VANCOUVER, B.C. – July 4, 2012 – The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 percent decline compared to the 3,262 sales in June 2011 and a 17.2 percent decline compared to the 2,853 sales in May 2012.
June sales were the lowest total for the month in the region since 2000 and 32.2 percent below the 10-year June sales average of 3,484.
“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,617 in June. This represents a 3 percent decline compared to June 2011 when 5,793 properties were listed for sale on the MLS® and an 18.9 percent decline compared to the 6,927 new listings reported in May 2012.
At 18,493, the total number of residential property listings on the MLS® increased 22 percent from this time last year and increased 3.7 percent compared to May 2012.
“Today, our sales-to-active-listings ratio sits at 13 percent, which puts us in the lower end of a balanced market. This ratio has been declining in our market since March when it was 19 percent,” Klein said.
The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7 percent and declined 0.7 percent compared to last month.
Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 percent from the 1,471 detached sales recorded in June 2011, and a 19.1 percent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 percent from June 2011 to $961,600.
Sales of apartment properties reached 1,026 in June 2012, a 19 percent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 percent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 percent from June 2011 to $376,200.
Attached property sales in June 2012 totalled 415, a 21 percent decrease compared to the 525 sales in June 2011, and a 27.8 percent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 percent between June 2011 and 2012 to $468,400.