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A Tale of 2 real estate markets…(Miami vs. Vancouver)

 

Vancouver, British Columbia

My recent trip to Vancouver…

A few weeks ago, I had the pleasure of visiting some family members in Vancouver, Canada.  As is usually the case when I travel, I was interested in seeing what the local residential real estate market was doing.  My Filipino in-laws told me how red-hot the market has been due to the Asian buyer influx over the past few years.   The first thing I noticed in the Richmond section of Vancouver was For Sale signs everywhere. It reminded me of the Miami market 3-4 years ago when our inventory levels of available properties were sky-high.  How could such a vibrant market have so many for sale signs?   Was Vancouver at a peak in prices?

I decided to do some additional research and compare/contrast it to Miami’s real estate market.

You’ll find the fresh data below (per Real Estate Board of Greater Vancouver)…

  • The benchmark price (similar to our “average price”) for a single family home in Vancouver (according to the Real Estate Board of Greater Vancouver) is $961,600. 
  • Miami Dade County’s average Sold Price for June 2012 is $363,000.
  • Greater Vancouver housing market favoured buyers in June.
  • The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.
  • The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.
  • June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.
  • “Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”
  • At 18,493, the total number of residential property listings on the Vancouver MLS® increased 22 per cent from this time last year and increased 3.7 per cent compared to May 2012.

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 Observation…

Vancouver’s real estate trends show a dramatic contrast to Miami Dade County’s Real Estate Market…

3,642 Miami Dade County Sales in June 2012

3,240 Miami Dade County Sales in     “”  2011

11% increase in Miami Dade County Sales June 2012 vs June 2011

Conclusion…

  • This is further evidence that the Miami Residential Real Estate Market is robust.
  • Supply remains tight in Miami.
  • This points to continued price appreciation in the Miami market  (if supply remains this low)

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115