Vancouver Real Estate Statistics – July 2012

Vancouver Real Estate Statistics – July 2012

August 9, 2012 in Vancouver Real Estate News

If there was any doubt up till now, the July statistics for Vancouver Real Estate indicate quite clearly that we are in a Buyers market. The Real Estate Board of Greater Vancouver are describing the market at a ‘Summer Lull’ however this may be erring on the side of caution.

Sales in the Vancouver area were again at the lowest number since the year 2000, with 2,098 sales being recorded. That is an 11.2% decline from the previous month of June 2012, and well below the 10 year average of 3,051 sales – (31.2% under the 10 year average).

Eugen Klien cites reasons abroad for home buyers cautious activity this month, he points to the apparent robustness of our local economy, and defers attention to the interenational market, and their impact on Canada, and also the federal government’s tighteneing of mortgage regulations.

In terms of new listings coming onto the market in July 2012, they decreased slightly from June, a total of 4,802 new listings entered the market place (14.5% down on June 2012), and this was also a 5.8% decline year on year from June 2011.

Klien also points out that during July our sales to active listing ratio was sitting at 11.6%, meaning that conditions in the marketplace are favoring buyers. In essence buyers have more choice, and sellers have to be more accurate and competitive with their pricing.

It’s worth noting that while we discuss mainly averages here, not all areas and property types are experiencing the same market conditions. In fact, in some areas, for specific property types, the opposite of the market sentiment is true. Accurate advice is even more important in these market conditions.

Sales of detached properties on the MLS® in July 2012 reached 787, a decrease of 28.4 per cent from the 1,099 detached sales recorded in July 2011, and a 13.3 per cent decrease from the 908 units sold in July 2010. The benchmark price for detached properties increased 1.4 per cent from July 2011 to $950,200 and declined 1.2 per cent compared to last month.

Sales of apartment properties reached 927 in July 2012, a 10.9 per cent decrease compared to the 1,040 sales in July 2011, and a decrease of 5.3 per cent compared to the 979 sales in July 2010. The benchmark price of an apartment property remains unchanged compared to July 2011 at $374,300 and declined 0.5 per cent compared to last month.

Attached property sales in July 2012 totalled 384, an 11.1 per cent decrease compared to the 432 sales in July 2011, and a 4.3 per cent increase from the 368 attached properties sold in July 2010. The benchmark price of an attached unit decreased 0.5 per cent between July 2011 and 2012 to $468,700 and is relatively unchanged compared to last month.

To make sense of these numbers and how they apply to you, please call my anytime at the Adam Chahl Group – +1 778 385 6141. My phone is always on.

Eugen Klein, Real Estate Board of Greater Vancouver, REBGV, Vancouver Real Estate Statistics

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