June homes sales second all time highest in history
Market conditions continue to drive strong housing sales as the June total just missed breaking the record for the month. The REBGV (Real Estate Board of Greater Vancouver) reports that sales for residential properties increased 75.6 percent to 4,259 in June 2009 when compared to June 2008. The highest recorded sales were in June 2005 totalling 4,333.
In Vancouver West detached home listings in June increased a slight 3.6 percent; attached home listings increased 21.8 percent; and apartment (condo) listings increased 18.6 percent over May 2009. Many homeowners that had been previously waiting to sell are now listing their homes in an attempt to take advantage of the increase in volume of buyer's and demand.
Sales in Vancouver West for June decreased 13.8 percent for detached homes, increased 19.6 percent for attached homes, and increased 18.5 percent for apartments over May 2009.
The increase in sales month-over-month continues to put upwards pressure on pricing. Benchmark prices for Vancouver West increased for from May to June for detached properties from $1,273,131 to $1,320,249, for attached properties from $659,323 to $664,473, and for apartments from $444,076 to $458,091. Benchmark prices are the estimated sale price of a typical property within that area.
Price reductions, historically low interest rates, and greater affordability are causing the number of sales to rise to levels comparable to 2003, and 2007. Buyer's that had been waiting to purchase a home last fall and earlier in the year are returning to the market as conditions continue to show signs of strengthening.
The large number of buyer's and low inventory of properties for sale continues to create a very competitive market for those looking to purchase a home. Many properties are receiving multiple offers, and the most desirable ones are sold within the first week of being on the market often over asking price. This high amount of activity, which was previously limited to entry level homes, is now also occurring with homes in higher price points.
For more information on Vancouver real estate market conditions, or buying or selling a home in Vancouver contact Dean Wegman of Royal Lepage Westside at www.deanwegman.com
