June 2012 Market Stats
July 4th 2012- Greater Vancouver Housing Market favored buyers in June
number of residential property sales hit a 10-year low in Greater Van-
couver for June, while prices remained relatively stable.
Estate Board of Greater Vancouver (REBGV) reports that residential
property sales of detached, attached and apartment properties reached
2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in
June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May
June sales were the lowest total for the month in the region
since 2000 and 32.2 per cent below the 10-year June sales average of
“Overall conditions have trended in favour of buyers in our
marketplace in recent months,” Eugen Klein, REBGV president said. “This
means buyers are facing less competition and have more selection to
choose from compared to earlier in the year.”
New listings for
detached, attached and apartment properties in Greater Vancouver
totalled 5,617 in June. This represents a 3 per cent decline compared to
June 2011 when 5,793 properties were listed for sale on the MLS® and an
18.9 per cent decline compared to the 6,927 new listings reported in
At 18,493, the total number of residential property
listings on the MLS® increased 22 per cent from this time last year and
increased 3.7 per cent compared to May 2012.
sales-to-active-listings ratio sits at 13 per cent, which puts us in the
lower end of a balanced market. This ratio has been declining in our
market since March when it was 19 per cent,” Klein said.
Housing Price Index (HPI) composite benchmark price for all residential
properties in Greater Vancouver over the last 12 months has increased
1.7% and declined 0.7% compared to last month.
Sales of detached
properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per
cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per
cent decrease from the 1,139 units sold in June 2010. The benchmark
price for detached properties increased 3.3 per cent from June 2011 to
Sales of apartment properties reached 1,026 in June 2012, a
19 per cent decrease compared to the 1,266 sales in June 2011, and a
decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The
benchmark price of an apartment property increased 0.3 per cent from
June 2011 to $376,200.
Attached property sales in June 2012 totalled
415, a 21 per cent decrease compared to the 525 sales in June 2011, and a
27.8 per cent decrease from the 575 attached properties sold in June
2010. The benchmark price of an attached unit decreased 0.1 per cent
between June 2011 and 2012 to $468,400.
For more information on the Greater Vancouver Housing Market, Please feel free to contact me anytime!!