North Shore Realty Stats for May 2012
Posted by Kerri Demski - PREC on
Although the real estate market is slowing down in terms of sales, that's also pretty typical for May and June. Many areas of The North Shore and Vancouver continue to see multiple offers although they are less common compared to last month. On average, the price differential has tightened up too. North Vancouver's detached sales are the strongest with 34 out of 123 homes being sold for list price or higher. The most popular communites are (still) Capilano Highlands, Lynn Valley and Upper Lonsdale.Â
The strongest apartment condo market is in Vancouver West. There were 402 sales, up from last month's 361, and 47 of those units sold for list price or higher. University wins out for the hottest community in May, followed by Kits, Downtown, the West End…
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We've had quite a busy this spring thus far, especially in the detached real estate market. Single family homes continue to be in high demand as you can see (below) by the number of properties selling at list price or higher. Capilano Highlands and Canyon Heights in North Vancouver, Ambleside and Dundarave in West Van, and Kitsalano in Vancouver West are among the most popular for buyers and developers alike.
This past month the sales to active listings ratio in Greater Vancouver shifted slightly to 15% which places us from the higher end of a buyers’ market into the lower end of a balanced market. This is because home sales remain steady while listing inventory takes a break for the first time this year. There were 4,374 new listings in October which is in line with the 10 year average for new listings. Currenlty, there are 15,377 properties listed for sale in Greater Vancouver, 4% lower than last month.
Sales and new listings are down for July, but they should be compared to June. On the west coast, summer has finally arrived and buyers and sellers alike are headed out to enjoy it! Contrary to some reports, the real estate sky in Vancouver it not falling. No one seems to consider an important factor which happens to also be the most difficult to predict, supply and demand.
Vancouver and the Fraser Valley are expected to trend
toward a 'sellers to balanced' market over the next 18 months while the rest of
the province will experience a 'buyers to balanced' market. Vancouver home
prices are still on the rise despite a slowdown in the first time buyer market.
Single family home sales remain the strong, keeping supply in check.
Well it’s that time of year again, and RE/MAX has released their Recreational Property Report 2011. Studying 46 markets across Canada has shown that recovering stock portfolios and large equity gains in major centres have stirred up real estate markets from coast to coast. Larger selections, greater affordability and pent up demand are creating a strong recreation property market this year, well ahead of the national average. Buyers who held off during the recession are now back in action and have been rewarded with better values and choices.
The housing market is still very active but
has certainly eased away from near record-setting paces. With a sales to listing ratio of 23%, our seller’s
market persits as inventory remains low with a slight increase in sales, but
fairly typical for May.