The increase in the supply of new listings and reduced sales in Vancouver West for June help to ease the buying pressure from home buyers. Elsewhere, the supply of homes in other mucipalities in Greater Vancouver remained at around the same level as the previous month, while sales dropped slightly. Home prices in Vancouver West appeared to be holding, but sales volumns for detached homes and condos continued the previous decline. However, townhome sales recovered, and reached around the sale level as for April, 2010.
Detached homes in Vancouver West registered the 3rd month decline in, while condo sales followed a 2nd month of decline. The overall market is not showing any sign of a major price correction. Some sellers are now adjusting to the slower market by reducing their selling prices.
Some weak home sellers sensing the weakening market, are starting to reduce their listing prices as homes are taking longer to sell. Vancouver West will likely follow the other municipalities, posting sales decline in the coming months. The charts here showed the 12 months Vancouver West housing sales values for detached homes and condos are declining.
With the general market declining, it is doubtful that the next few months townhome sales in Vancouver West can maintain the strong showing for June, 2010.