Spring activity remains balanced
in the Greater Vancouver housing market
The number of
properties listed for sale continued to increase in the Greater
Vancouver housing market in May. The number of sales decreased year
over year, but remained relatively constant compared to recent
months.
The Real Estate
Board of Greater Vancouver (REBGV) reports that residential property
sales in Greater Vancouver reached 2,853 on the Multiple Listing
Service® (MLS®) in May 2012. This represents a 15.5 per cent decline
compared to the 3,377 sales recorded in May 2011.
May sales were
the lowest total for the month in the region since 2001 and 21.1 per
cent below the 10-year May sales average of 3,617. However, sales
have been constant throughout the spring months, with 2,874 sales in
March and 2,799 sales in April.
“Home sellers
have outpaced buyers in recent months, however, there continues to be
an overall balance between supply and demand in our marketplace,”
Eugen Klein, REBGV president said.
New listings for
detached, attached and apartment properties in Greater Vancouver
totalled 6,927 in May 2012. This represents a 16.8 per cent increase compared
to May 2011 when 5,931 homes were listed for sale and a 14.4 per cent
increase compared to April 2012 when 6,056 homes were listed for sale
on the region’s MLS®.
Last month’s new
listing total was 15.3 per cent above the 10-year average for listings
in Greater Vancouver for May.
At 17,835, the
total number of homes listed for sale on the region’s MLS® increased
7.9 per cent in May compared to last month and increased 21 per cent
from this time last year.
“Our
sales-to-active-listing ratio sits at 16 per cent, which is
indicative of balanced market conditions,” Klein said. “As a result
of this stability, home prices at the regional level have seen little
fluctuation over the last six month.”
The MLS® HPI
benchmark price* for all residential properties in Greater Vancouver
currently sits at $625,100, up 3.3 per cent compared to May 2011 and
up 2.4 per cent over the last three months. The benchmark price for
all residential properties in the Lower Mainland** is $558,300, which
is a 3 per cent increase compared to May 2011 and a 2.3 per cent
increase compared to three months ago.
Sales of detached
properties on the MLS® in May 2012 reached 1,180, a decline of 24.8
per cent from the 1,570 detached sales recorded in May 2011, and a
6.1 per cent decrease from the 1,256 units sold in May 2010. The
benchmark price for detached properties increased 5.1 per cent from
May 2011 to $967,500.
Sales of
apartment properties reached 1,156 in May 2012, a decline of 5.9 per
cent compared to the 1,228 sales in May 2011, and a decrease of 14.6
per cent compared to the 1,354 sales in May 2010.The benchmark price
of an apartment property increased 1.7 per cent from May 2011 to
$379,700.
Townhome property
sales in May 2012 totalled 517, a decline of 10.7 per cent compared
to the 579 sales in May 2011, and a 5.3 per cent decrease from the
546 townhome properties sold in May 2010. The benchmark price of a
townhome unit increased 0.9 per cent between May 2011 and 2012 to
$470,000.
*Editor’s Note: Benchmark prices
underwent a re-calculation this month in order to more accurately
reflect trends measured by the MLS® Home Price Index. There were no
changes to the calculation of index values.
This
re-calculation involved aggregating benchmark prices using the sales
weighted approach for the reference period (i.e. January 2005) and
thereafter linking movements in aggregate benchmark prices to their
corresponding MLS® HPI.
The methodology, available at www.homepriceindex.ca, will be updated later
this week.
**Lower Mainland:
Includes areas covered by the Real Estate Board of Greater Vancouver
and the Fraser Valley Real Estate Board.
Spotlight on Greater Vancouver
home prices:
Detached
Home price
measure
|
May 2012
|
1 month
change %
|
6 month
change %
|
1 year
change %
|
MLS® HPI
benchmark price
|
$967,500
|
+0.4%
|
+3.4%
|
+5.1%
|
Average
price
|
$1,073,018
|
-4%
|
-5.4%
|
-12.2%
|
Median
price
|
$847,750
|
-3.7%
|
-0.03%
|
-5.4%
|
Townhome
Home price
measure
|
May 2012
|
1 month
change %
|
6 month
change %
|
1 year
change %
|
MLS® HPI
benchmark price
|
$470,000
|
-0.3%
|
+1.3%
|
+0.9%
|
Average
price
|
$551,445
|
-4.9%
|
-2.1%
|
-0.2%
|
Median
price
|
$505,000
|
-0.8%
|
-0.6%
|
+2.5%
|
Condominium
Home price
measure
|
May 2012
|
1 month
change %
|
6 month
change %
|
1 year
change %
|
MLS® HPI
benchmark price
|
$379,700
|
+1.1%
|
+3%
|
+1.7%
|
Average
price
|
$460,761
|
+3.4%
|
+6.7%
|
-1.1%
|
Median
price
|
$379,950
|
+1.3%
|
+4.1%
|
-1.3%
|
Download the complete stats package by clicking here.
|