Vancouver East and West Genuine Estate Summer Marketplace Update

Report by Greg Mitchell

The summer marketplace generally slows for the duration of the peak of the season. The youngsters are off school and mom and dad have holiday time from perform so don’t really want to be bothered with moving or acquiring investment real estate. I like to preserve this web site a lot more casual and enjoyable with personal accounts but numbers manual my business (and most others) so I have determined to take a rapid look at some of the revenue stats for Vancouver West and East respectively given that we are half way through 2010.

Vancouver East, Units Sold

The quantity of apartment/condo revenue in east Vancouver dropped from 165 to 103 from June 209 to June 2010. Down 38%. Detached or single loved ones residence revenue dropped from 238 units in June 2009 to 145 in June 2010. Down 39%. Connected properties (townhouse or duplex) product sales showed an enhance from 59 units sold in 2009 to 63 units sold in June 2010. This does appear to buck the downward trend and while it might appear good, maintain in thoughts the numbers could well be skewed by a specified townhouse growth that came on the web and sold out during the month of June.

Vancouver East, Median Charges

Prices have been up across all kinds of housing 12 months more than year. Apartment/condos went up from a median cost of ,500 to three,050 an enhance of eleven%. Connected charges went up from three,500 to 3,000, an increase of twelve%. Single detached property costs went from a median of ,000 to 5,000 representing a 14% 12 months more than year increase.

Vancouver West, Units Sold

Unit product sales have been down across the board for Vancouver west. Apartment units sales went from 627 to 419 representing a reduce of 33%. Connected homes reduced from 122 to 81 (down 44%) and single-family detached house sales declined from 200 to 147 or 27%.

Vancouver West, Median Rates

Median costs experiences increases across the board for all types of housing in Vancouver west. Approximately speaking, Vancouver west incorporates anything west of Cambie Street including downtown. Condos improved from a median value of six,000 in June 2009 to 7,000 in June 2010 representing an improve of 9.6%. Townhouse and duplex properties elevated form ,000 to 770,000 representing an boost of 5.five%. Single detached houses on the west side of Vancouver elevated in price from ,398,000 to ,580,000 representing an improve of 13%.

So, rates are up but for how considerably lengthier? With all the new inventory that I have noticed come to industry above the past 3 months, straightforward economics says stress on charges need to be downward.

My prediction is that acquiring activity picks up slightly in the fall but median rates begin to head south. Cost is somewhat of a lagging indicator in an illiquid market this kind of as actual estate. The explanation getting that sellers will simply have to accept value reductions if they’re critical about moving their house – they just haven’t admitted that but!

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