $739,000

Penthouse Exquisitely updated 1,142 sq. ft.

2 Bedroom plus den 2 Bathrooms 55 sq.ft. patio

Crown moulding Hardwood floors Pot lights

2 storage lockers 2 side-by-side parking In-suite laundry

MLS V969432

NEW LISTING!

http://mlslink.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1989496016&s=BRC&t=BRC




august 2012 vancouver real estate sales absorption report

Documents

buyers market

sellers market

market dom

number of months

number of properties

months supply

number of days

listed properties