June’s Stats Don’t Lie

Balance and Harmony

“Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer”.

Highlights

  • YOY residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase
  • The Relevant Spin: “With sales below the 10-year average and home listings above what is typical for the month, activity in June brought closer alignment between supply and demand in our marketplace”
  • More Spin: “sales-to-active-listings ratio of nearly 22 per cent, it looks like the upper end of a balanced market”
  • YOY housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent.
  • detached Sales reached 1,471, an increase of 29.1 per cent
  • detached Benchmark price $$901,680 – up 13.4% from June 2010
  • apartments sales 1,266 in June. – up 0.6% compared to June 2010
  • Apartment Benchmark price $405,200, up 3.5 from June 2010
  • Attached Sales 525, up 8.7% compared to June 2010
  • Attached Benchmark price $522.424 – up 6.0% since June 2010
  • the Pres Says: “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the west side of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, leveled off slightly, declining $25,000 in June.”

Complete Report Here

*Data and quotes courtesy Real Estate Board of Greater Vancouver

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

John V Says:
July 7th, 2011 at 6:45 pm

Where are all of last years renters?

July 7th, 2011 at 9:57 pm

@John V

one senses that a provocateur is in the house 🙂

bbcoq Says:
July 7th, 2011 at 10:42 pm

Questions Larry-the comments about a balanced market suggest inventory is being consumed at more or less the same rate as new inventory is added-where does this lead to pricing?
Also, is there signs of typical summer slowdown or is market still busy?
Also, what segment is selling? From your comment it says the high end is still active..

July 7th, 2011 at 11:01 pm

@bbcoq
re: pricing – no explanation for it, it just keeps on keeping on
re: busy – Last week I traded in my dentures to get a 5 day sailing break. I loved those dentures but it was worth it 🙂
Others I hang with tell me they too would give up their teeth for a break.
re: slowdown – doesn’t feel like it
East side rocks with certain house types, consensus would say west side is a tad slower.
Don’t have a comment that is current for other areas.

bbcoq Says:
July 7th, 2011 at 11:08 pm

Larry-you made me laugh so hard my sides hurt. Can I use that one?
Out in Minivanland (tricities) your well spoken phrase: “tidy houses -priced right” are indeed selling-the over priced are dying and pricing is everything

Comment On This Post

will not be published
http://www.yourwebsite.com