As expected, both the east and westside of Vancouver ended September as a buyer's market. In anticipation of the autumn market, we saw the number of new listings coming onto the multiple listing service (MLS), increase, and with it, the overall number of active listings on the market. However, the number of sales made during the months was, in most cases, less than we saw in August. In fact, September 2012 sales figures for Vancouver were 41.6% below the 10-year September sales average.
Here's a quick snapshot of info:
Here's a look at how September 2012 sales stack up against September 2011 sales:
Detached: down 18.9%
Attached: down 32.7%
Apartments: down 33.3%
Detached: down 47.9%
Attached: down 42.4%
Apartments: down 13.3%
....and median sales prices for September 2012 vs September 2011:
Detached: up 1.1% @ $2,035,000
Attached: down 25.7% @ $669,000
Apartments: up 3.8% @ $490,875
Detached: down 2.5% @ $862,500
Attached: up 8.3% @ $650,000
Apartments: up 2.1% @ $347,250
Eugen Klein, REBGV President had this to say about the September market:
“Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two”
“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Klein said. “This makes homes less affordable for the people of the region.”
Sales are still happening, of course, with well-priced properties selling fairly quickly. One of my own listings for a two bed condo in East Van sold in just nine days for over asking price in a multiple offer situation.
Please don't hesitate to get in touch if you 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.