March 2012 Property Statistics for Vancouver

Hello again

As promised, here are the more detailed market area listings and sales reports for Vancouver:

 Vancouver West Detached

Vancouver West Attached

 Vancouver West Apartments

 Vancouver East Detached

 Vancouver East Attached

 Vancouver East Apartments

 North Vancouver Detached

 North Vancouver Attached

 North Vancouver Apartments

 West Vancouver Detached

 Richmond Detached

  Richmond Attached

  Richmond Apartments

Looking at these numbers and as discussed in the previous article, we have been through a quiet March. However it looks like the energy is returning and entering a typically busy spring market after Easter. If you are ready for selling your home, get straight onto it and plan for a spring listing. If you are a buyer, get out there and take advantage of all the soft markets and incredible mortgage deals available. 

Work with your Realtor and stay ahead of the game. 

Have a great week!

Do you want to be in the market or just on it?

Hello everyone


I hope you are all having a great week so far and are getting geared up to have lots of fun with family and friends for the Easter Weekend. The weather forecast looks great and I am excited about getting out with my other half, the dogs, friends and just soaking up all that is beautiful here in BC. 


I had great success this week in finally closing a sale on my Vine Street property. The West Side markets have been challenging as there is a lot of over priced inventory and the dynamics around new home sales have noticeably changed. However it was amazing when we repositioned the property on the market at a new competitive price how quickly it got sold on a very good offer. It happened in just over three weeks from the new price being presented. 


Being aware of your local markets, sales activities and your value in relation to the market and city assessments are crucial for a successful outcome. That is where working with a great Realtor and a reputable brokerage providing you with regular reports, statistics and feed back can make all the difference. With all of this support, knowledge and valuable information, you will be able to make informed educated decisions and be a successful part of the property markets and not sat on it forever with unrealistic expectations and disappointment. 


So what has been happening in March 2012? Here is a summary from the Real Estate Board of market activities:

• Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.
• Sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.
• March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.
• New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.
• Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.
• The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.
• Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.
• Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.
• Town home property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.
  

No doubt this March period has been challenging. However it seems that we have been through a four week period of mid term school breaks which have definitely had an impact on the family home purchasing energy. However we are now coming into a spring market and already people are seeing a renewed energy slowly return.If the time is right for you, take advantage of it and be an intelligent informed client making the right decisions and moving on to where you want to be. 

Good luck and stay tuned for more in depth market analysis!