Monthly Statistics

“Cherry Picking” in Some Markets, and “Taking what you can get” in Others

According to the statistics from the Greater Vancouver Real Estate Board, the market over all remains balanced.  However, let’s take a deeper look into today’s market from three perspectives:  the 10 year trend, compared to last year, as well as compared to last month.

Compared to the 10 Year Trend:

July 2011’s homes sales were below the 10 year average for July.  However, let’s put this into perspective knowing what we all know… that the real estate market in the first decade of 2000 saw more a record breaking number of sales and

Compared to Last Year:

Overall, July 2011 is a better time to sell your property than July 2010.  Sales are up 14% since this time last year, and the benchmark price as gone from $572,268 to $630,251.  However, there has been an increase in listings compared to July 2010 by 23% compared with sales, which have only increased 14%.  This means that demand is not keeping up with supply, resulting in a further “balancing” of the overall market.

Compared to Last Month:

As aforementioned in our previous newsletter, we are seeing the very beginning of detached house market and the condo/townhouse market benchmark prices moving closer together. Let’s take a look at the benchmark prices individually:

House prices are down in price ever so slightly while apartment and townhouse prices are up ever so slightly bringing the two markets closer together.  It should be interesting to see if this trend continues! 

Bright Shining Seller’s Markets

Houses Values: Vancouver West Side(up 26.9%), Vancouver East Side (up 18.2%), West Van(up 27.9%), Burnaby (up 19.4%) since this time last year.

Condos/Townhouse Values: Vancouver East Side Townhouses (up 11%), West Van Condos (up 12.8%), North Vancouver Townhouses (up 11%), since this time last year.

Best Opportunities for Buyers

 Houses: Sunshine Coast (down 5.6%)  Port Moody (down 4.9%) since this time last year.

 Condos: Maple Ridge/Pitt Meadows (down 1.7%), Coquitlam (down 1.2%) since this time last year.

Areas on the Increase

Houses: Port Moody(up 16.3% in last 3 months), Pitt Meadows(up 10% in past 3 months), Squamish (up 10.7% in past 3 months)

Condos and Townhouses: South Delta Townhouses (up 7.1% in past 3 months), South Delta Condos (up 5.4% in past 3 months), West Vancouver Condos  (up 8.1% in last 3 months),

Please call us today for more detailed information on your micro area!

(Based on July 2011 Statistics MLSLink Housing Price Index, 1 year change compared with Price Range +-)