The number of residential property sales hit a 10-year low in Greater Vancouver
for June, while prices remained relatively stable.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties declined in June 27.6 compared to June 2011 and 17.2 % decline compared to May 2012.
“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”
New listings for detached, attached and apartment properties in Greater Vancouver
declined 3 % compared to June 2011 and an 18.9 % decline compared to May 2012.
The total number of residential property listings on the MLS® increased 22 % from this time
last year “Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in the lower end of a balanced market. This ratio has been declining in our market since March when it was 19 %.
Sales of detached properties on the MLS® in June 2012 decreased 37.4 % from the detached sales recorded in June 2011. The benchmark (average) price for detached properties increased 3.3 % from June 2011 to $961,600.
Sales of apartment properties declined in June 2012, a 19 per cent decrease compared to sales in
June 2011. The benchmark (average) price of an apartment property increased 0.3 per cent from June 2011 to $376,200.
Attached property sales in June 2012 decreased 21 % compared to the sales in June 2011. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400.
July and August typically experience an overall slow down in Sales and Listings as people vacation and spend time outdoors. As we move in to the late summer and fall period it presents opportunities for both Buyers and Sellers. Continued low interest rates, more selection for Buyers and a good time in the market cycle for empty nesters to trade down and take tax free equity out of their principal residence.
Steve Baldwin, Realtor®
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