Greater Vancouver Real Estate Statistics – November 2012
It’s that time of the month again, where we get to look back on the previous month of the Vancouver Real Estate Market and draw some conclusions as to what has been happening in the markt over the last 30 days or so.
On average over the past 6 months, we have seen a decrease in the number of homes listed for sale, a slow moderation of home prices, and a strong decrease in the actual number of property sales compared to a year ago.
During November 2o12 a total of 1,686 properties were sold, compare this to the same month of 2011, and this represents a 28.6% decline, and a 12.7% decline from October 2012.
When comparing to the 10 year average for November sales, last month lagged below the average by 30.3%. The 10 year average was 2,420 sales.
“Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate,” Eugen Klein, REBGV president said.
During November 2012 a total of 2,758. This is a 14.4% decline from November 2011 and a 32.2% decline compared to October 2011.
We have a total of 15,689 properties listed on the MLS, which is a 13% increase from the same time last year, but a 9.7% decline from October 2012. Total listings peaked in June 2012 when 18,493 properties were listed.
“Home prices in Greater Vancouver have generally declined between three and five and a half per cent, depending on property type, since reaching a peak six months ago,” Klein said. “Changes in home prices vary per municipality and neighbourhood. It’s good to check local market statistics with your REALTOR®.”
Detached sales in Vancouver reached 629 in November, a 31.3% decrease from the number sold during November 2011, and 40.1% decrease when compared to November 2010. Since peaking in May 2012, the benchmark price has declined 5.5% to $914,500.
With sales totalling 307 during November 2012, statistics register a decline of 30.9% from the 444 sales in November 2011, and 24.6% decline from November 2012. Average pricing peaked in April, and now has declined 3.6% to an average of $454,300.
750 apartments were sold in November 2012, 1,000 were sold in November 2011, which represents at 25% decrease. Average prices have declined since May to $364,900.
Fun facts from the Real Estate Board of Greater Vancouver:
- Of the 15,689 homes currently for sale on the MLS® in Greater Vancouver, 49.6 per cent are listed for $600,000 or less. Of those, 1,321 are detached properties, 5,039 are condominiums and 1,419 are townhomes.
- Of the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold for $1 million or more.
Give me a call anytime to discuss these statistics, and how they affect you. Adam Chahl – +1 778 385 6141