Recently The Real Estate Board of Greater Vancouver (REBGV) indicated, “…Active home sellers bring greater selection to the Greater Vancouver housing market…” which means that we have seen a slowdown in the market over the summer. Furthermore they stated that, “While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.”
As well, REBGV reported the residential property sales for detached, attached/townhouses and apartment/condos properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14% increase compared to the 2,255 sales in July of 2010, and a 21.2% drop compared to the 3,262 sales in June, 2011.
Rosario Setticasi, REBGV President stated, “We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace…It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.” Seasonally the real estate market does take a bit of a holiday in the summer months as people focus on holidays more than selling and buying real estate.
New listings for detached, attached/townhouses and apartment/condo properties in Metro Vancouver totalled 5,097 in July. This represents a 23.2% jump compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12% down turn compared to the 5,793 new listings reported in June, 2011.
At 15,226, the total number of residential property listings on the MLS® increased 0.8% in July compared to June, and declined 7.3% per cent from this time last year.
“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV President said. As well, with more supply it takes the pressure off of buyers to compete for homes.
The MLS Link® Housing Price Index (HPI) benchmark price for all residential properties in Metro Vancouver over the last year has inflated 9.2% to $630,251 in July, 2011, from $577,074 in July, 2010. It is important to take this increase “with a grain of salt” as certain strong areas are skewing the regions values upward. Some areas have remained relatively flat in their pricing.
Sales of detached properties on the MLS® in July, 2011 reached 1,099, an increase of 21% from the 908 detached sales recorded in July of 2010, and 31.9% decrease from the 1,614 units sold in July of 2009. The benchmark price for detached properties increased 13.3% from July, 2010 to $898,886.
Sales of apartment/condo properties reached 1,040 in July, 2011, a 6.2% shift upwards compared to the 979 sales in July last year, and a drop of 39.1% compared to the 1,708 sales in July of 2009. The benchmark price of an apartment/condo property rose 4.5% from July, 2010 to $405,306…which is a slow but steady growth, as expected.
Attached/townhouse property sales in July this year totalled 432, a 17.4% jump compared to the 368 sales in July of 2010, and a 45.5% decline from the 792 attached properties sold in July of 2009. The benchmark price of an attached/townhouse unit increased 6.9% to $524,909 between July 2010 and 2011.
While seasonally slower, the market is perking along as expected without too many surprises. With the recent drop in bond rates we will likely continue to see a slow and steady pace to the market.