The Real Estate Board of Greater Vancouver (REBGV) reports a significant slide in residential property sales when comparing numbers in August 2012 against those from August 2011, and in fact, against the 10-year sales average. Prices, however, are not yet following suit.
“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices,” said Eugen Klein, REBGV President.
August sales were 39.2 percent below the 10-year August sales average of 2,711, while new listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August – a 13.7 percent decline compared to August 2011.
“For sellers it’s critical to work with your REALTOR to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS in Greater Vancouver today.”
The REBGV President noted that the sales-to-active-listings ratio was at nine percent, putting Vancouver residents in a buyer’s market.
Wondering how market conditions have affected the value of your current home? Wondering what house and condo prices are in your corner of Vancouver? Even if you’re not planning to move at the moment, but are curious about market activity in your area, please remember that you’re always welcome to call for a no-obligation real estate update.