December 3, 2013

Steady trends continue in the Greater Vancouver housing market

Consistent home sale and listing activity has allowed balanced market conditions to prevail in the Greater Vancouver housing market for most of 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in November 2013. This represents a 37.7 per cent increase compared to the 1,686 sales recorded in November 2012, and a 12.8 per cent decline compared to the 2,661 sales in October 2013.

Last month’s sales were 1.2 per cent below the 10-year sales average for the month, while new listings were 1.5 per cent above the 10-year November average.

“We’ve seen steady and consistent trends the Greater Vancouver housing market for much of this year,” Sandra Wyant, REBGV president said. “This year’s activity has resulted in gradual and modest increases in home prices of approximately one per cent over the last 12 months in the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,245 in November. This represents a 17.7 per cent increase compared to the 2,758 new listings reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in October of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 13,986, a 10.9 per cent decrease compared to November 2012 and an 8.3 per cent decline compared to October 2013.

The sales-to-active-listings ratio currently sits at 16.6 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $603,000. This represents a 1 per cent increase compared to November 2012.

Sales of detached properties reached 926 in November 2013, an increase of 47.2 per cent from the 629 detached sales recorded in November 2012, and a 1.1 per cent increase from the 916 units sold in November 2011. The benchmark price for detached properties increased 1.1 per cent from November 2012 to $924,800.

Sales of apartment properties reached 969 in November 2013, an increase of 29.2 per cent compared to the 750 sales in November 2012, and a decline of 3.1 per cent compared to the 1,000 sales in November 2011. The benchmark price of an apartment property increased 0.8 per cent from November 2012 to $367,800.

Attached property sales in November 2013 totalled 426, an increase of 38.8 per cent compared to the 307 sales in November 2012, and a 4.1 per cent decline compared to the 444 attached properties sold in November 2011. The benchmark price of an attached unit is currently $458,000, which is a 0.8 per cent increase from November 2012.

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