August 2011 Real Estate Update - Balanced Market

(September 14, 2011 )

August marked the 3rd consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. However home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

MLS statistics continue to indicate that we're in a balanced market.  Greater Vancouver is trending toward a buyers market over the past 3 months.

In North Vancouver as of the month of August 64% of the listings on the market sold.  In West Vancouver as of the month of August 46% of the properties listed sold. These statistics show that price a property correctly does matter.

NORTH VANCOUVER STATISTICS 

Single family home Benchmark price $969,976
1 year change up 10.3%
3 year change up 11.7%
5 year change up 26.6%

Town home Benchmark price $626,022
1 year change up 6.2%
3 year change up 9.2%
5 year change up 20.4%

Apartment Benchmark price $395,308
1 year change up 3.4%
2 year change up 6.6%
5 year change up 15.6%

WEST VANCOUVER STATISTICS

Single family home Benchmark price $1,760,710
1 year change up 26.7%
3 year change up 16.4%
5 year change up 36.1%

Apartment Benchmark price $739,225
1 year change up 21.2%
3 year change up 16.8%
5 year change up 26.6%