Category: real estate

January 2013 real estate market still slow

Monday, February 4, 2013

VANCOUVER, BC – Home buyer demand remains below historical averages in the Greater Vancouver housing market. This has led some home sellers to remove their homes from the market in recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,351 on the Multiple Listing Service® (MLS®) in January 2013. This represents a 14.3 per cent decrease compared to the 1,577 sales recorded in January 2012, and an 18.3 per cent increase compared to the 1,142 sales in December 2012.

Last month’s sales were the second lowest January total in the region since 2001 and 18.7 per cent below the 10-year sales average for the month.

“Home sale activity has been below historical averages in Greater Vancouver for about seven months. This has caused a gradual decline in home prices of about 6 per cent since reaching a peak last spring,” Klein said.

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 5.9 per cent to $588,100. This represents a 2.8 per cent decline compared to this time last year.

“It appears many home sellers are opting to remove their homes from the market rather than settle for a price they don’t want,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,128 in January. This represents a 10.9 per cent decline compared to the 5,756 new listings reported in January 2012. Last month’s new listing count was 18.9 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 13,246, a 5.6 per cent increase compared to January 2012 and a 4.5 per cent decline compared to December 2012. This is the fourth consecutive month that overall home listings have declined in the region.

“When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter,” Klein said.

With the sales-to-active-listings ratio at 10.2 per cent, the region remains in buyers’ market territory. Since June, this ratio has ranged between 8 and 11 per cent.

Sales of detached properties in January 2013 reached 542, a decrease of 17.8 per cent from the 659 detached sales recorded in January 2012, and a 31.7 per cent decrease from the 793 units sold in January 2011. The benchmark price for detached properties decreased 3.1 per cent from January 2012 to $901,000. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.9 per cent.

Sales of apartment properties reached 576 in January 2013, a decline of 12.3 per cent compared to the 657 sales in January 2012, and a decrease of 19.2 per cent compared to the 713 sales in January 2011. The benchmark price of an apartment property decreased 2.9 per cent from January 2012 to $358,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.6 per cent.

Attached property sales in January 2013 totalled 233, a decline of 10.7 per cent compared to the 261 sales in January 2012, and a 25.6 per cent decrease from the 313 attached properties sold in January 2011. The benchmark price of an attached unit decreased 1.7 per cent between January 2012 and 2013 to $449,900. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 7.7 per cent.

Vancouver real estate news for November 2012

Slow house sales in VancouverGreater 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 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.

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.

Vancouver’s housing price index for September 2012

Apartment Listings versus Sold in Burnaby as of Sept 2012 The Real Estate Board of Greater Vancouver maintains a Housing Price Index on the benchmark price of typical homes in the metro Vancouver region. These are useful when looking at how the market is doing overall.Below you will find the prices for three types of property

  • Detached – i.e. single family homes
  • Attached – i.e. townhouses
  • Apartments

The figures in brackets against each area show the percentage change over the last year. [Square brackets show the change over 5 years.] I have highlighted the biggest increases in bold and the greatest decreases in red for each category of property.

DETACHED BENCHMARK PRICES

  • Greater Vancouver $935,600 (-0.5%), [5yr: 23.4%]
  • Bowen Island $592,200 (-1.9%), [5yr: -6.8%]
  • Burnaby East $751,300 (4.5%), [5yr: 21%]
  • Burnaby North $910,900 (0.2%), [5yr: 26.2%]
  • Burnaby South $1,003,700 (4.2%), [5yr: 37.8%]
  • Coquitlam $713,600 (3.6%), [5yr: 15.2%]
  • Ladner $622,500 (-0.9%), [5yr: 12.1%]
  • Maple Ridge $468,700 (1.1%), [5yr: -0.5%]
  • New Westminster $672,000 (1.8%), [5yr: 20.4%]
  • North Vancouver $961,200 (5.2%), [5yr: 12.9%]
  • Pitt Meadows $501,700 (1.6%), [5yr: 3.2%]
  • Port Coquitlam $556,000 (1.4%), [5yr: 8.7%]
  • Port Moody $851,100 (5.3%), [5yr: 13.7%]
  • Richmond $962,900 (-4.2%), [5yr: 36.7%]
  • Squamish $508,300 (4.1%), [5yr: 5.7%]
  • Sunshine Coast $365,400 (-3.8%), [5yr: -6.6%]
  • Tsawwassen $724,000 (1.6%), [5yr: 13%]
  • Vancouver East $850,000 (3.2%), [5yr: 33.6%]
  • Vancouver West $2,088,700 (-6.5%), [5yr: 39.7%]
  • West Vancouver $1,847,400 (4%), [5yr: 21.9%]
  • Whistler $848,200 (-5.3%), [5yr: -3.1%]

ATTACHED BENCHMARK PRICES

  • Greater Vancouver $458,600 (-2.7%), [5yr: 7.7%]
  • Burnaby East $419,900 (1.8%), [5yr: 9%]
  • Burnaby North $393,700 (-8%), [5yr: 3.8%]
  • Burnaby South $417,800 (-2.3%), [5yr: 9.3%]
  • Coquitlam $383,300 (-1.6%), [5yr: 2.5%]
  • Ladner $449,400 (-2.2%), [5yr: 8.6%]
  • Maple Ridge $272,400 (-4.4%), [5yr: -7.2%]
  • New Westminster $394,800 (0.1%), [5yr: 8.6%]
  • North Vancouver $576,200 (-0.1%), [5yr: 4.5%]
  • Pitt Meadows $327,700 (-1.3%), [5yr: 0.3%]
  • Port Coquitlam $367,000 (-1.5%), [5yr: -1.1%]
  • Port Moody $411,900 (-0.9%), [5yr: -0.8%]
  • Richmond $496,500 (-4%), [5yr: 18.2%]
  • Squamish $353,800 (2.1%), [5yr: 3.1%]
  • Tsawwassen $457,000 (-9.2%), [5yr: 3.1%]
  • Vancouver East $505,000 (-1.5%), [5yr: 11.4%]
  • Vancouver West $672,400 (-1.3%), [5yr: 11.1%]
  • Whistler $462,400 (2.5%), [5yr: 13.5%]

APARTMENT BENCHMARK PRICES

  • Greater Vancouver $368,600 (-0.7%), [5yr: 2.5%]
  • Burnaby East $353,000 (-3%), [5yr: -10.8%]
  • Burnaby North $328,900 (-2%), [5yr: -1.6%]
  • Burnaby South $371,800 (-4.5%), [5yr: 4.3%]
  • Coquitlam $257,200 (1.9%), [5yr: -1.9%]
  • Ladner $312,700 (-2.9%), [5yr: 5.2%]
  • Maple Ridge $179,100 (-2.1%), [5yr: -12.9%]
  • New Westminster $271,000 (-2.1%), [5yr: 3.3%]
  • North Vancouver $358,800 (4.7%), [5yr: 3.5%]
  • Pitt Meadows $219,500 (-1%), [5yr: -13.5%]
  • Port Coquitlam $225,000 (-4.4%), [5yr: -10.5%]
  • Port Moody $314,600 (4.5%), [5yr: -4.4%]
  • Richmond $334,700 (-2.5%), [5yr: 0%]
  • Squamish $259,200 (15.2%), [5yr: -5.8%]
  • Tsawwassen $333,000 (-3.8%), [5yr: -0.6%]
  • Vancouver East $305,600 (1.4%), [5yr: 8.8%]
  • Vancouver West $465,600 (-1.2%), [5yr: 3.9%]
  • West Vancouver $624,800 (-2%), [5yr: -6.2%]
  • Whistler $241,400 (-4.7%), [5yr: 67.3%]

September’s real estate market still VERY slow

Sales versus listings in Vancouver West as at Sept 2012VANCOUVER, BC – The summer of 2012 drew to a close in September with home sale activity well below historical averages in the Greater Vancouver housing market.

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 MLS® 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 MLS® 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 buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLS HPI® 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.

See also the Housing Price Index for September 2012 for details of specific areas across the metro Vancouver area.

Fraser Valley’s sales in August are amongst lowest for a decade

Home prices resilient despite lower sales in the Fraser Valley

A townhouse for sale

In August, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) ranked the third lowest for the month in the last decade – after 2008 and 2010.

Last month’s 1,073 property sales represent a 20 per cent decrease compared to the 1,341 sales during August of last year and 23 per cent fewer than in July. In 2008, the Board processed 910 sales in August, and in 2010, 997.

“It was a slower August, but nowhere near historical lows for our Board so it’s too soon to tell if it’s a sign of a longer‐term trend or if buyers and sellers in the Fraser Valley finally enjoyed a bit of summer,” explains Scott Olson, FVREB president. “We do know that our economy currently remains fundamentally strong with stable mortgage and employment rates; and, our region in particular has some of the fastest growing communities in the Lower Mainland.”

Olson says, “And we’re seeing evidence of that growth in the sales of more affordable, attached properties in the Fraser Valley. For example in August, apartment sales went up significantly in Central Surrey and Abbotsford and remained on par in North Surrey and Cloverdale compared to last year, suggesting that first‐time buyers are continuing to find opportunities.”

Similar to sales, the Board saw a decrease in new listings. We received 2,406 in August, a decrease of 8 per cent compared to August 2011 and 18 per cent less than we received in July. This caused the number of active listings to decrease month‐over‐month, however the 10,366 active listings at month end still remained 3 per cent higher than the 10,074 listings available in August 2011.

Across the Fraser Valley, the benchmark price of a single family detached house in August was $551,400, an increase of 3.5 per cent compared to $532,700 in August 2011.

For townhouses, the benchmark price in August was $303,000, a decrease of 0.7 per cent compared to $305,200 during the same month last year.

The benchmark price of apartments in Fraser Valley in August was $206,600, an
increase of 3.4 per cent compared to $199,800 in August 2011.

Olson adds, “Overall, we’re seeing prices stay resilient, however in almost half of our communities, the three month trend is showing a decrease in prices while the other half is showing increases so for a detailed market analysis, check with your local REALTOR®.”

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