Historically normal activity keeps the
Greater Vancouver housing market in a balanced state
The Greater Vancouver
housing market saw relatively typical home sale and listing activity in
November.
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 2,360 in November. This represents a 5.9
per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per
cent increase compared to the 2,317 sales recorded in October 2011.
Looking back further,
last month’s residential sales total is 5.8 per cent below the ten-year
average for sales in November.
“The pace of home
listings entering the market eased slightly in November, compared to recent
months, while sale levels remained fairly normal for this time of year,”
Rosario Setticasi, REBGV president said. “November activity helped put our
market firmly in balanced territory.”
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
3,222 in November. This represents a 26.3 per cent decline compared to the
4,374 new listings reported in October 2011, but a 6.3 per cent increase
compared to November 2010 when 3,030 properties were listed for sale on the
MLS®.
Looking back further,
last month’s new listing total is 2.1 per cent above the ten-year average
for November.
The total number of
properties currently listed for sale on the Greater Vancouver MLS® sits at
14,090, a decline of 9 per cent compared to October 2011 but an increase of
13 per cent when compared to this time last year.
The MLSLink® Housing
Price Index (HPI) benchmark price for all residential properties in Greater
Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in
November 2011 from $580,080 in November 2010.
Since reaching a peak
in June of $630,921, the benchmark price for all residential properties in
the region has declined 1.4 per cent.
Sales of detached
properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per
cent from the 1,050 detached sales recorded in November 2010, and a 21.3
per cent decrease from the 1,164 units sold in November 2009. The benchmark
price for detached properties increased 11.4 per cent from November 2010 to
$890,204.
Sales of apartment
properties reached 1,000 in November 2011, a 4.9 per cent decrease compared
to the 1,052 sales in November 2010, and a decrease of 28.4 per cent
compared to the 1,396 sales in November 2009. The benchmark price of an
apartment property increased 2.7 per cent from November 2010 to $399,686.
Attached property sales
in November 2011 totalled 444, a 9.1 per cent increase compared to the 407
sales in November 2010, and a 15.1 per cent decrease from the 523 attached
properties sold in November 2009. The benchmark price of an attached unit
increased 4.5 per cent between November 2010 and 2011 to $510,960.
Download the
complete stats package by clicking here.
|