Tuesday, December 4, 2012

VANCOUVER, BC (NEWSWIRE)

Over the previous six months, the Greater Vancouver housing market has seen a decrease in the number of homes listed for sale, a gradual moderation in house prices and a decline in property sales when compared with 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 area'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 house 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 sum total number of residential property listings on the MLS increased 13 per cent from this time a year ago and declined 9.7 per cent compared to October 2012. Total listings in the area have declined by not quite 3,000 properties since reaching a peak of 18,493 in June. The area's sales-to-active-listings ratio was unchanged from October at 11 per cent. "Home costs in Greater Vancouver have generally declined between three and five and a half per cent, according to property type, since reaching a peak six months ago," Klein said. "Changes in house prices vary per municipality and neighbourhood. It really is good to check local market statistics together with your REALTOR."

Since reaching a peak in May of $625,100, the MLS Dwelling Price Index composite standard price for many residential properties in Greater Vancouver has declined 4.5 per cent to $596,900. This represents a 1.7 per cent decrease when we compared to this time a year ago. 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 standard 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 standard 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 standard

The Real Estate Board of Greater Vancouver is a self governing organization and looks at statistics daily.
http://www.rebgv.org
Real Estate Board of Greater Vancouver
2433 Spruce Street
Vancouver, BC
V6H 4C8

Source: EmailWire.com