Jay Mcinnes

Mobile: 604-771-4606


Could Have Gone Pro! January 2023 Market Update!

Real Estate Market Update for January 2023 in Vancouvers Westside!

The real estate market in Vancouvers Westside saw a significant increase in both listings and sales in the month of January. A total of 455 listings were available, with 25 sales being made, resulting in a 5% absorption rate, indicating a buyer's market.

Of all the listings, the price range of $7m to $7.5m showed the best results with a 27% absorption rate, with 11 listings and 3 sales. However, inventory in general is selling on average 10% below the listed price.

Dunbar, another neighborhood in Vancouver BC, had 35 listings and only 3 sales, resulting in a 9% absorption rate, further emphasizing the buyer's market.

Point Grey, on the other hand, showed a slightly different trend with a 13% absorption rate, indicating a balanced market. The neighborhood had 54 listings and 7 sales.

Downtown Vancouver saw a total of 692 listings and 90 sales, with an absorption rate of 13%. This too indicates a balanced market. Yaletown, a sub-area within downtown, showed the best results with an 18% absorption rate, consisting of 165 listings and 29 sales. Additionally, the price range of $500k to $600k in downtown had the highest absorption rate of 45%, with 29 listings and 13 sales. Inventory in downtown is, on average, selling 4% below the listed price.

In comparison to December, the number of house sales in the Westside nearly doubled and the number of townhouse sales almost tripled. The housing inventory in the area also saw a drastic increase, with the number of available listings almost tripling, and the number of available condo and townhome listings increasing by over 300%.

In conclusion, while the real estate market in Vancouvers Westside is showing signs of growth, it remains a buyer's market in some areas and a balanced market in others. It will be interesting to see how the market develops in the coming months and how the increased inventory affects the absorption rate and sales. 

If you are interested in Buying or Selling in Vancouvers West Side market, contact Jay directly today to discuss the specifics around your particular purchasing criteria or the apples to apples comparables to your home.