After an active spring season the June market remained fairly busy, posting 3,262 sales, which represented a 9.8 per cent increase compared to the 2,972 sales in June 2010, however sales did decline 3.5% from last months volumes.
Over the near term its not abnormal to see activity flatten out. Typically, sales activity in the spring/summer market will peak in June followed by a levelling out in July and a drop in August.
With sales below the 10-year average and home listings above what's typical for the month, June brought the market closer towards an equilibrium between supply and demand.
With the market trending towards balance, now is the time to exercise prudence and rationally evaluate each opportunity. Though the market seems to be slowing, value always emerges and buyers are actively pursuing well-priced homes and value driven investment opportunities.
As noted in the May market update, keeping an eye on new listing counts is certainly a good indicator as to where the market is moving. Now officially in balanced territory, buyers are in a good position to select the right home from a larger inventory base.
Again, this is strictly a macro overview, each neighbourhood and city performs very differently. For example, as of late, Burnaby seems to be the new Richmond. Many more Asian buyers are opting to purchase in North and South Burnaby. Year to year detached home prices are up a whopping 17.7%, amongst the highest increase of any city in Greater Vancouver - as a result Burnaby is experiencing a strong sellers market.
As your trusted Advisor, I pride myself in the service we provide and the results we continue to produce. If you, or someone you know, have any neighbourhood specific or market related questions, feel free to drop me a line anytime!
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