The Real Estate Board of Greater Vancouver released some interesting stats this week. Here are some direct quotes from REBGV;
Sales of apartment properties reached 927 in July 2012, a 10.9 per cent decrease compared to the 1,040 sales in July 2011, and a decrease of 5.3 per cent 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 per cent compared to last month.
Attached property sales in July 2012 totalled 384, an 11.1 per cent decrease compared to the 432 sales in July 2011, and a 4.3 per cent increase from the 368 attached properties sold in July 2010. The benchmark price of an attached unit decreased 0.5 per cent between July 2011 and 2012 to $468,700 and is relatively unchanged compared to last month.
Lets look at these figures logically...
- The total number of homes sold have dropped roughly 10%.
- The number of listings has risen dramatically over the last few months.
- Price have not dropped yet.
Analysis; Expect home price to dip over the next few months. Get ready for a buyers market!
Note: These numbers are a general overview. Each specific property type and price bracket has very detailed stats and figures which may give you more insight to buy or sell a certain type of home.
Contact The Aziz Group for more specific details and a Free Consultation.