Stats don’t lie and the official Real Estate Board of Greater Vancouver (REBGV) report says that residential property sales remained below long term averages. August sales were the second lowest total in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.
Even the President of REBGV is flying the red flag saying “for sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home.” Reading between the lines one assumes that strategy means one thing – if you are intent on selling then it is time get ahead of the train and reduce the asking price.
On The Other Hand
It is hard to develop a strategy when in a following sentence the Pres espouses his own claiming that “home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices.” This leads sellers to question the validity of a strategy that says ‘drop your price’ when as we know that stats don’t lie and in that very real world it says there is no proof that they should.
What a difference a year makes – residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011
- New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August – a 13.7 per cent decline compared to August 2011.
- The total number of residential property listings on the MLS® decreased to 4,685 properties down 15.8 per cent from the 4,802 new listings in July 2012.
- 17,567, Total residential listings numbered 17,567 an increase of 13.8 per cent from this time last year.
- it is a buyers market with sales-to-active-listings ratio sits at 9 per cent
- The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.
- Detached Sales in August 2012 reached 624, a decline of 38.8 per cent.
- Detached Benchmark price increased 0.2 per cent from August 2011 to $942,100
- Apartment sales reached 725 in August 2012, a decline of 24.1 per cent.
- Apartment Benchmark price increased .9 per cent from August 2011 to $370,100.
- Attached sales in August 2012 totalled 300, a decline of 25.6 per cent
- Attached Benchmark price decreased 1.9 per cent from August 2011 to $462,300.