AUGUST MARKET UPDATE 2012

(September 21, 2012 )

HOME SELLERS CONTINUE TO OUTNUMBER BUYERS IN GREATER VANCOUVER'S SUMMER HOUSING MARKET



Home sale activity remained below long-term average in the Greater Vancouver housing market in August.  Residential property sales in August 2012 including: detached, attached and apartments suffered a 30.7% decline compared to the August 2011 sales. August sales were the 2nd lowest total for the month in the region since 1998.

Although home sales this summer have been lower than we’ve seen for most of the past ten years, we continue to see relative stability when it comes to prices. For sellers it is critical to work with your realtor to understand today’s market and develop the best strategy for selling your home. On average it is taking about 2 months for a home to sell.
Our sale to listings ratio is at 9%, meaning only 9% of the active listings are selling, this means we are in a buyers market.

Here is what the North Shore stats are:

NORTH VANCOUVER

Single Family Home Benchmark Price: $956,100
1 year change - up 5.2%
3 year change - up 17.6%
5 year change - up 12.6%

Townhouse Benchmark Price: $589,900
1 year change up 1.2%
3 year change up 8.3%
5 year change up 7.1%

Apartment Benchmark Price: $355,600
1 year change - up 3.6%
3 year change -  up 8.0%
5 year change - up 3.7%

WEST VANCOUVER

Single Family Home Benchmark Price: $1,894,700
1 year change - up 4.8%
3 year change - up 40%
5 year change - up 25.4%

Apartment Benchmark Price: $613,300
1 year change - down -2.1%
3 year change - up 6.1%
5 year change - down -6.6%