December 2010 Vancouver Real Estate Update

Winter is settling in on the Metro Vancouver Market. As soon as we see snow, fewer people list their homes…MarketUpdate

According to The Real Estate Board of Greater Vancouver (REBGV), Multiple Listing Service® (MLS®) stats show more sales, and fewer property listings in November.  Metro Vancouver residential home sales saw a late fall surge this November compared to the previous four months, with the number of sales posted on the MLS® coming in just higher than the 10-year average for that month. Jake Moldowan, REBGV president, further stated, “Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June.” This could be an indicator of rising prices or even a slight sellers’ market this spring as demand could be building…

The REBGV reported that the number of residential property sales in Metro Vancouver totaled 2,509 in November 2010. This represented a 7.4% bump up compared to October 2010, and an 18.6% drop off from the 3,083 sales in November 2009.

Total active residential property listings in Metro Vancouver at the close of November sat at 12,384, 12.1% less than October 2010 and 12% more than November 2009. New listings for detached, attached and apartment properties fell 17.1% to 3,030 in November 2010, compared to November 2009 when 3,653 new units were listed.

Moldowan shared that “Home values have been relatively stable over the last five months…” While that is true there are still pockets of buyers starved for listings. This is evident on the building side where lot value properties and fixer uppers are still highly in demand. If you are thinking of listing such a property you could be looking at a competition scenario because there currently are buyers seemingly desperate for this type of property. Moldowan agrees with these sentiments indicating that, “[If] the home’s priced accurately for today’s market [they] are receiving a lot of attention and selling right now.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Metro Vancouver over the last 12 months rose 4.1% to $580,080 in November 2010 from $557,384 in November 2009. This benchmark price has is pretty much even since June of this year.

For a full breakdown of the boards stats and figures click here.

To listen to a podcast from the President of the REBGV click here.

News Release November Stats, December 2, 2010 The Real Estate Board of Greater Vancouver

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