Home listings continue to rise in the
Greater Vancouver housing market
Consistent increases in
property listings and fewer home sales over the summer months has helped
move the Greater Vancouver housing market into the upper end of a buyers’
market.
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 2,246 in September, a 1.2 per cent increase
compared to the 2,220 sales in September 2010. Those sales also rank as the
third lowest total for September over the last 10 years.
“There's more
competition amongst home sellers in today's market, providing more options
for prospective buyers," Rosario Setticasi, REBGV president
said."Buyers now have more properties to choose from and more time to
make decisions compared to the spring season.”
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
5,680 in September, the third highest volume for September in 17 years.
This represents a 20.1 per cent increase compared to September 2010 when
4,731 properties were listed for sale on the MLS® and a 21.2 per cent
increase compared to the 4,685 new listings reported in August 2011.
The number of
properties listed for sale on the Greater Vancouver MLS® system has
increased each month since the beginning of the year. At 16,085, the total
number of residential property listings on the MLS® increased 4.6 per cent
in September compared to August 2011 and rose 4.4 per cent compared to this
time last year.
“Our
sales-to-active-listing ratio currently sits at 14 per cent, which is the
lowest it’s been this year. Generally analysts say that a buyer’s market
takes shape when the ratio dips to about 12 to 14%, or lower, for a
sustained period of time,” Setticasi said.
The MLSLink® Housing
Price Index (HPI) benchmark price for all residential properties in Greater
Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in
September 2011 from $577,174 in September 2010.
Since reaching a peak
in June of $630,921, the benchmark price for all residential properties in
the region has declined 0.5 per cent.
Sales of detached
properties on the MLS® in September 2011 reached 957, an increase of 10.5
per cent from the 866 detached sales recorded in September 2010, and a 32.8
per cent decrease from the 1,423 units sold in September 2009. The
benchmark price for detached properties increased 13.4 per cent from
September 2010 to $896,701.
Sales of apartment
properties reached 922 in September 2011, a 5 per cent decrease compared to
the 971 sales in September 2010, and a decrease of 38.1 per cent compared
to the 1,489 sales in September 2009. The benchmark price of an apartment
property increased 4.4 per cent from September 2010 to $405,569.
Attached property sales
in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383
sales in September 2010, and a 43.3 per cent decrease from the 647 attached
properties sold in September 2009. The benchmark price of an attached unit
increased 5.4 per cent between September 2010 and 2011 to $516,697.
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