Vancouver Real Estate Market Analysis - First Quarter 2012
May 12th, 2012
Are you considering buying or selling a home in Vancouver? Take a look at what’s been happening in the Vancouver housing market and be sure to check out our Insider’s Tip below.
The January to March 2012 real estate market in Greater Vancouver saw listings for houses, townhouses and condos increase over the same period last year whilst experiencing a substantial drop in sales (which was the highest since July last year, resulting in a good buyer’s market as prices levelled).
As of March 31st, 2012
| Area |
Current listings |
% Increase / decrease vs. Mar’ 11 |
| Vancouver - East area |
1,215
|
+ 17% |
| Vancouver - West area |
3,057
|
+ 16% |
| Greater Vancouver |
15,232 |
+ 12%
|
Area |
Sales |
% Increase / decrease vs. Mar’ 11
|
| Vancouver - East area |
335 |
-24.5% |
| Vancouver - West area |
616 |
-25.4% |
Greater Vancouver
|
2,887 |
-29%
|
Vancouver Westside - March 2012 vs. March 2011
| |
Houses
|
Townhouses
|
Condos
|
Listings
|
864
(+54%) |
306
(+9.7%) |
1887
(+5.4%) |
Sales
|
152
(-46%) |
68
(-24%) |
396
(-32%) |
Average days on market
(sold) |
32
(+15%) |
40
(+2.5) |
44
(+22%) |
Average price/unit
(new) |
$2,235,00
(+4%) |
$1,282,000
(+24%) |
$753,091
(-19%) |
Average price/unit
(resale) |
$2,406,000
(+7%) |
$955,047
(+3.5%) |
$605,453
(-4.5%) |
Percentage of original price
|
-5.6% |
-0.1% |
-0.4% |
Average price
(2012 vs. 2011)
|
+7% |
+4.9% |
-5.5% |
Average price
(2012 vs. 2006) |
+100% |
+70% |
+50% |
Vancouver Eastside - March 2012 vs. March 2011
| |
Houses
|
Townhouses
|
Condos
|
Listings
|
502
(+1%) |
145
(+17.9%) |
568
(+39%) |
Sales
|
156
(-30%) |
41
(-29%) |
138
(-14%) |
Average days on market
(sold) |
28
(+14%) |
32
(-22.7%) |
37
(+15.9%) |
Average price/unit
(new) |
$985,000
(+6.7%) |
$701,460
(-4.6%) |
$421,584
(+11%) |
Average price/unit
(resale) |
$943,232
(+15.3%) |
$585,880
(-1.1%) |
$369,251
(+2.1%) |
Percentage of original price
|
-1.1% |
-0.2% |
-0.2% |
Average price
(2012 vs. 2011) |
+13% |
-3.1% |
+4.7% |
Average price
(2012 vs. 2006) |
+75% |
+65% |
+65% |
Overview of Vancouver Property Prices
- The Vancouver real estate market saw sales peak in March last year and continue on a decline until January, when the momentum changed. Sales are now back to the same level as they were in June last year.
- Listings peaked in March last year and bottomed in December, but have been rising since. They are now back to the same level as they were in February last year.
- Interest rates dipped in February to 2.99% for a five-year term and are up slightly. A good selection, low interest rates and flat prices translate into an excellent buyer’s market!
Insider Tip: Vancouver is now a good buyer’s market with more listings than sales. Buyers should make offers on listings that have price reductions or are priced at or below the sale price (indicating motivated seller).
Written by Maggie Chandler, providing trustworthy real estate services for 30 years.
Tags: housing