Looking back on 2011, Metro Vancouver experienced many different rates of activity in many different segments of the market. Some regions were hotter than others, but generally we closed out the year with seller supply and buyer demand coming more in line.
“A balanced real estate market prevailed through much of 2011”, reported the Real Estate Board of Vancouver (REBGV) in its January 4, 2012 report.
Total sales of detached, attached and apartment properties in 2011 reached 32,390, reported the REBGV. This represents a 5.9% rise from sales in 2010, and a 9.2% fall compared to the sales in 2009. When evaluating long-term trends, the sale of homes in 2011 was 6.3% lower than the 10-year average for annual Multiple Listing Service® (MLS®) sales in the Metro Vancouver region.
Residential properties listed for sale in Metro Vancouver on the MLS® rose a slight 2.7% — 59,549 when compared to the 58,009 properties listed in 2010. Again, when looking of the long-term trends we see that Metro Vancouver was 11.1% over the 10-year average of the annual Multiple Listing Service® (MLS®) property listings. “It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” states Rosario Setticasi, REBGV president.
Looking just at the past month of December, residential property sales in Metro Vancouver totalled 1,658, a drop of 12.7% when compared to 2010 and a 29.7% drop from the proceeding month of November.
According to the REBGV, the residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver, increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. It is always important to keep in mind, however, that this is a broad statement that averages out the entire area, and that prices have fallen away by approximately 1.5% since the peak of pricing in June.
Sales of detached properties in December 2011 for Metro Vancouver:
– 630 units – ↓18.1% compared to 769 sales in December 2010
The benchmark price ↑ 11.2% from the year before to $887,471.
Sales of apartment/condo properties in December 2011 for Metro Vancouver:
-774 units – ↓ 4.6% compared to 811 sales in December 2010
The benchmark price of an apartment property ↑ 3.7% from the year before to $401,396.
Sales of attached property/townhomes in December 2011 for Metro Vancouver:
-254 units – ↓ 20.4% compared to 319 sales in December 2010
The benchmark price of an attached property ↑ 4.2% from the year before to $511,499.
Source: Real Estate Board of Vancouver (REBGV) Press Release January 4, 2012.