Market Update March 2012

(April 07, 2012 )

Increased Selection Helps Maintain Balance In Greater Vancouver Housing Market - In Layman's Terms

Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what's typical for the month. 
The Real Estate Board of Greater Vancouver reports that property sales decreased 29.6% compared to March 2011.  Home sellers have been more active than buyers the first few months of the year but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace.
What does that mean for North & West Vancouver?  It seems as though the North Shore is an anomaly as you look below at the stats.  Many of us realtors believe that we are near/at the top of this crest in the market.  We are seeing homes listed sitting on the market much longer as the buyers seem to be much more cautious in their decisions.  Inventory (homes for sale) is rising and sales are not.  If your planning on a move if your buying and selling in the same market your o.k., especially if that market is in fact declining.  If your moving out of town then get that for sale sign on the lawn pronto!

Here are the facts:

NORTH VANCOUVER

Single Family Detached
Benchmark Price $970,000
1 year change up 10.3%
3 year change up 29.2%
5 year change up 20.8%

Townhomes
Benchmark Price $606,200
1 year change up 6.4%
3 year change up 19.6%
5 year change up 12.8%

Apartments
Benchmark Price $347,000
1 year change up 0.7%
3 year change up 15.1%
5 year change up 7.6%

WEST VANCOUVER

Single Family Detached
Benchmark Price $1,948,800
1 year change 18.4%
3 year change 52.9%
5 year change 37%

Apartments
Benchmark Price $616,800
1 year change up 6%
3 year change up 10%
5 year change down -0.1%