November 2012 Market Stats

Below are the Real Estate Board stats for November. As expected, fewer sales and lower prices.

To find out information on properties selling in YOUR neighbourhood, give me a call!

 

 

REBGV Newsflash

 

December 4, 2012

 

 

Greater Vancouver residential property sale and listing activity below

10-year averages in November

 

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 regional 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 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.

 

*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.

 

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