Home sellers continue to outnumber buyers in Greater Vancouver’s summer housing market
VANCOUVER, B.C. – September 5, 2012 – Home sale activity remained below long-term averages in the Greater Vancouver housing market in August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 percent decline compared to the 2,378 sales in August 2011 and a 21.4 percent decline compared to the 2,098 sales in July 2012.
August sales were the second lowest total for the month in the region since 1998 and 39.2 percent below the 10-year August sales average of 2,711.
“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue tosee relative stability when it comes to prices,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 percent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS® and a 15.8 percent decline compared to the 4,802 new listings in July 2012.
“For sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS® in Greater Vancouver today.”
At 17,567, the total number of residential property listings on the MLS® increased 13.8 percent from this time last year and declined 2.8 percent compared to July 2012.
“Today, our sales-to-active-listings ratio sits at 9 percent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 percent,” Klein said.
The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.
Sales of detached properties on the MLS® in August 2012 reached 624, a decrease of 38.8 percent from the 1,020 detached sales recorded in August 2011, and a 30.1 percent decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 percent from August 2011 to $942,100.
Sales of apartment properties reached 725 in August 2012, a 24.1 percent decrease compared to the 955 sales in August 2011, and a decrease of 22.5 percent compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9 percent from August 2011 to $370,100.
Attached property sales in August 2012 totalled 300, a 25.6 percent decrease compared to the 403 sales in August 2011, and a 19.8 percent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 percent between August 2011 and 2012 to $462,300.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 percent decline compared to the 2,378 sales in August 2011 and a 21.4 percent decline compared to the 2,098 sales in July 2012.
August sales were the second lowest total for the month in the region since 1998 and 39.2 percent below the 10-year August sales average of 2,711.
“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue tosee relative stability when it comes to prices,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 percent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS® and a 15.8 percent decline compared to the 4,802 new listings in July 2012.
“For sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS® in Greater Vancouver today.”
At 17,567, the total number of residential property listings on the MLS® increased 13.8 percent from this time last year and declined 2.8 percent compared to July 2012.
“Today, our sales-to-active-listings ratio sits at 9 percent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 percent,” Klein said.
The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.
Sales of detached properties on the MLS® in August 2012 reached 624, a decrease of 38.8 percent from the 1,020 detached sales recorded in August 2011, and a 30.1 percent decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 percent from August 2011 to $942,100.
Sales of apartment properties reached 725 in August 2012, a 24.1 percent decrease compared to the 955 sales in August 2011, and a decrease of 22.5 percent compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9 percent from August 2011 to $370,100.
Attached property sales in August 2012 totalled 300, a 25.6 percent decrease compared to the 403 sales in August 2011, and a 19.8 percent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 percent between August 2011 and 2012 to $462,300.