Vancouver Market Update June 2013

Hi there, my name is Teresa Comeau and I'm with Re/Max Select Realty and I'm located on Main Street and East 32nd. So welcome to market and it's June 11th, 2013. Now I'm going to give you a little rundown of the market in general in Vancouver then I'll break it down for specific neighborhoods you can have an idea of where the most activity is happening. 

Now sales in general in greater Vancouver last month were 2,882 and that's about the same amount as this time last year last year and its 9.7% higher than last month so an upward trend with this free market and what's going on right now. Now the new listings in May were 5,656 which is down 18.3 percent from this time last year, so the sales are up 9.7 percent from last last month and inventory is up 2.9% from last month but the inventory is not on pace with the sales so we are seeing multiple offers on properties that have low inventory, because the good properties are selling right away with multiple offers and if you're not priced sharply then you're sitting for a few months so the sales to active listing ration is about 17 percent right now in Vancouver, and that is a balanced market. Now, prices are down about 4.3% from last year this time, but we're up 1.8% 8% from January. So we are an upward trend right now with the prices. 

Now to break it down at the Pacific neighborhoods. Downtown, the most active price point is the $300,000-400,000 range, and the $1.5-1.75 million dollar range. And if you're a buyer, the best bet is the $300,000-400,000 range in Coal Harbour, and if you're a seller, the best bet is a Yaletown studio and up to a 1 bedroom. Now, for the east side market, the home is about 700 to 800 thousand, are selling really well, and the buyers best bet right now is $1.5 to $1.75 million in the Fairview area. And if you're a seller well the best area is main street commercial area. Right now, 58% of the homes are selling the main street areas, so if you're a seller and you're wanting to sell in the main street area, now is an excellent time to take advantage of this market. The second best market right now in East Van is the commercial area which is also very strong. Now as far as the west side market, the detached market, the most active price point is the one million to 1.25 million dollar range. And if you're a buyer your best bet is the Oakridge area, South Cambie area, and if you're a seller then it would be the Cambie, Dunbar and Point Grey Area. 

So that breaks down the individual neighborhoods. But every situation is different and if you would like some advice on specific details of your neighborhood and your situation, and when would be the best time to buy and when to sell. Then please give myself a call, I'd be happy to sit down and talk to you about it because everything is relative. If you sell in a high market, you also tend to buy in a high market and if you sell in a lower market, you tend to buy in a lower market. But You can find those areas where you're selling a little bit higher and buying a little bit lower, and if you just set up the right strategy, and have a conversation with myself, I'd be happy to talk above it. 

So give me a call. My name again is Teresa Comeau, and it's Re/Max Select Realty and I'm located on Main Street and East 32nd Vancouver. Thank you for watching.