July Market Stats

Hi Everyone,

Hope you're all managing to stay cool during these beautiful warm summer days?

As is fairly common during the warm summer months, the real estate market cools.  However we are seeing lower than average sales volumes in many areas of the city, with a couple notable exceptions:

For the Vancouver Eastside attached property market:
-the Fraser area has seen a 41.2% increase in sales volume, year to date (Jan-July) in 2012 over 2011
-the Knight area has seen a 29.9% increase in 2012 vs 2011
-Grandview is up 20.8% in 2012 over 2011

Overall, we are seeing a softening across the market segments in both of Vancouver's West and East sides.  The West sits in a buyer's market across the three property types, while the East has moved into balanced territory, from the previous months seller's market.  Here's a snapshot of the info:

  Mar-12 Apr-12 May-12 Jun-12 Jul-12
 Units Listed 336 395 456 325 265
 Units Sold 152 130 122 102 83
 Active Listings 854 949 1067 1078 1038
 Months Supply* 5.6 7.3 8.7 10.6 12.5

Attached (townhouses)
  Mar-12 Apr-12 May-12 Jun-12 Jul-12
 Units Listed 128 132 159 128 94
 Units Sold 68 60 49 46 46
 Active Listings 302 333 358 362 340
 Months Supply* 4.4 5.6 7.3 7.9 7.4

  Mar-12 Apr-12 May-12 Jun-12 Jul-12
 Units Listed 750 839 988 756 650
 Units Sold 394 360 402 331 276
 Active Listings 1892 2090 2276 2344 2260
 Months Supply* 4.8 5.8 5.7 7.1 8.2

  Mar-12 Apr-12 May-12 Jun-12 Jul-12
 Units Listed 271 270 340 288 246
 Units Sold 155 135 152 107 109
 Active Listings 503 549 607 694 729
 Months Supply* 3.2 4.1 4.0 6.5 6.7

Attached (townhouses)
  Mar-12 Apr-12 May-12 Jun-12 Jul-12
 Units Listed 88 101 77 65 57
 Units Sold 41 52 50 35 24
 Active Listings 142 169 163 151 154
 Months Supply* 3.5 3.25 3.3 4.3 6.4

  Mar-12 Apr-12 May-12 Jun-12 Jul-12
 Units Listed 279 219 277 231 157
 Units Sold 138 152 110 136 104
 Active Listings 560 565 613 603 544
 Months Supply* 4.1 3.7 5.6 4.4 5.2

*Month's Supply Key: Seller's Market = 1-5 months; Balanced Market = 5-7 months; Buyer's Market = Over 7 months
Source of data: Real Estate Board of Greater Vancouver

The number of new listings coming onto the market is down from previous months across all market segments on both the East and West sides, compared to the preceding months from March, and are also down compared to this same time last year.

Comparing July 2012 to July 2011:

-Despite fewer listings coming onto the market, overall active listings has increased in both the East and West
-Sales volume is down in both the East and West with one exception: apartment properties on the Eastside (up 17.8%)
-Median sales prices are up for: Westside detached properties (2%); Eastside detached (.5%) and townhouse (5.3%) properties
-Median sales prices are down for: Westside townhouse (-.7%) and apartment (-8%) properties; Eastside apartment (-4.2%) properties
-All properties are taking, on average, longer to sell, bar Eastside apartments

Despite all of the doom and gloom the figures are showing, multiple offers are still quite prevalent for well priced, good homes on the market.  I just helped some clients buy a detached property on the eastside, after writing six previous offers that all went to multiples - and I don't mean just two.  One home had 15 offers and went for $93,000 over the asking price.  The average was roughly four offers, and all went for well over asking.

Please don't hesitate to get in touch if you would like more information, are thinking about jumping into the market or have questions about the current value of your own home or investment property.  And I'm never too busy for your referrals :)

Cell: 778 317 9909

Kind regards,
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.