VANCOUVER, B.C. – August 2, 2012 – Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale continued to edge down and prices remained relatively stable.
The Real Estate Board of Greater Vancouver (REBGV) reports that there were 2,098 residential property sales of detached, attached and apartment properties in July. That’s an 18.4 percent decline compared to the 2,571 sales in July 2011 and an 11.2 percent decline compared to the previous month’s 2,362 sales.
July sales were the lowest total for that month in the region since 2000. They were 31.2 percent below the 10-year July sales average of 3,051.
“People appear to be cautious about making significant financial decisions right now. While our local economy appears to be quite robust, there may be some concern about the impact of international markets and the federal government’s tightening of mortgage regulations,” says Eugen Klein, REBGV president.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,802 in July, the lowest number of new listings for any month this year. This represents a 5.8 percent decline compared to July 2011 when 5,097 properties were newly listed for sale on the Multiple Listing Service® (MLS®) and a 14.5 percent decline compared to the 5,617 new listings reported in June 2012.
At 18,081, the total number of active residential property listings on the MLS® increased 18.8 percent from this time last year and decreased 2.2 percent compared to the previous month.
“With a sales-to-actives-listing ratio of 11.6 percent, conditions have favoured buyers in our marketplace in recent months,” Klein said. “That means buyers have more selection to choose from and more time to make a decision. For sellers, it’s important to price properties competitively. For information on local market prices, contact your REALTOR®.”
The MLS® Home Price Index (MLS® HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 0.6 percent to $616,000 and declined 0.7 percent compared to last month.
Sales of detached properties on the MLS® in July 2012 reached 787, a decrease of 28.4 percent from the 1,099 detached sales recorded in July 2011, and a 13.3 percent decrease from the 908 units sold in July 2010. The benchmark price for detached properties increased 1.4 percent from July 2011 to $950,200 and declined 1.2 percent compared to last month.
Sales of apartment properties reached 927 in July 2012, a 10.9 percent decrease compared to the 1,040 sales in July 2011, and a decrease of 5.3 percent compared to the 979 sales in July 2010. The benchmark price of an apartment property remains unchanged compared to July 2011 at $374,300 and declined 0.5 percent compared to last month.
Attached property sales in July 2012 totalled 384, an 11.1 percent decrease compared to the 432 sales in July 2011, and a 4.3 percent increase from the 368 attached properties sold in July 2010. The benchmark price of an attached unit decreased 0.5 percent between July 2011 and 2012 to $468,700 and is relatively unchanged compared to last month.