Greater Vancouver residential property sale and listing activity
below 10-year averages in November
Over the past six months, the Greater Vancouver
housing market has seen a reduction in the number of homes listed for sale,
a gradual moderation in home prices and a decrease in property sales
compared to historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales
of detached, attached and apartment properties reached 1,686 on the
region’s Multiple Listing Service® (MLS®) in November, a 28.6 per cent
decline compared to the 2,360 sales in November 2011 and a 12.7 per cent
decline compared to the 1,931 home sales in October 2012.
November sales were 30.3 per cent below the
10-year November sales average of 2,420.
“Home sellers appear more inclined to remove
their properties from the market today rather than lower prices to sell
their properties. On the other hand, buyers appear to be expecting prices
to moderate,” Eugen Klein, REBGV president
said.
New listings for detached, attached and apartment properties in Greater
Vancouver totalled 2,758 in November. This represents a 14.4 per cent
decline compared to November 2011 when 3,222 properties were listed for
sale on the MLS® and a 36.2 per cent decline compared to the 4,323 new
listings in October 2012.
New listings were 12.9 per cent below the
10-year November average of 3,168.
At 15,689, the total number of residential
property listings on the MLS® increased 13 per cent from this time last
year and declined 9.7 per cent compared to October 2012. Total listings in
the region have declined by nearly 3,000 properties since reaching a peak
of 18,493 in June.
The region’s sales-to-active-listings ratio was
unchanged from October at 11 per cent.
“Home prices in Greater Vancouver have generally
declined between three and five and a half per cent, depending on property
type, since reaching a peak six months ago,” Klein said. “Changes in home
prices vary per municipality and neighbourhood. It’s good to check local
market statistics with your
REALTOR®.”
Since reaching a peak in May of $625,100, the
MLS® Home Price Index composite benchmark price for all residential
properties in Greater Vancouver has declined 4.5 per cent to $596,900. This
represents a 1.7 per cent decline when we compared to this time last year.
Sales of detached properties in Greater
Vancouver reached 629 in November, a decrease of 31.3 per cent from the 916
detached sales recorded in November 2011, and a 40.1 per cent decrease from
the 1,050 units sold in November 2010. Since reaching a peak in May, the
benchmark price for a detached property in Greater Vancouver has declined
5.5 per cent to $914,500.
Sales of apartment properties reached 750 in
November 2012, a 25 per cent decrease compared to the 1,000 sales in
November 2011, and a decrease of 28.7 per cent compared to the 1,052 sales
in November 2010. Since reaching a peak in May, the benchmark price for an
apartment property in Greater Vancouver has declined 3.9 per cent to
$364,900.
Attached property sales in November 2012
totalled 307, a 30.9 per cent decrease compared to the 444 sales in
November 2011, and a 24.6 per cent decrease from the 407 attached
properties sold in November 2010. Since reaching a peak in April, the
benchmark price for an attached property in Greater Vancouver has declined
3.6 per cent to $454,300.
Feature Facts:
- Of
the 15,689 homes currently for sale on the MLS® in Greater Vancouver, 49.6
per cent are listed for $600,000 or less. Of those, 1,321 are detached
properties, 5,039 are condominiums and 1,419 are townhomes.
- Of
the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold
for $1 million or more.
View the Complete Stats Package: 2012-11-REBGV-Stats-Package.pdf
Planning to Buy or Sell Vancouver Real Estate? Contact: David Valente
Your Vancouver Real Estate Specialist. DavidValente.com 604-377-6015
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