Hum Drum Activity in Metro Vancouver Housing Market Keeps Things Balanced in November

MarketUpdate

Real estate markets in Greater Vancouver offered no surprises during November, demonstrating typical home sales and listing activity for the month and a continuing balanced market, reports the Real Estate Board of Greater Vancouver (REBGV).

Residential property across all property types on the Multiple Listing Service® (MLS®) reached 2,360 in November for Metro Vancouver, according to REBGV’s December 2 new release. This illustrates a decline of 5.9% compared to the 2,509 sales the year before, and a 1.9% bump up compared to the 2,317 sales recorded the month before. Compared to the 10-year MLS average, these figures are 5.8% below the trend, indicating a slower than normal period.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year… and November activity helped put our market firmly in balanced territory,” stated Rosario Setticasi, REBGV president.

Currently, 14,090 properties are listed for sale on Metro Vancouver’s MLS®. This is a 9% drop compared to the previous month, but a jump of 13% when compared to the same time last year.

The overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Metro Vancouver over the last year jumped 7.2% to $622,087 in November 2011 from $580,080 in November 2010. Since prices peaked in June (at $630,921) the benchmark price has softened by 1.4%. (Keep in mind that the benchmark price for the whole region can be a bit misleading; some areas have been hot and other areas have not moved at all…)

Sales of detached properties in November 2011 for Metro Vancouver:

– 916 units – ↓12.8% compared to 1,050 sales in November 2010

The benchmark price ↑ 11.4% from the year before to $890,204.

Sales of apartment/condo properties in November 2011 for Metro Vancouver:

– 1,000 units – ↓ 4.9% compared to 1,052 sales in November 2010

The benchmark price ↑ 2.7% from the year before to $399,686.

Sales of attached properties/townhomes in November 2011 for Metro Vancouver:

– 444 units – ↑ 9.1% compared to 407 sales in November 2010

The benchmark price ↑ 4.5% from the year before to $510,960.

Download the REBGV complete stats package by clicking here.

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