Looking back at April 2013, the overall picture is 'steady as she goes'. While sales volume is still below the 10 year average, we are seeing a fairly healthy spring market, with supply and demand in better balance than what we saw in the latter half of 2012. Sales volume is up 11.9% compared to March 2013.
With the exception of the condo property segment on the east side, we're seeing all other property types finishing the month in a balanced state or verging on seller's market on Vancouver's east and west sides.
“While the number of home sales remains below average, properties that are priced right are selling and we’re seeing greater balance between buyer demand and the number of homes listed for sale. This is having a steadying influence on home prices in the region,” says Sandra Wyant, REBGV president.
Wyant went on to say, “There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately five to six per cent in Greater Vancouver during the last half of 2012."
Looking at the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver:
-Detached homes: decreased 5.2% from April 2012 to $914,000. Since January 2013 they have increased 1.4%
-Apartment properties: decreased 2.6% from April 2012 to $365,900. Since January 2013 they have increased 2.1%
-Attached properties: decreased 3.5% between April 2012 and 2013 to $455,200. Since January they have increased 1.2%
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