Hey Everyone,

Hope you're all managing to keep warm and dry!  Our autumn season arrived quite suddenly, it seems.  Hopefully those mountains will start getting some snow so we can kick off the ski and snowboard season!

While October sales figures were still below the 10 year average for the month (by 28.5%), we saw an overall increase in the number of sales, compared to September.  Additionally, fewer new homes were listed for sale, which also contributed to an overall reduction in the amount of inventory for buyers to select from.  Because of these two factors, our month's supply of inventory has decreased.  While still in a buyer's market, we're currently trending back towards a more balanced market.

Here's your snapshot:

 

Here's a look at how October 2012 sales stack up against October 2011 sales:
Vancouver Westside:
Detached: down 14.0%
Attached: up 8.9%
Apartments: down 19.6%

Vancouver Eastside:
Detached: down 25.0%
Attached: down 43.2%
Apartments: down 28.6%

....and median sales prices for October 2012 vs October 2011:
Vancouver Westside:
Detached: down 1.7% @ $2,182,500
Attached: down 13.5% @ $843,000
Apartments: up 2.1% @ $484,900

Vancouver Eastside:
Detached: down 1.2% @ $825,000
Attached: up 2.3% @ $622,000
Apartments: down 9.9% @ $310,000

“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

Please don't hesitate to get in touch if you have questions about any of this information.  Likewise, give me a shout if you'd like more information on your own home or neighbourhood, or are thinking about jumping into the market.

Kind regards,
Kim

Hi Everyone,

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:
Vancouver Westside:
Detached: down 18.9%
Attached: down 32.7%
Apartments: down 33.3%

Vancouver Eastside:
Detached: down 47.9%
Attached: down 42.4%
Apartments: down 13.3%

....and median sales prices for September 2012 vs September 2011:
Vancouver Westside:
Detached: up 1.1% @ $2,035,000
Attached: down 25.7% @ $669,000
Apartments: up 3.8% @ $490,875

Vancouver Eastside:
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.

Kind regards,
Kim

Hello All,

Despite the beautiful sunny and warm weather we're still enjoying, summer has officially come to a close.  So, what happened in the real estate world?

Looking at a quick snapshot of some of the key indicators, we're seeing that both the East and West side of Vancouver finished out August as buyer's markets, bar East side apartments, which are just on the edge of a balanced market.  As is typical in the summer months, we saw less new inventory come into the market and the number of active listings go down as a result.  The number of sales was also down from previous months:

 

 

 

 

2012 has been a slower year overall for sales and August was no exception.  Bearing in mind that 2011 was quite a strong year for sales, here's how August 2012 sales stacked up against August 2011:
Vancouver Westside:
Detached: down 39.7%
Attached: down 29.8%
Apartments: down 26.0%

Vancouver Eastside:
Detached: down 46.6%
Attached: down 34.8%
Apartments: up 7.2% - the star of Vancouver sales, showing the only gain compared to 2011.

....and here's a look at the median sales prices of August 2012 vs August 2011:
Vancouver Westside:
Detached: down 7.6% @ $2,030,000
Attached: down 2.4% @ $916,250
Apartments: down 2.5% @ $495,500

Vancouver Eastside:
Detached: up 4.2% @ $867,500
Attached: up 20.0% @ $670,000
Apartments: down 13.1% @ $308,500

Now that we've moved into September, more listings are coming onto the market to kick off the Autumn season.  I believe the trend will continue and we'll continue to see slower sales for the remainder 2012 and most likely into 2013. 

Real estate is a cyclical market so despite sensationalistic headlines, this is to be expected every 7 to 8 years.  We've had a long run of 13 years in Vancouver in an up market.  With the current uncertainty of the global markets in Europe and China, it's not surprising our market is cooling.  The US real estate market is showing signs of recovery, but it's early days there too.

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.

Kind regards,
Kim

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Tucked away in the Cedar Cottage area and Trout Lake at the end of your street, this charming urban cottage home is in a private setting with a wonderful mountain view. A gardener's and bird lover's delight. An open-plan kitchen and dining room allow you to absorb the view and a cedar ceiling in the large living room brings the outdoors inside. There are 3 bedrooms on the main floor, 1 bedroom below and 2 full bathrooms. Friendly neighbours and a welcoming community make this a very special place to call home. Your backyard has mature fruit trees (apple and plum) as well as a variety of berry bushes, a vegetable garden and several flower beds. Ready to move into, this is also a fantastic home to renovate and make your own at your leisure. Sneak Peek Thursday August 23rd 6-7 pm Open House August 25/26 2-4 pm.

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Immaculate bright south facing 1 bedroom featuring large covered balcony, spacious kitchen & spa-like bath. Located in a great neighborhood, the exterior of this bldg has been completely re-finished & newly landscaped. Suite includes secure parking & storage. Open House: Sunday Aug 19 from 2 - 4

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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:

VANCOUVER WEST SIDE
Detached
	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
Apartments
	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

VANCOUVER EAST SIDE
Detached
	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
Apartments
	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 :)

Email: kim@kimmcalpine.com
Cell: 778 317 9909

Kind regards,
Kim

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