Vancouver Real Estate Market Update for March 2012
Vancouver listing and sales statistics for the month of February reflected balance between both buyers and sellers headed into the busy spring season of 2012. In general, both listing and sales numbers are lower than ten year averages going back to 2002. Even though the current market is demonstrating a less frenetic pace than what we’ve seen in previous years, this February 2012 Vancouver Property Sales rebounded off the New Year lull and were up (+63.25%) to 813 from January (498). However 2012’s slower start is still being felt on the Vancouver West Side where sales were up (+69.35%) to 547 from the previous month, although those numbers are down (-24.34%) from this time last year. It will be interesting to see if we make up the momentum over the next few months.
Sales in Vancouver East Vancouver are showing a similar (though slightly muted trend) with a modest 266 sales for February. This number is down (-16.61%) from February 2011 yet up from the previous month (+52.00%). Benchmark prices remain at-par in East Vancouver month-to-month: +0.59% for detached ($832,400) and down (-0.79%) for attached ($512,500) properties. Character homes and high quality 2 bedroom condos in particular continue to move fast in desirable East Vancouver neighbourhoods such as Riley Park and Mount Pleasant.
Typical for this time of year, New Listings were up in East Vancouver (548). In Vancouver West listing numbers actually cooled, down (-9.01%) from January to 1253. However detached benchmark prices in Vancouver West continue to hold steady, up (+0.61% to $2,217,900) from last month. The benchmark price for attached homes in Vancouver West is nearly at par (-0.1% at $682,200) month-to-month. The apartment market mirrored inverse trends in Vancouver West and Vancouver East, falling (-0.44%) on the West Side and rising (+2.48%) in East Van.
The Greater Vancouver Real Estate Board’s Official Line:
“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said. “Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.
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