Tag: mls

Victoria’s real estate prices hold despite slow sales

VICTORIA BC – A slow start to the year in Victoria’s real estate market is evidence that buyers are continuing to wait for prices to drop. Although January 2013 sales are 21% lower than January 2012, the six-month average price for a Greater Victoria home is only down 1% for the same period.

“We are realistic and sales are not what we would like to see,” says Shelley Mann, President of Victoria Real Estate Board. “But there are many stories within the market. This week, three houses sold in Sidney that were all newly listed and they sold for over asking price.”

Mann adds that she’s spoken to several local REALTORS® who have clients who want to buy, but they are looking for good houses with quality amenities. “One Member told me that he has several potential buyers, but they can’t find anything they like.”

In January, 294 properties sold, compared to 372 in January 2012. The median price of a single family home is $482,500 compared to $522,000, a decline of 7.6.%. The six-month average shows a 1.4% decline, year-over-year, but less than one percent over last month.

“My basic message is that sales are down, prices are flat and our provincial economist is predicting 2013 will be a transition year,” Mann says. “He believes the economic fundamentals are strong, and as a result the sales volume will increase 4% this year over 2012, but prices will remain flat.”

Current active listings are 3,870. There were 81 condominium sales in January, a 24.6% increase over December 2012, while the median price of $238,350 is down 12.1% year-over-year. Townhouses saw increased sales in the past month and a median price of $382,000, up 4.7% year-over-year.

Total Waterfront Single Family Dwellings sold: 9, up 5 over January 2012
Total Non-waterfront Single Family Dwellings sold:144, down 43 sales from January 2012
Single Family Dwellings sold over $1 million: 3 (1 over $2 million)

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’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.

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