June 2012 Vancouver Real Estate Sales Absorption Report

488 Drake Street Vancouver, BC V6B 5S9

jefffitzpatrick.com | [email protected] | 604.612.6120

VANCOUVER, BC | JUNE 2012

SALES

ABSORPTION

REPORT

Vancouver real estate market statistics to keep you

ON TOP OF THE MARKET

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

INTRODUCTION | JUNE 2012



| 1111 JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

Our monthly sales absorption report is designed to keep you up-to-date and on top of the market. Every report analyzes the real

estate markets in North and West Vancouver, Downtown, and the East and West side of the city in terms of monthly sales, listings,

and absorption rates. The data is further broken down by price, residential type and the number of bedrooms. In addition to

statistics, a graph presents the past two years of sales, and a featured properties page which showcases our most recent listings

and/or sold properties. To help you better understand the contents of the report, we’ve compiled a list of definitions and

explanations of how we came about certain statistics:

ACTIVE LISTINGS The number of properties on the market. This number only includes those listed on the Multiple Listing Service

(MLS); properties not listed on the MLS, such as “For Sale By Owners”, are not accounted for. This number is dynamic and

constantly changes; new properties get listed and others are sold, terminated, cancelled, or expire.

ATTACHED PROPERTY A property that shares a common wall with another property such as a condo, apartment, townhome,

duplex, triplex, etc.

DAYS ON MARKET (DOM) The number of days a listing is active on the MLS before it is sold. Our report showcases the average

days on market which is calculated by adding all the days on market of each listing and dividing it by the number of listings for that

month. In a buyer’s market, the DOM is generally higher because inventory takes longer to sell and in a seller’s market, the DOM is

fewer.

DETACHED PROPERTY A property with no shared walls; a free standing house.

MONTH’S SUPPLY The number of months it would take at the current absorption rate, assuming no new properties are listed, for

all of the currently listed properties to sell. The widely accepted equilibrium benchmark in the industry is 5 months’ supply. At 5

months’ supply, the buyers are absorbing the existing inventory at a rate that stabilizes pricing; ergo, the supply demand curves are

at equilibrium. A market with greater than 5 months’ supply is considered a buyer’s market and one with less than 5 months’ supply

is a seller’s market. For example, if the market had only 2 months’ worth of supply available, pricing would be trending up (in favour

of sellers, hence a “seller’s market”). Conversely, an environment with 10 months’ supply would be putting downward pressure on

pricing (benefiting buyers) as buyers have more variety of properties to select from.

SALES ABSORPTION RATE The rate at which homes sell in an area; the higher the absorption rate, the faster homes are selling.

To calculate the absorption rate, take the number of homes sold in a month and divide it by the total number of listings available

that month.

The real estate market is dynamic and constantly changing, this report and its contents are our best representation of the market at

the time the report was created. If you have any questions, suggestions on how we can make the report better, or would like to

know where the market is at this very moment, please give us a call anytime!

E. & O.E.: This information is from sources which we deem reliable, but must be verified by prospective Purchasers and may be subject to change or

withdrawal. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers.

Independently Owned and Operated.

SALES

ABSORPTION

REPORT

DOWNTOWN | JUNE 2012




DOWNTOWN May June % Change

Active Listings 1803 1802 -0.06% Number of Sales 242 203 -16.12% Average Listing Price $710,290 $674,840 -4.99% Average Sale Price $676,898 $649,520 -4.04% Average DOM 46 37 -19.57% Overall Absorption 13.42% 11.27% -16.07%

Price Range # of Listings # of Sales Absorption Rate 0 - 300,000 97 13 13.40% 300,001 - 400,000 276 44 15.94% 400,001 - 500,000 348 43 12.36% 500,001 - 600,000 261 35 13.41% 600,001 - 700,000 169 18 10.65% 700,001 - 800,000 117 9 7.69% 800,001 - 900,000 98 11 11.22% 900,001 - 1,000,000 65 8 12.31% 1,000,001 - 1,250,000 92 7 7.61% 1,250,001 - 1,500,000 66 6 9.09% 1,500,001 - 1,750,000 38 0 0.00% 1,750,001 - 2,000,000 34 3 8.82% 2M+ 141 6 4.26% TOTAL 1802 203 11.27%

Unit Type # of Listings # of Sales Absorption Rate Studio 95 15 15.79% One Bedroom 685 85 12.41% Two Bedroom 889 96 10.80% Three Bedroom+ 133 7 5.26% TOTAL 1802 203 11.27%

DOWNTOWN (ATTACHED ONLY)

• Includes Downtown, West End, Yaletown & Coal

Harbour

• June’s overall absorption was 11.27%, which represents

8.9 months worth of supply (buyer’s market)

• There was one less listing but 39 fewer sales in June

than in May

• Average sale price in June was $649,520, a decrease of

$27,378 (-4.04%) from May’s average

• Average DOM in June was 37 days; properties sold

9 days faster than in May

DOWNTOWN

(ATTACHED ONLY)

VANCOUVER WESTSIDE | JUNE 2012




ATTACHED May June % Change

Active Listings 1585 1558 -1.70% Number of Sales 209 176 -15.79% Average Listing Price $651,185 $673,197 3.38% Average Sale Price $635,853 $649,514 2.15% Average DOM 37 43 16.22% Overall Absorption 13.19% 11.30% -14.33%



DETACHED May June % Change

Active Listings 1278 1299 1.64% Number of Sales 82 101 23.17% Average Listing Price $2,208,957 $2,556,998 15.76% Average Sale Price $2,138,484 $2,419,632 13.15% Average DOM 35 35 0.00% Overall Absorption 6.42% 7.78% 21.18%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 2 0 0.00% 800,001 - 900,000 1 0 0.00% 900,001 - 1,000,000 8 2 25.00% 1,000,001 - 1,250,000 28 9 32.14% 1,250,001 - 1,500,000 99 13 13.13% 1,500,001 - 1,750,000 118 20 16.95% 1,750,001 - 2,000,000 144 9 6.25% 2,000,001 - 2,250,000 76 12 15.79% 2,250,001 - 2,500,000 117 7 5.98% 2,500,001 - 2,750,000 100 8 8.00% 2,750,001 - 3,000,000 113 5 4.42% 3 - 4M 262 7 2.67% 4M+ 231 9 3.90% TOTAL 1299 101 7.78%

Unit Type # of Listings # of Sales Absorption Rate Two Bedroom & Under 31 7 22.58% Three Bedroom 124 16 12.90% Four Bedroom 303 30 9.90% Five Bedroom+ 841 48 5.71% TOTAL 1299 101 7.78%

VANCOUVER

WESTSIDE

ATTACHED

• Excludes Downtown, West End, Yaletown & Coal

Harbour

• Overall absorption was 11.30%, which represents 8.8

months worth of supply (buyer’s market)

• Average sale price in June was $649,514, an increase of

$13,661 (2.15%) from May’s average

• Average DOM in June was 43 days; properties sat on the

market for 6 days longer than in May

DETACHED

• Excludes Downtown, West End, Yaletown & Coal

Harbour

• The absorption rate in June was 7.78%, which represents

12.9 months worth of supply (strong buyer’s market)

• Average sale price in June was $2,419,632, an increase of


• Average DOM in June was 35 days; properties required

the same amount of time as May to sell

VANCOUVER

WESTSIDE

VANCOUVER WESTSIDE | APRIL 2012

VANCOUVER EASTSIDE | JUNE 2012





Active Listings 1041 1025 -1.54% Number of Sales 162 171 5.56% Average Listing Price $445,155 $425,162 -4.49% Average Sale Price $440,374 $416,290 -5.47% Average DOM 31 32 3.23% Overall Absorption 15.56% 16.68% 7.20%

Price Range # of Listings # of Sales Absorption Rate 0 - 250,000 99 15 15.15% 250,001 - 300,000 175 19 10.86% 300,001 - 400,000 291 55 18.90% 400,001 - 500,000 183 49 26.78% 500,001 - 600,000 94 8 8.51% 600,001 - 700,000 86 12 13.95% 700,001 - 800,000 53 11 20.75% 800,001 - 900,000 18 1 5.56% 900,001 - 1,000,000 10 1 10.00% 1,000,001 - 1,250,000 8 0 0.00% 1,250,001 - 1,500,000 3 0 0.00% 1,500,001 - 1,750,000 2 0 0.00% 1,750,001 - 2,000,000 3 0 0.00% 2M+ 0 0 - TOTAL 1025 171 16.68%



Active Listings 833 863 3.60%

Number of Sales 153 109 -28.76%

Average Listing Price $928,702 $919,389 -1.00%

Average Sale Price $924,765 $903,322 -2.32%

Average DOM 23 24 4.35%

Overall Absorption 18.37% 12.63% -31.23%

Price Range # of Listings # of Sales Absorption Rate

0 - 500,000 4 0 0.00%

500,001 - 600,000 3 0 0.00%

600,001 - 700,000 53 12 22.64%

700,001 - 800,000 135 27 20.00%

800,001 - 900,000 168 22 13.10%

900,001 - 1,000,000 142 23 16.20%

1,000,001 - 1,250,000 177 19 10.73%

1,250,001 - 1,500,000 117 6 5.13%

1,500,001 - 1,750,000 39 0 0.00%

1,750,001 - 2,000,000 15 0 0.00%

2M+ 10 0 0.00%

TOTAL 863 109 12.63%

Unit Type # of Listings # of Sales Absorption Rate

Two Bedroom & Under 40 5 12.50%

Three Bedroom 89 19 21.35%

Four Bedroom 161 29 18.01%

Five Bedroom+ 573 56 9.77%

TOTAL 863 109 12.63%

ATTACHED

• Overall absorption for June was 16.68%, which represents


• Number of active listings decreased by 16 listings to 1025,

while sales increased by 9 to 171



• Average DOM was 32 days; properties sat on the market

for1 day longer in June than in May

DETACHED

• June’s absorption rate was 12.63%, which represents 7.9


• Active listings totalled 863 in June, an increase of 30

while sales decreased by 44 to 109



• Average DOM in June was 24 days; properties took 1

day longer than in May to sell

VANCOUVER

EASTSIDE

NORTH VANCOUVER | JUNE 2012





Active Listings 842 814 -3.33% Number of Sales 132 90 -31.82% Average Listing Price $498,978 $460,316 -7.75% Average Sale Price $491,332 $451,775 -8.05% Average DOM 37 41 10.81% Overall Absorption 15.68% 11.06% -29.47%




Active Listings 561 556 -0.89% Number of Sales 123 73 -40.65% Average Listing Price $1,088,578 $1,092,394 0.35% Average Sale Price $1,080,221 $1,068,165 -1.12% Average DOM 23 23 0.00% Overall Absorption 21.93% 13.13% -40.12%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 66 11 16.67% 800,001 - 900,000 90 18 20.00% 900,001 - 1,000,000 58 9 15.52% 1,000,001 - 1,250,000 117 25 21.37% 1,250,001 - 1,500,000 98 5 5.10% 1,500,001 - 1,750,000 35 1 2.86% 1,750,001 - 2,000,000 31 1 3.23% 2,000,001 - 2,250,000 17 2 11.76% 2,250,001 - 2,500,000 19 0 0.00% 2,500,001 - 2,750,000 4 0 0.00% 2,750,001 - 3,000,000 9 0 0.00% 3 - 4M 5 1 20.00% 4M+ 7 0 0.00% TOTAL 556 73 13.13%


ATTACHED

• Overall absorption was 11.06%, which represents 9.0


• June had 28 fewer listings and 42 fewer sales than May

• Average selling price in June was $451,775, a decrease of


• Average DOM in June was 41 days; properties sat on the

market for 4 days longer than in May

DETACHED

• The absorption rate in June was 13.13%, which

represents 7.6 months worth of supply (buyer’s market)

• Compared to May, June had 5 fewer listings and 50

fewer sales

• Average sale price in June was $1,068,165, a decrease of


• Average DOM was 23 days; properties required the

same amount of time as May to sell

NORTH

VANCOUVER

WEST VANCOUVER | JUNE 2012





Active Listings 216 196 -9.26% Number of Sales 31 19 -38.71% Average Listing Price $1,147,535 $1,061,668 -7.48% Average Sale Price $1,101,025 $1,011,052 -8.17% Average DOM 47 62 31.91% Overall Absorption 14.35% 9.69% -32.46%




Active Listings 648 657 1.39% Number of Sales 69 47 -31.88% Average Listing Price $2,420,637 $2,599,193 7.38% Average Sale Price $2,291,140 $2,421,851 5.71% Average DOM 53 54 1.89% Overall Absorption 10.65% 7.15% -32.82%

Price Range # of Listings # of Sales Absorption Rate 0 - 800,000 20 2 10.00% 800,001 - 900,000 6 1 16.67% 900,001 - 1,000,000 17 0 0.00% 1,000,001 - 1,250,000 24 4 16.67% 1,250,001 - 1,500,000 65 6 9.23% 1,500,001 - 1,750,000 64 8 12.50% 1,750,001 - 2,000,000 56 7 12.50% 2,000,001 - 2,250,000 34 4 11.76% 2,250,001 - 2,500,000 47 0 0.00% 2,500,001 - 2,750,000 37 2 5.41% 2,750,001 - 3,000,000 55 2 3.64% 3M - 4M 88 4 4.55% 4M+ 144 7 4.86% TOTAL 657 47 7.15%


ATTACHED

• June’s overall absorption was 9.69%, which represents


• June had 20 fewer listings and 12 fewer sales than May

• Average sale price in June was $1,011,052, a decrease of


• Average DOM in June was 62 days; properties required

15 more days than in May to sell

DETACHED

• June’s overall absorption was 7.15%, which represents 14

months worth of supply (strong buyer’s market)

• There were 9 more listings and 22 fewer sales in June

than in May

• Average sale price in June was $2,421,851 an increase of


• Average DOM was 54 days in June; properties sat on the

market for 1 day longer than in May

WEST

VANCOUVER

FEATURED PROPERTIES | JUNE 2012




FEATURED

PROPERTIES

(CLICK PROPERTY FOR

MORE DETAILS)

107 – 7168 Oak St, Vancouver BC $495,000

Quiet garden suite Expansive floorplan 2 Bedrooms

2 Bathrooms 1,095 sq. ft. Large patio

Updated kitchen Hardwood floors Rainscreened

In-suite laundry 1Storage locker 1 Parking

MLS V942520

JUST SOLD! NEW PRICE!

3320 W. 5th Ave, Vancouver BC $1,119,000

Rear duplex Beautifully updated 1,424 sq. ft.

3 Storeys 3 Bedrooms 2 Bathrooms

Open concept Hardwood Floors New carpets

In-suite laundry Private backyard Single car garage

MLS V953225

108 – 1925 W. 2nd Ave, Vancouver BC $419,000

Garden condo 1 Bedroom 1 Bathroom

676 sq.ft. 378 sq.ft. patio Laminate floors

Rainscreened New roof, doors, piping In-suite laundry

Rainscreened Steps to Kits Beach 1 Parking

MLS V945281

NEW PRICE!

204 – 925 W. 10th Ave, Vancouver BC $348,000

Renovated view suite Efficient floorplan 1 Bedroom

1 Bathroom 646 sq. ft. Balcony

Updated kitchen Laminate floors In-suite laundry

No rental restrictions 1 Parking 1 Locker

MLS V948671

NEW PRICE!

http://mlslink.mlxchange.com/DotNet/Pub/EmailView.aspx?r=913904070&s=BRC&t=BRC




June 2012 Vancouver Real Estate Sales Absorption Report

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