May 2013 Market Review

Vancouver Real Estate Market Update

The number of units sold in Greater Vancouver continued to grow in April 2013. However, the media reported that this April’s sales are lowest April total in the region since 2001 (20.9% below the 10 year sales average for the month). It is important to note that April 2013 had the highest number of sales since May of 2012 for Greater Vancouver; we have seen a steady increase in sales since the beginning of 2013.  This reflects a returning consumer confidence. We will likely see an increase in the total number of listings coming to market over the next few months and this could put pressure on our currently balanced market. You can be sure that in May and June accurately priced properties in good locations will get a lot of activity.

The following summaries discuss Vancouver’s market by area:

There were 144 houses sold in April. This is down slightly from 151 sales in the previous month. New listings have increased from 892 in March to 943 at the end of April. There was, and continues to be, strong activity in the 1 million to 1.5 million price range with a 38% absorption rate. This equates to a very strong and active sector of the market. The 1.5 to 2 million price range is also very active (refer to chart below). Due to the high absorption rates in these two areas we are seeing some multiple offers and sale prices over asking. Overall, the West Side has a 7 month supply and a balanced market.

Sales of condos and townhouses for the month of April totaled 376. This is down slightly from 382 in March. The number of sales is virtually the same yet the number of listings has increased from 2044 in March to 2177 at the end of April. There is currently a 6 months’ supply resulting in a balanced market.

There were a total of 132 sales in April; up from 94 in March. The number of listings has increased from 577 in March to 651 in April. The overall detached market remains very active with the 600 thousand to 700 thousand price range having a 46% absorption rate. In fact the activity remains very strong right up to the 1 million dollar price mark. There is currently a 5 month supply and a very balanced market.

Sales of condos and townhouses for the month of April totaled 114. This is down from 128 in March. The number of listings has increased from 647 in March to 778 at the end of April. This is pushing the total months of supply to just over 7 months.

The Greater Vancouver real estate market remains balanced with strong activity in the Van East detached and Van West detached specifically in the 1 million to 2 million price range.. With the number of sales increasing each month since June of 2012 we are moving into spring and summer months with positive consumer confidence and stable property values.

Market conditions vary by location, type and style of property. For more specific information please call or email me.

Charts