Greater Vancouver housing market maintains a
steady spring pace
Home sale and listing
activity has maintained a consistent pace on the Multiple Listing Service®
(MLS®) in Greater Vancouver in recent months, which has helped create
balanced conditions for the region’s housing market.
The Real Estate Board
of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in
April 2012. This represents a 13.2 per cent decline compared to the 3,225
sales recorded in April 2011 and a decline of 2.6 per cent compared to the
2,874 sales in March 2012.
April sales were the
lowest total for the month in the region since 2001 and 16.9 per cent below
the 10-year April sales average of 3,369.
“Although April sales
were below what’s typical for the month, we continue to see, with a
sales-to-active listing ratio of nearly 17 per cent, a balanced
relationship between buyer demand and seller supply in our marketplace,”
Eugen Klein, REBGV president said.
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
6,056 in April 2012. This represents a 3.6 per cent increase compared to
both March 2012 when 5,843 homes were listed and April 2011 when 5,847
homes were listed for sale on the region’s MLS®.
Last month’s new
listing total was 6.7 per cent above the 10-year average for listings in
Greater Vancouver for April.
At 16,538, the total
number of homes listed for sale on the region’s MLS® increased 8.5 per cent
in April compared to last month and increased 16 per cent from this time
last year.
“Recent activity has
had a stabilizing effect on home prices at the regional level, although
pricing can vary depending on area and property type,” Klein said “To best
understand conditions within your area of interest, it’s important to do
your homework and consult a local REALTOR®.”
The MLS® HPI benchmark
price for all residential properties in Greater Vancouver currently sits at
$683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per
cent over the last three months. The benchmark price for all residential
properties in the Lower Mainland is $612,000, which is a 3.4 per cent
increase compared to April 2011 and a 2.6 per cent increase compared to
three months ago.
Sales of detached
properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per
cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per
cent decrease from the 1,370 units sold in April 2010. The benchmark price
for detached properties increased 6.3 per cent from April 2011 to
$1,064,800.
Sales of apartment
properties reached 1,190 in April 2012, a decline of 0.9 per cent compared
to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to
the 1,526 sales in April 2010.The benchmark price of an apartment property
increased 1.1 per cent from April 2011 to $375,900.
Townhome property sales
in April 2012 totalled 483, a decline of 22.3 per cent compared to the 622
sales in April 2011, and a 21.6 per cent decrease from the 616 townhome
properties sold in April 2010. The benchmark price of a townhome unit
increased 1.7 per cent between April 2011 and 2012 to $487,300.
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