Buyers and Sellers - a win win

(July 03, 2013 )

Residential property sales have increased 11.9% in June 2013 totalling 2,642 comparing to June 2012 where sales reached 2,362. Typical slower summer trends shows a 8.3% decrease in sales from last May.

Looking at a 10 year sales average for the month of June, sales were 22.2% lower. New listings for the month are also lower at 11.5% below the 10 year average.

I am noticing an overall stable market where both buyers and sellers are experiencing a win-win scenario. However there are micromarkets such as Coal Harbour which are still quite saturated with listings and overall in favor for the buyer.

The sales-to-active-listings ratio currently sits at 15% in Greater Vancouver. This is the fourth straight month that this ratio has been at or above 15%.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 3% compared to this time last year and an increase of 2.3% compared to January 2013.

The stats below are from the Real Estate Board of Greater Vancouver:

Sales of detached properties reached 1,102 in June 2013, an increase of 19.7% from the 921 detached sales recorded in June 2012, and a 25.1% decrease from the 1,471 units sold in June 2011. The benchmark price for detached properties decreased 4.3% from June 2012 to $919,900.

Sales of apartment properties reached 1,068 in June 2013, an increase of 4.1% compared to the 1,026 sales in June 2012, and a decrease of 15.6% compared to the 1,266 sales in June 2011. The benchmark price of an apartment property decreased 1.9% from June 2012 to $369,100.

Attached property sales in June 2013 totaled 472, an increase of 13.7% compared to the 415 sales in June 2012, and a 10.1% decrease from the 525 attached properties sold in June 2011. The benchmark price of an attached unit decreased 2.4% between June 2012 and 2013 to $457,000.