Steady trends continue in the Greater
Vancouver housing market
Consistent home sale
and listing activity has allowed balanced market conditions to prevail in
the Greater Vancouver housing market for most of 2013.
The Real Estate Board of
Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in
November 2013. This represents a 37.7 per cent increase compared to the
1,686 sales recorded in November 2012, and a 12.8 per cent decline compared
to the 2,661 sales in October 2013.
Last month’s sales were
1.2 per cent below the 10-year sales average for the month, while new
listings were 1.5 per cent above the 10-year November average.
“We’ve seen steady and
consistent trends the Greater Vancouver housing market for much of this
year,” Sandra Wyant, REBGV president said. “This year’s activity has
resulted in gradual and modest increases in home prices of approximately
one per cent over the last 12 months in the region.”
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
3,245 in November. This represents a 17.7 per cent increase compared to the
2,758 new listings reported in November 2012 and a 24.8 per cent decline
compared to the 4,315 new listings in October of this year.
The total number of
properties currently listed for sale on the MLS® in Greater Vancouver is
13,986, a 10.9 per cent decrease compared to November 2012 and an 8.3 per
cent decline compared to October 2013.
The
sales-to-active-listings ratio currently sits at 16.6 per cent in Greater
Vancouver.
The MLS® Home Price
Index composite benchmark price for all residential properties in Greater
Vancouver is currently $603,000. This represents a 1 per cent increase
compared to November 2012.
Sales of detached
properties reached 926 in November 2013, an increase of 47.2 per cent from
the 629 detached sales recorded in November 2012, and a 1.1 per cent
increase from the 916 units sold in November 2011. The benchmark price for
detached properties increased 1.1 per cent from November 2012 to $924,800.
Sales of apartment
properties reached 969 in November 2013, an increase of 29.2 per cent
compared to the 750 sales in November 2012, and a decline of 3.1 per cent
compared to the 1,000 sales in November 2011. The benchmark price of an
apartment property increased 0.8 per cent from November 2012 to $367,800.
Attached property
sales in November 2013 totalled 426, an increase of 38.8 per cent compared
to the 307 sales in November 2012, and a 4.1 per cent decline compared to
the 444 attached properties sold in November 2011. The benchmark price of
an attached unit is currently $458,000, which is a 0.8 per cent increase
from November 2012.
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