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Greater Vancouver residential property sale and listing activity below 10-year averages in November

Greater Vancouver residential property sale and listing

activity below 10-year averages in November

Vancouver, B.C. – December 4, 2012 – Over the past six months, the Greater Vancouver

housing market has seen a reduction in the number of homes listed for sale, a gradual moderation

in home prices and a decrease in property sales compared to historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of

detached, attached and apartment properties reached 1,686 on the region’s Multiple Listing

Service® (MLS®) in November, a 28.6 per cent decline compared to the 2,360 sales in

November 2011 and a 12.7 per cent decline compared to the 1,931 home sales in October 2012.

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 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 region’s 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. It’s 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.

 

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.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.