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SALES ABSORPTION REPORT

VANCOUVER, BC | MARCH 2012

Vancouver real estate market statistics to keep you

ON TOP OF THE MARKET

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120


INTRODUCTION | MARCH 2012

SALES ABSORPTION REPORT

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.

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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DOWNTOWN | MARCH 2012

DOWNTOWN (ATTACHED ONLY) 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 Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 1471 197 $777,424 $745,093 45 13.39%

March 1631 274 $664,718 $642,699 46 16.80%

% Change 10.88% 39.09% -14.50% -13.74% 2.22% 25.44%

Price Range 0 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 86 233 273 238 157 105 89 56 93 72 32 30 140 1604

# of Sales 21 63 60 37 31 16 7 4 13 9 3 3 7 274

Absorption Rate 24.42% 27.04% 21.98% 15.55% 19.75% 15.24% 7.87% 7.14% 13.98% 12.50% 9.38% 10.00% 5.00% 17.08%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 81 567 822 134 1604

# of Sales 18 116 129 11 274

Absorption Rate 22.22% 20.46% 15.69% 8.21% 17.08%

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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VANCOUVER WESTSIDE | MARCH 2012

VANCOUVER VANCOUVER WESTSIDE 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 of $235,193 from February’s average Average DOM in March was 31 days; there was no change from the previous month

ATTACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 1159 176 $679,581 $664,996 39 15.19%

March 1280 190 $726,107 $711,642 38 14.84%

% Change 10.44% 7.95% 6.85% 7.01% -2.56% -2.25%

DETACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 1079 177 $2,727,747 $2,647,094 31 16.40%

March 1116 151 $2,504,496 $2,411,901 31 13.53%

% Change 3.43% -14.69% -8.18% -8.88% 0.00% -17.52%

Price Range 0 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 45 173 193 171 175 111 100 73 82 79 23 15 32 1272

# of Sales 5 34 37 14 28 21 9 10 13 10 3 1 5 190

Absorption Rate 11.11% 19.65% 19.17% 8.19% 16.00% 18.92% 9.00% 13.70% 15.85% 12.66% 13.04% 6.67% 15.63% 14.94%

Price Range 0 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2,000,001 - 2,250,000 2,250,001 - 2,500,000 2,500,001 - 2,750,000 2,750,001 - 3,000,000 3 - 4M 4M+ TOTAL

# of Listings 2 3 5 17 67 82 110 72 110 80 95 233 217 1093

# of Sales 1 2 2 9 19 16 22 18 13 9 13 16 11 151

Absorption Rate 50.00% 66.67% 40.00% 52.94% 28.36% 19.51% 20.00% 25.00% 11.82% 11.25% 13.68% 6.87% 5.07% 13.82%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 24 386 643 219 1272

# of Sales 5 57 96 32 190

Absorption Rate 20.83% 14.77% 14.93% 14.61% 14.94%

Unit Type Two Bedroom & Under Three Bedroom Four Bedroom Five Bedroom+ TOTAL

# of Listings 28 96 268 701 1093

# of Sales 8 26 43 74 151

Absorption Rate 28.57% 27.08% 16.04% 10.56% 13.82%

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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VANCOUVER EASTSIDE | MARCH 2012 VANCOUVER WESTSIDE | APRIL 2012

VANCOUVER EASTSIDE

• •

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 $7,587 from February’s average Average DOM was 36 days; properties sold 20 days faster in March than in February

ATTACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 773 141 $443,852 $438,317 56 18.24%

March 946 180 $437,018 $430,730 36 19.03%

% Change 22.38% 27.66% -1.54% -1.73% -35.71% 4.31%

Price Range 0 - 250,000 250,001 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 56 132 303 186 83 77 62 21 7 7 4 3 0 0 941

# of Sales 7 24 62 43 18 14 8 4 0 0 0 0 0 0 180

Absorption Rate 12.50% 18.18% 20.46% 23.12% 21.69% 18.18% 12.90% 19.05% 0.00% 0.00% 0.00% 0.00% 19.13%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 29 381 382 149 941

# of Sales 9 62 81 28 180

Absorption Rate 31.03% 16.27% 21.20% 18.79% 19.13%

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

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 $32,917 from February’s average Average DOM in March was 27 days; properties sold 2 weeks faster than in February

DETACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 656 125 $915,008 $910,995 41 19.05%

March 731 157 $944,958 $943,912 27 21.48%

% Change 11.43% 25.60% 3.27% 3.61% -34.15% 12.71%

Price Range 0 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 1 4 36 140 121 116 145 93 37 17 5 715

# of Sales 0 1 13 24 33 44 28 10 3 1 0 157

Absorption Rate 0.00% 25.00% 36.11% 17.14% 27.27% 37.93% 19.31% 10.75% 8.11% 5.88% 0.00% 21.96%

Unit Type Two Bedroom & Under Three Bedroom Four Bedroom Five Bedroom+

# of Listings 41 79 140 455

# of Sales 13 21 43 80

Absorption Rate 31.71% 26.58% 30.71% 17.58%

715

157

21.96%

TOTAL

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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NORTH VANCOUVER | MARCH 2012

NORTH VANCOUVER

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 of $36,623 from February’s average Average DOM in March was 38 days; properties sold 10 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 of $22,513 from February’s average Average DOM was 23 days; properties sold 10 days faster in March than in February

ATTACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 649 106 $480,405 $470,452 48 16.33%

March 732 131 $515,211 $507,075 38 17.90%

% Change 12.79% 23.58% 7.25% 7.78% -20.83% 9.57%

DETACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 385 103 $1,103,451 $1,086,759 33 26.75%

March 438 121 $1,110,888 $1,109,272 23 27.63%

% Change 13.77% 17.48% 0.67% 2.07% -30.30% 3.26%

Price Range 0 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 102 207 129 102 78 50 31 20 12 4 4 2 3 744

# of Sales 17 32 25 22 13 11 7 2 2 0 0 0 0 131

Absorption Rate 16.67% 15.46% 19.38% 21.57% 16.67% 22.00% 22.58% 10.00% 16.67% 0.00% 0.00% 0.00% 0.00% 17.61%

Price Range 0 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2,000,001 - 2,250,000 2,250,001 - 2,500,000 2,500,001 - 2,750,000 2,750,001 - 3,000,000 3 - 4M 4M+ TOTAL

# of Listings 57 67 56 93 84 30 27 8 14 2 4 5 6 453

# of Sales 15 26 16 28 22 7 5 2 0 0 0 0 0 121

Absorption Rate 26.32% 38.81% 28.57% 30.11% 26.19% 23.33% 18.52% 25.00% 0.00% 0.00% 0.00% 0.00% 0.00% 26.71%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 12 230 362 140 744

# of Sales 1 37 55 38 131

Absorption Rate 8.33% 16.09% 15.19% 27.14% 17.61%

Unit Type Two Bedroom & Under Three Bedroom Four Bedroom Five Bedroom+ TOTAL

# of Listings 27 99 131 196 453

# of Sales 7 27 38 49 121

Absorption Rate 25.93% 27.27% 29.01% 25.00% 26.71%

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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WEST VANCOUVER | MARCH 2012

WEST VANCOUVER

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 sale price in March was $1,231,810, an increase of $427,257 from February’s average 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 sale price in March was $2,420,185, an increase of $53,574 from February’s average Average DOM was 46 days in March; properties sold 7 days faster than in February

ATTACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 163 27 $822,188 $804,553 59 16.56%

March 187 27 $1,261,577 $1,231,810 83 14.44%

% Change 14.72% 0.00% 53.44% 53.10% 40.68% -12.83%

DETACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

February 495 68 $2,509,408 $2,366,611 53 13.74%

March 556 78 $2,549,970 $2,420,185 46 14.03%

% Change 12.32% 14.71% 1.62% 2.26% -13.21% 2.12%

Price Range 0 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 7 12 6 16 14 23 13 14 16 16 23 2 25 187

# of Sales 3 1 1 1 2 2 1 2 2 3 4 2 3 27

Absorption Rate 42.86% 8.33% 16.67% 6.25% 14.29% 8.70% 7.69% 14.29% 12.50% 18.75% 17.39% 100.00% 12.00% 14.44%

Price Range 0 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2,000,001 - 2,250,000 2,250,001 - 2,500,000 2,500,001 - 2,750,000 2,750,001 - 3,000,000 3M - 4M 4M+ TOTAL

# of Listings 12 6 13 27 55 55 56 19 35 25 38 86 129 556

# of Sales 0 2 0 6 15 11 9 7 4 3 1 11 9 78

Absorption Rate 0.00% 33.33% 0.00% 22.22% 27.27% 20.00% 16.07% 36.84% 11.43% 12.00% 2.63% 12.79% 6.98% 14.03%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 6 28 103 50 187

# of Sales 1 3 15 8 27

Absorption Rate 16.67% 10.71% 14.56% 16.00% 14.44%

Unit Type Two Bedroom & Under Three Bedroom Four Bedroom Five Bedroom+ TOTAL

# of Listings 32 107 184 233 556

# of Sales 6 15 30 27 78

Absorption Rate 18.75% 14.02% 16.30% 11.59% 14.03%

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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FEATURED PROPERTIES | MARCH 2012

FEATURED PROPERTIES (CLICK PROPERTY FOR MORE DETAILS)

PRICE REDUCED

JUST SOLD

403 – 1316 W. 11th Ave, Vancouver BC

$445,000

310 – 928 Richards St, Vancouver BC

$453,500

1 Bedroom Corner suite Westerly views In-suite laundry

1 Bathroom 709 sq. ft. Maple floors 1 Parking

1 Bedroom 626 sq. ft. 9 ft. ceilings Club-like amenities

1 Bathroom Balcony In-suite laundry 1 Parking

1 Den & Solarium Open concept Designer paint 1 Storage locker

MLS V939084

1 Den 625 sq. ft. rooftop patio Laminate floors 1 Storage locker

MLS V939420

NEW LISTING

NEW LISTING

108 – 1925 W. 2nd Ave, Vancouver BC

$429,000

PH7 – 3089 Oak St, Vancouver BC

$419,900

1 Bedroom Garden condo Fully rainscreened Steps from Kits Beach

676 sq. ft. Laminate floors Building updates 1 Parking

Penthouse Corner unit 77 sq. ft. balcony Over-height ceilings

1 Bathroom 655 sq. ft. City views 1 Parking

1 Bathroom 378 sq. ft. fenced patio Wood burning fireplace In-suite laundry

MLS V938663

Jeff Fitzpatrick PERSONAL REAL ESTATE CORPORATION

1 Bedroom Open concept Floor-to-ceiling windows In-suite laundry

MLS V941072

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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March 2012 Vancouver Real Estate Sales Absorption Report