Tuesday, 14 August 2012

BCREA reports Home Sales Decline in Vancouver, but Surge in Rest of BC July 2012

Vancouver, BC – August 14, 2012. 

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 12.9 per cent to $3.1 billion in July compared to the same month last year. A total of 6,482 MLS® residential unit sales were recorded over the same period, down 0.8 per cent from July 2011. The average MLS® residential price was $474,954, 12.2 per cent lower than a year ago.
"While some potential homebuyers in Vancouver are taking a breather over the summer months, stronger consumer demand continues across the rest of the province,” said Cameron Muir, BCREA Chief Economist. MLS® residential unit sales outside of Vancouver were up 11 per cent in July over a year ago. In contrast, home sales through the Real Estate Board of Greater Vancouver were down 18 per cent over the same period. 
Year-to-date, BC residential sales dollar volume declined 16.5 per cent to $23.5 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 44,794 units, while the average MLS® residential price was 9.4 per cent lower at $525,183.

In the Central Okanagan area  the average selling price for July 2012 was $381,199 whereas it was  $408,035 in July 2012, which represents a -6.6% fall.

The number of active listings in our area has fallen - to 6,825 from 7,001 in July 2011 a  -2.5% reduction, and Sales to active listings is now 8.3%, which is an improvement from 6.8% in July 2011. This continues to bring us closer to a more balanced market.

To read the full report, please view http://www.bcrea.bc.ca/docs/news-2012/2012-07.pdf

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

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