October 3, 2012
October 2, 2012
Conditions continue to favour buyers in the Greater Vancouver housing
The summer of 2012 drew to a close in September with home sale
activity well below historical averages in the Greater Vancouver
The Real Estate Board of Greater Vancouver (REBGV) reports that
residential property sales of detached, attached and apartment
properties reached 1,516 in September, a 32.5 per cent decline
compared to the 2,246 sales in September 2011 and an 8.1 per cent
decline compared to the 1,649 sales in August 2012.
September sales were 41.6 per cent below the 10-year September sales
average of 2,597.
"There's been a clear reduction in buyer demand in the three
months since the federal government eliminated the availability of a
30-year amortization on government-insured mortgages, " Eugen Klein,
REBGV president said. "This makes homes less affordable for the
people of the region."
New listings for detached, attached and apartment properties in
Greater Vancouver totalled 5,321 in September. This represents a 6.3
per cent decline compared to September 2011 when 5,680 properties were
listed for sale on the MLSÂ® and a 31.6 per cent increase compared to
the 4,044 new listings in August 2012.
At 18,350, the total number of residential property listings on the
MLSÂ® increased 14.1 per cent from this time last year and increased
4.5 per cent compared to August 2012.
"Today, our sales-to-active-listings ratio sits at 8 per cent, which
puts us in a buyers's market. This ratio has been declining in our
market since March when it was 19 per cent," Klein said.
The MLS HPIÂ® composite benchmark price for all residential properties
in Greater Vancouver is $606,100. This represents a decline of 0.8 per
cent compared to this time last year and a decline of 2.3 per cent
over last three months.
"Prices in the region remain relatively stable overall, although we
do see some reductions in the areas that have had some of the largest
price increases over the last year or two," Klein said.
Sales of detached properties on the MLS® in September 2012 reached
594, a decrease of 37.9 per cent from the 957 detached sales recorded
in September 2011, and a 31.4 per cent decrease from the 866 units
sold in September 2010. The benchmark price for detached properties
decreased 0.5 per cent from September 2011 to $935,600.
Sales of apartment properties reached 676 in September 2012, a 26.7
per cent decrease compared to the 922 sales in September 2011, and a
decrease of 30.4 per cent compared to the 971 sales in September 2010.
The benchmark price of an apartment property decreased 0.7 per cent
from September 2011 to $368,600.
Attached property sales in September 2012 totalled 246, a 33 per cent
decrease compared to the 367 sales in September 2011, and a 35.8 per
cent decrease from the 383 attached properties sold in September 2010.
The benchmark price of an attached unit decreased 2.7 per cent between
September 2011 and 2012 to $458,600.
WHAT DOES THIS MEAN? Keep in mind real estate is like the lower mainland weather - there are variety of micro-climates.
In general terms, SELLERS must price their homes sharply or be prepared to sit on the market.
BUYERS are in a good position with a lot of inventory, a slight pull back in pricing and interest rates remaining near all-time lows.
If NOW is the time for you to make a move, give me a call, 604-New-Home (639-4663).
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