Active home sellers bring greater
selection to the Greater Vancouver housing market
While the balance between
home buyer and seller activity remains in an equilibrium range in the Greater
Vancouver housing market, last month’s home sale total was below the 10-year
average for July.
The Real Estate Board of
Greater Vancouver (REBGV) reports that residential property sales of
detached, attached and apartment properties on the region’s Multiple Listing
Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the
2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262
sales in June 2011.
“We’re seeing less
multiple offer situations in the market today compared to the last few
months, but our members tell us that homes priced competitively continue to
sell at a relatively swift pace,” Rosario Setticasi, REBGV president said.
“It’s taking, on average, 41 days to sell a property in the region, which is
unchanged from June of this year.”
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
5,097 in July. This represents a 23.2 per cent increase compared to July 2010
when 4,138 properties were listed for sale on the MLS® and a 12 per cent
decline compared to the 5,793 new listings reported in June 2011.
Last month’s new listing
total was 8.6 per cent higher than the 10-year average for July, while
residential sales were 17.3 per cent below the ten-year average for sales in
July.
At 15,226, the total
number of residential property listings on the MLS® increased 0.8 per cent in
July compared to last month and declined 7.3 per cent from this time last
year.
“The number of homes
listed for sale in the region has increased each month since the start of the
year, which is giving buyers more selection to choose from and more time to
make decisions,” Rosario Setticasi, REBGV president said.
The MLSLink® Housing
Price Index (HPI) benchmark price for all residential properties in Greater
Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in
July 2011 from $577,074 in July 2010.
Sales of detached
properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent
from the 908 detached sales recorded in July 2010, and an 31.9 per cent
decrease from the 1,614 units sold in July 2009. The benchmark price for
detached properties increased 13.3 per cent from July 2010 to $898,886.
Sales of apartment
properties reached 1,040 in July 2011, a 6.2 per cent increase compared to
the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the
1,708 sales in July 2009. The benchmark price of an apartment property increased
4.5 per cent from July 2010 to $405,306.
Attached property sales
in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales
in July 2010, and a 45.5 per cent decrease from the 792 attached properties
sold in July 2009. The benchmark price of an attached unit increased 6.9 per
cent between July 2010 and 2011 to $524,909.
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