Greater Vancouver Real Estate Statistics – January 2013
Real Estate board of Greater Vancouver reports: “January home sales remain quiet”
Some sellers have been pulling their homes off the market in recent months if they do not have to sell their properties. With the reduced number of sales the home buyer demand is below historical averages in the Vancouver market.
During the month of January 2013, 1,351 properties changed hands on the MLS. This is up from the number of sales in December 2012 (1,142) and this represents a 18.3% increase. Compared to a year ago, when during January 2012 1,577 properties were sold we see a 14.3% decrease.
Last months sales were the second slowest January since 2001 and 18.7% below the 10 year average in terms of number of sales.
“Home sale activity has been below historical averages in Greater Vancouver for about seven months. This has caused a gradual decline in home prices of about 6 per cent since reaching a peak last spring,” Eugen Klein, the REBGV president said.
In terms of new listings – there were 5,128 new listings during the month. Compared to a year ago, when 5,756 new listings were added, this results in a decline of 10.9%. If we compare with the 10 year average, the number of new listings last month was 18.9% higher than average.
Since December 2012, inventory has declined 4.5%, and this is the fourth consecutive month that the number of listings has declined.
“When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter,” Klein said.
Right now, the sales to active listings ratio sits at 10.2%, so we are still in a Buyers Market. Since June last year, this ratio has fluctuated between 8-11%.
Detached Vancouver Properties
In January 2013 a total of 542 properties changed hands on the MLS. This is a decrease of 17.8% from the 659 sales during January 2012, and a 31.7% decrease from January 2011 (793 sales).
Benchmark price for January 2013 decreased to $901,000 which represents a 3.1% from January 2012. Since it’s peak in May 2012, the benchmark price has declined a total of 6.9%.
Apartments In Vancouver
576 apartment properties changed hands in January 2013. This is a decline of 12.3% when you compare to the same month a year ago. If we go back further to January 2011, where 713 sales were recorded, then we see a decline of 19.2%.
Benchmark prices for Apartments in Vancouver have declined 2.9% from January 2012 to $358,400. Prices for Apartments peaked in May 2012, and since then have declined 5.6%.
Attached properties Vancouver
Looking at the attached properties, we see 233 sales in January 2013, a decline of 10.7% compared to January 2012. If we look back to January 2011, then we see a 25.6% decline, as there were 313 properties sold in that month.
Price decreased 1.7% from January 2012 and sits at a benchmark of $449,900. Attached properties in Vancouver peaked in April 2012, and since then have declines 7.7%.
To make sense of these numbers, and what they mean to you, give me a call today, my phone is always on: Adam Chahl +1 7783856141