realestate_600.gif

Vancouver real estate: residential property sale below 10-year averages

Image by Bigstock Photo

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 per cent) sold for $1 million or more.

More in Real Estate

This Golden Retriever wants to sell you a condo

Give your real estate agent a treatGolden Retrievers are intelligent, friendly, and capable dogs. Therefore it stands to reason that you would want to include one in your real estate business. As the...

Branded Trump Tower update: site "not cursed"

UBC marketing professor Darren Dahl spoke for many a Vancouverite when he said, "When you think of Vancouver, you don't think about Donald Trump in any way, to be honest."

Luxury market stumbles, but still records second best year: realtor reports

The BC luxury home market stumbled in 2012 as sales of high-end homes fell 36 per cent from their peak in 2011. However, even with the drop, 2012 was still the second best year in history for sales...
Speak up about this article on Facebook or Twitter. Do this by liking Vancouver Observer on Facebook or following us @Vanobserver on Twitter. We'd love to hear from you.

Byline?

This piece is a verbatim copy and paste from the news flash sent out by the Real Estate Board of Greater Vancouver. 

I don't know why it's being run under someone's personal byline, but I think it would be more appropriate to note that the REBGV wrote this.

vancouver listings

Thanks for the updates about real estate in Vancouver.

 

http://www.thevancouverrealestate.ca/

If you want to buy French

If you want to buy French property within your budget, then it would be much better to try to see the various options on the online portals, where you can even see the images of the saleable properties.