I hope you are all extremely well and enjoying this fantastic August weather we are having. I love all the great festivities happening in the city and the long warm evenings sitting out with friends and soaking up the atmosphere.
The real estate markets here in Vancouver are still chugging away at less than full speed. As July came and went, we have noticed many areas see a significant drop in sales activity with a buyers market firmly established. So what are the numbers:
Greater Vancouver: Total Units Sold in July 2012 were
2,135 – down 11% to June 2012; New Listings in July 2012 were down 14% to June
2012; Month’s Supply of Total Residential Listings is 9 Months (Buyer’s
Market).
Vancouver Westside Houses: Total Units Sold in July
2012 were 83 – down 19% to June 2012, down 45% to March 2012, and down 70% to
March 2011; New Listings in July 2012 were down 18% to June 2012; Month’s
Supply of Total Active Listings is 13 Months (Buyer’s Market!).
Vancouver Westside Condos: Total Units Sold in July
2012 were 276 – down 17% to June 2012, down 30% to March 2012, and down 52% to
March 2011; New Listings in July 2012 were down 14% to June 2012; Month’s
Supply of Total Active Listings is 8 Month’s (Buyer’s Market).
Vancouver Eastside Houses: Total Units Sold in July
2012 were 109, 2% higher than June 2012, down 30% to March 2012, and down 52%
to March 2011; New Listings in July 2012 were down 15% to June 2012; Month’s
Supply of Total Active Listings is 7 Month’s (Balanced trending to Buyer’s
Market).
Vancouver Eastside Condos: Total Units Sold in July
2012 were 104 down 24% to June 2012; New Listings in July 2012 were down 32% to
June 2012; Month’s Supply of Total Active Listings is 5 Months (Balanced
Market).
North Vancouver Houses: Total Units Sold in July 2012
were 60, down 18% to June 2012, down 50% to March 2012, and down 55% to March
2011; New Listings in July 2012 were down 27% to June 2012; Month’s Supply of
Total Active Listings is 7 Month’s (Balanced trending to Buyer’s Market).
North Vancouver Condos: Total Units Sold in July 2012
were 55, down 20% to June 2012; New Listings in July 2012 were down 14% to June
2012; Month’s Supply of Total Active Listings is 9 Months (Buyer’s Market).
Richmond Houses: Total Units Sold in July 2012 were
60, down 21% to June 2012, down 42% to March 2012, and down 73% to March 2011;
New Listings in July 2012 were down 8% to June 2012; Month’s Supply of Total
Active Listings is 20 Month’s (Heavy Buyer’s Market!!!).
Richmond Condos: Total Units Sold in July 2012 were
101, down 11% to June 2012; New Listings in July 2012 were down 22% to June
2012; Month’s Supply of Total Active Listings is 10 Months (Buyer’s Market).
So that is it in a nutshell. Watch out for the next blog that will graphically break down the markets featuring listings and sales ratios historically from 2010 -2012.
For all you potential sellers out there, stay in touch with your Realtor to keep up to date with the latest statistics and information so you can be competitively in the market and not just on it.
All you potential buyers out there should take advantage of the fantastic mortgage deals and buyers market that has not been seen in Vancouver for quiet some time.
If you have any questions feel free to get in touch. Let's get together and make this happen!
Cheers
Gerry
