East Van Market Update – May 2012

Vancouver listing and sales statistics for the month of May are showing consistent numbers that reflect a homogeneous cooling of market activity compared to last year. While prices are stable and rising slowly, the amount of inventory on the market has tipped the scales into a healthy buyer’s market across the lower mainland.

In April 2012 Vancouver’s overall Property Sales took a dip, down (-6.22%) to 889 from (948). This is largely due to the continued slow-down of Vancouver’s West Side market ~ where listing inventory continues to rise (+12.62% to 1366) while sales decreased (-10.42%) to 550 in April.

Sales in Vancouver East Vancouver held steady ~ although sales that market is definitely cooling as well ~ and tallied 339 sales for April. While this number is up (+5.94%) from April 2011,sales are nearly at par (+1.50%) with March numbers. Benchmark prices continue to edge forward in East Vancouver month-to-month: +0.67% for detached homes ($847,200), up (+1.21%) for townhouses ($535,700) and up (+1.32%) for attached properties ($314,800). I’ve personally felt a bit of a slow-down in the East Van detached market over the last few weeks. The feel out there went from sizzling hot to steady going pretty fast.
Contrary to last month, New Listings were down (-7.52%) in East Vancouver for April to (590). In Vancouver West, listing numbers spiked again, up (+12.52.11%) from March to 1366. Lots for 4 Sale signs in Kerrisdale! As always, detached benchmark prices are inching forward in Vancouver West, up (+0.82% to $2,268,000). The benchmark price for townhouses is up (+2.53% to $722,700). The apartment market in Vancouver West dipped minutely this month, down (-0.34%) to $470,800.

Eugen Klein, REBGV president said:

Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio
of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace. Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type

Really, things vary from region to region and property type to property type. If I can offer any clarity, you know where to find me!

Bess

 

 

 

My Opinion on Vancouver Real Estate Market for 2012…

 

So first and foremost, a disclaimer! No one in our profession has a crystal ball. The only way to analyze the market correctly is to be on top of your numbers and accurately analyzing the market you’re in…so the idea of making a general prediction for 2012 goes against what my current practice ~ and makes me scratch my head a little at the idea of economic “predictions” in general. My opinion however, is that there’s always an up and a downside to buying or selling at any given moment, no matter the market ~ because no 2 people have the exact same circumstances. The real art of Real Estate and wise market interaction is being able to figure out your own priorities, leveraging and positioning in relation what’s going on in the market around you.

But as for my opinion on a general trend, I would offer this: With 2011 having started off hotter-than-hot in some localized neighbourhoods (ahem, we mean you West Side Vancouver…), the remainder of the year was a toe-to-toe dance between listing inventory (often high, creating a bit of a “buyers market” ~ although only marginally so) against demand. Looking ahead to 2012: I believe that Vancouver is a healthy and sound international market that is consistently being spurred-on not only by international buyers, but by the thousands of (sometimes affluent) Canadians moving here regularly from other parts of the country. While Global economists are predicting a slow-down for Canadian Real Estate, I believe that Vancouver will stay ahead of the curve, trudging forward and basically, staying “flat” or even while other markets might dip.
That’s my two cents. We’ll see how I fare!

 

 

October Update

October 2011 East Van Market Update – Listings Count Cools

In the month of October, Vancouver listing numbers remained neck-and-neck with numbers from September. In the grand scheme, October was the first month all year to show a slight decrease in the total amount of listed properties throughout the entire lower mainland. With a sales-to-active ratio of 15%, the Greater Vancouver Market is hovering in the lower end of a balanced market and has been consistent in that trend for 5 months.

Total sales in Vancouver Proper for October 2011 were up ever so slightly (+0.41%) from September, and down (-7.23%) from one year ago. In Vancouver East, the market showed a drop in sales activity this October with 239 sales, down (-6.27%) from last month, and oddly, a zero percent change (+/-0.00%) from October 2010 when 239 homes also sold.

The market is healthy, however the talk has changed about our positioning in a buyer’s market since inventory has cooled for the first time in quite a few months and sales are modestly up. While Vancouver East and Vancouver West showed different trends in sales activity this month, the amount of New Listings was down both areas (-29.13% in Vancouver East to 416 and -21.52% in Vancouver West to 1021) for the month of October.

With fairly steady sales activity, detached benchmark prices in East Vancouver stayed fairly even, with detached prices up (+1.77% at $856,411), and down (-0.58% at $555,452) for attached properties. The apartment market also remained steady, dipping (-1.82%) to an average benchmark price of $335,370.

If you’d like more information from me regarding my East Vancouver Statistics, feel free to drop me an email at bess@bessdurey.com.

The Vancouver Real Estate Board’s official line

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”