Vancouver Real Estate Forecast - April 5, 2012
In Vancouver there is a clear pattern of higher listings and lower sales which means Vancouver is coming around the corner and turning into a full fledge Buyer's market!
Right now there are two distinct markets in Vancouver:
(1) A market driven by conditions which include rising inventory, dropping sales, financing which is harder to come by, etc. which is dragging prices down in the middle to lower class markets.
(2) A market driven by overseas speculation and inward migration that is booming which is fueling the luxury, high-end market.
I firmly believe market (1) will determine the overall market in a matter of months.
The Real Estate Board of Greater Vancouver (REBGV) reported sales at 2,874 down 30% compared to the 4,080 sales in March 2011 and an 8.4% decline compared to the 3,137 home sales in March 2010. Sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what's typical for the month. In fact, March sales were the second lowest total for the month in the region since 2002 and were 17% below the 10-year average for the month.
New listings rose 4.5% above the 10-year average. Active listings at 15,236 increased 16% from this time last year.
Sales of homes reached 1,183, a decline of 34% from the 1,795 detached sales recorded in March 2011. Sales of apartment properties reached 1,191 in March 2012, a decline of 27% compared to the 1,622 sales in March 2011.
The overall average price stayed stable - but at $763,700 is still down well below the peak of $834,000 reached in May 2011.
Resale condo sales are down by 30%. Resale House sales are down by 35%. At the same time New home active listings are up 32% and new condo active listings are up 22%.
*If you need help with the Vancouver market please contact:Jen Freisen at 604.328.3026 ~ Jen@BluLiving.com
Lake Okanagan Realty