Vancouver homes and condos sales & listing activity below 10-year averages in November
(MENAFN Press) Tuesday, December 4, 2012 VANCOUVER (NEWSWIRE)
REBGV November sales were 30.3 per cent below the 10-year November sales average of 2,420.
Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate, Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver (See all Vancouver homes here: http://www.realestatevancouver2010.com/homes/vancouver-west-homes/) totalled 2,758 in November. This represents a 14.4 per cent decline compared to November 2011 when 3,222 properties were listed for sale on the MLS and a 36.2 per cent decline compared to the 4,323 new listings in October 2012.
New listings were 12.9 per cent below the 10-year November average of 3,168.
At 15,689, the total number of residential property listings on the MLS increased 13 per cent from this time last year and declined 9.7 per cent compared to October 2012. Total listings in the region have declined by nearly 3,000 properties since reaching a peak of 18,493 in June.
The regions sales-to-active-listings ratio was unchanged from October at 11 per cent.
Home prices in Greater Vancouver have generally declined between three and five and a half per cent, depending on property type, since reaching a peak six months ago, Klein said. Changes in home prices vary per municipality and neighbourhood. Its good to check local market statistics with your REALTOR.
Since reaching a peak in May of 625,100, the MLS Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 4.5 per cent to 596,900. This represents a 1.7 per cent decline when we compared to this time last year.
For Vancouver condo properties the situation is even worse (see all Vancouver condos here: http://www.realestatevancouver2010.com/homes/vancouver-west-condos/)
Sales of detached properties in Greater Vancouver reached 629 in November, a decrease of 31.3 per cent from the 916 detached sales recorded in November 2011, and a 40.1 per cent decrease from the 1,050 units sold in November 2010. Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 5.5 per cent to 914,500.
Sales of apartment properties reached 750 in November 2012, a 25 per cent decrease compared to the 1,000 sales in November 2011, and a decrease of 28.7 per cent compared to the 1,052 sales in November 2010. Since reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent to 364,900.
Attached property sales in November 2012 totalled 307, a 30.9 per cent decrease compared to the 444 sales in November 2011, and a 24.6 per cent decrease from the 407 attached properties sold in November 2010. Since reaching a peak in April, the benchmark price for an attached property in Greater Vancouver has declined 3.6 per cent to 454,300.
Feature Facts: Of the 15,689 homes currently for sale on the MLS in Greater Vancouver, 49.6 per cent are listed for 600,000 or less. Of those, 1,321 are detached properties, 5,039 are condominiums and 1,419 are townhomes. Of the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold for 1 million or more.
November 2012 Statistics Package
The real estate industry is a key economic driver in British Columbia. In 2011, 32,390 homes changed ownership in the Board's area, generating 1.36 billion in spin-off activity and 9,069 jobs. The total dollar value of residential sales transacted through the MLS system in Greater Vancouver totalled 25 billion in 2011.
The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS and their companies. The Board provides a variety of member services, including the Multiple Listing Service. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR or visit http://www.rebgv.org.
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