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Spring delivers greater balance to Greater Vancouver housing market
VANCOUVER, B.C. – May 2, 2013 – A closer relationship between home buyer demand and the supply of homes for sale has been having a stabilizing impact on home prices in the Greater Vancouver housing market over the last three months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,627 on the Multiple Listing Service® (MLS®) in April 2013. This represents a 6.1 percent decrease compared to the 2,799 sales recorded in April 2012, and an 11.9 percent increase compared to the 2,347 sales in March 2013.
Last month’s sales equate to the lowest April total in the region since 2001 and 20.9 percent below the 10-year sales average for the month.
“While the number of home sales remains below average, properties that are priced right are selling and we’re seeing greater balance between buyer demand and the number of homes listed for sale. This is having a steadying influence on home prices in the region,” says Sandra Wyant, REBGV president.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876 in April. This represents a three percent decline compared to the 6,056 new listings reported in April 2012 and a 21.4 percent increase from the 4,839 new listings in March of this year. Last month’s new listing count was 0.4 percent above the region’s 10-year new listing average for the month.
The total number of properties listed for sale on the MLS® in Greater Vancouver is 16,730, a 1.2 percent increase compared to April 2012 and an 8.2 percent increase compared to March 2013. The sales-to-active-listings ratio currently sits at 15.7 percent in Greater Vancouver. This is the second consecutive month that this ratio has been above 15 percent. Previous to this, May 2012 was the last time this ratio was above 15 percent.
“There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately five to six percent in Greater Vancouver during the last half of 2012,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $597,300. This represents a decline of 3.9 percent compared to this time last year and an increase of 1.6 percent compared to January 2013.
Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5 percent from the 1,126 detached sales recorded in April 2012, and a 24.1 percent decrease from the 1,402 units sold in April 2011. The benchmark price for detached properties decreased 5.2 percent from April 2012 to $914,000. Since January the benchmark price of a detached home has increased 1.4 percent.
Sales of apartment properties reached 1,052 in April 2013, a decline of 11.6 percent compared to the 1,190 sales in April 2012, and a decrease of 12.4 percent compared to the 1,201 sales in April 2011. The benchmark price of an apartment property decreased 2.6 percent from April 2012 to $365,900. Since January the benchmark price of an apartment home has increased 2.1 percent.
Attached property sales in April 2013 totalled 511, an increase of 5.8 percent compared to the 483 sales in April 2012, and a 17.8 percent decrease from the 622 attached properties sold in April 2011. The benchmark price of an attached unit decreased 3.5 percent between April 2012 and 2013 to $455,200. Since January the benchmark price of an attached home has increased 1.2 percent.