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.
Download
the complete stats package by clicking here
|