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Vancouver Market Update – January 2012

Sebastian — Sat, 21 Jan 2012 21:25:55 +0000

Everyone Was Busy Eating Turkey…

Vancouver Real Estate listing and sales statistics for the month of December experienced a typical holiday season lull last month. Active listings during the Christmas season reflected the usual holiday break for many busy families and professionals.

Vancouver Property Sales were down (-33.16%) to 516 from November (772). On the Vancouver West Side there were 355 sales in December, down (-17.63%) from the previous year. Overall, there were (-32.89%) less sales in December from the previous month of November. Naturally, people appear to prefer to spend their holiday time drinking egg nog with their families in lieu of holding open houses…

This December in Vancouver East, Sales totaled 161. This number is at-par (+1.90%) with sales figures from December 2010, but down from the previous month (-33.74%) as was to be expected.

The holidays flattened the previous modest increase in Vancouver Sales activity month-to-month while listing numbers predictably hit their lowest of the year. New Listings were down in both areas (-53.87% in Vancouver East to 143 and (-55.54% in Vancouver West to ) 333 for the month of December.

Despite sluggish sales, benchmark prices in the Vancouver West detached market were steady in December, dipping (-1.43% to $1,990,958). The benchmark prices for attached homes were up (+5.48 % at $833,361) from November. Vancouver East detached fared very similarly from month-to-month, down (-2.02% at $845,771), while attached properties practically stayed at-par, up (+0.03 % at $556,220) for December. The apartment market mirrored similar trends in Vancouver West and Vancouver East, rising (+1.58%) on the West Side and (+2.41%) in East Van.

The Board’s Official Line:

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

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Vancouver Market Update November 2011

Sebastian — Tue, 13 Dec 2011 17:40:15 +0000

November Listings Continue to Cool in Vancouver Real Estate Market

November Listings Cool in Vancouver: Vancouver Real Estate Stats

November listing and sales statistics for the Vancouver Real Estate Market continued to cool. The number of homes for sale has continued to decrease as we approach the 2011 Holiday Season.

Total sales in Vancouver for November 2011 were up (+5.61%) from October to 772 sales, which is down (-7.32%) from one year ago. In Vancouver West, there were 529 sales in November, up (+7.52%) from October 2011 ~ and down (-7.03%) from November 2010. in Vancouver East, November numbers were fairly consistent with those from October topping out at 243 sales, up (+1.67%). These numbers are down (-7.95%) from November 2010.

In general, we saw a modest increase in Vancouver Sales activity month-to-month while listing numbers continue to slow. New Listings were down in both areas (-25.48% in Vancouver East to 310 and -26.64% in Vancouver West to 749) for the month of November.

Steady sales resulted in fairly even benchmark prices in the Vancouver West detached market in November, rising a modest half a percentage point (+0.56% at $2,019,926). The benchmark prices for attached homes readjusted, with prices down (-7.82 % at $790,046) from October. Vancouver East detached prices are up (+0.79% at $863,183) in addition to attached properties showing little change at (+ 0.17% at $556,380) for November. The apartment market mirrored inverse trends in Vancouver West and Vancouver East, dipping (-1.27%) on the West Side while rising (+1.80%) in East Van.

The Vancouver Real Estate Board’s official line

“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,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

For more information on Vancouver Real Estate Statistics, check out my website here.

Vancouver Market Update October 2011

Sebastian — Tue, 08 Nov 2011 22:04:27 +0000

Listing Numbers Ease in October

Vancouver Real Estate Stats

In the month of October, Vancouver listings remained neck-and-neck with numbers from September. However, October was the first month all year to show a slight decrease in the total amount of listed properties throughout the entire lower mainland. With a sales-to-active ratio of 15%, the Greater Vancouver Market is hovering in the lower end of a balanced market and has been consistent in that trend for 5 months.

Total sales in Vancouver Proper for October 2011 were up ever so slightly (+0.41%) from September, and down (-7.23%) from one year ago. In Vancouver West, there were 4 sales in October, up (+4.02%) from September 2011 ~ and down (-10.38%) from October 2010. Things were a little unusual in Vancouver East, where the market showed a drop in sales activity in October with 239 sales, down (-6.27%) from last month, and oddly, a zero percent change (+/-0.00%) from October 2010 when 239 homes also sold.

The market is healthy, however the talk has changed about our positioning in a buyer’s market since inventory has cooled for the first time in quite a few months and sales are modestly up. While Vancouver East and Vancouver West showed different trends in sales activity this month, the amount of New Listings was down both areas (-29.13% in Vancouver East to 416 and -21.52% in Vancouver West to 1021) for the month of October.

With fairly steady sales activity, detached benchmark prices in Vancouver proper for the month of September stayed fairly even. In Vancouver West, benchmark prices stayed within a percentage point (-1.08% at $2,008,702) for detached homes and up (+1.80 % at $857,108) for attached properties. Vancouver East has fared similarly, with detached prices up (+1.77% at $856,411), and down (-0.58% at $555,452) for attached properties. The apartment market in both Vancouver West and Vancouver remained steady, dipping (-1.53%) and (-1.82%) respectively.

The Vancouver Real Estate Board’s official line

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

For more information on Vancouver Real Estate Statistics, check out my website here.

Market Update September 2011

Sebastian — Thu, 13 Oct 2011 15:54:58 +0000

Home Listings Continue to Rise in Vancouver while Sales Slow

Vancouver Stats Sept 2011

With fall officially under way, Vancouver listing inventory has recovered from the summer vacation lull in September. That being said, sale activity was marginally lower in September for the fourth month in a row, having peaked for the year in June 2011. With a sales-to-listings ratio in the Greater Vancouver area sitting around 14%, the lower mainland is reflecting a healthy buyer’s market.

Total sales in Vancouver Proper for September 2011 were down (-4.71%) from August, and down (-3.32%) from one year ago. In Vancouver West, there were 473 sales in September, down (-9.73%) from August 2011 ~ and down (-8.33%) from September 2010. Things were decidedly different in Vancouver East, where the market showed more sales activity in September with 255 sales, up (+6.25%) from last month, and up (+7.59%) from September 2010.

Although the market healthy, we seem to be arriving at the top end of a buyer’s market. This will especially hold true if inventory continues to rise and sales continue to slow in Vancouver. While Vancouver East and Vancouver West showed different trends in sales activity this month, the amount of New Listings is up in both areas (+17.87% in Vancouver East to 587 and +28.94% in Vancouver West to 1301) for the month of September. In the Greater Vancouver Market at large, September listing numbers increased another 4.6 % from August to September.

Even with slower sales activity, detached benchmark prices in Vancouver proper rose again in the month of September. In Vancouver West, benchmark prices rebounded from the summer sales slump (+3.43% at $2,030,720) for detached homes and up (5.5 % at $841,990) for attached properties. Vancouver East has fared similarly, with detached prices up (+2.13% at $841,509), up (+0.79% at $558,693) for attached properties. While the apartment market in Vancouver West remained steady, up (+0.30%) it fell slightly in Vancouver East (-0.15%).

The Vancouver Real Estate Board’s official line

“There’s more competition amongst home sellers in today’s market, providing more options for prospective buyers,” Rosario Setticasi, REBGV president said.”Buyers now have more properties to choose from and more time to make decisions compared to the spring season.”

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

The Thrill of Moving in Vancouver

Sebastian — Tue, 30 Aug 2011 17:15:08 +0000

Moving isn’t fun.

I had a month and a half to prepare ~ and prepare I did. Things were sorted. Bins of clothing were taken to big brothers. My already minimalist lifestyle was condensed down over the weeks to a concentrated pile of belongings I considered essential to my survival. I was determined to make this move a real downsize so that I could adjust comfortably into my little bungalow just off Main Street.

Yet, the truth remained: No one beats a move.
Despite my best efforts, my move kicked my butt ~ and to top it off the stream of frustrations were textbook in every way. Nothing is worse than thinking you’ve finished the last load of scattered little bits, and then you find a tumbleweed of random cable chords you have no idea what to do with and can’t give away. Or how about the false hope of believing all the cleaning is finally done, only to take one last look at some forgotten and find another task of serious scrubbing. And the stairs ~ oh, the apartment stairs. My knees are still recovering.

The only leg up I had on this move found it’s way to me through a friend, and I’d like to share the tip with you all. You see, I’ve always been a pack-it-on-the-day, move-it-with-a-buddy type of traveling nomad who kept the gadgets and moving trinkets to a minimum. But when my pal recommended that he lend me his frog boxes (large plastic bins with collapsible lids) and dollies (the kind with wheels, not pretty faces) I took him up on his offer. And let me tell you ~ they were so helpful in the move itself that I’m now going to recommend them to all my clients. As an added service, I’m purchasing a few sets that I will loan out to help you with your move.

The frog boxes are great because they’ve got great handles and are deep enough to accommodate a lot of items. They stack really well, and can be easily loaded onto the dollies in batches of six. It really makes a difference to be able to load up carts in uniform containers. The efficiency and time saved was… a life saver. Feel free to give me a call if you’d like to borrow them. I assure you, it’s worth it!

I’m going on seven days now and most of the mayhem has been at least temporarily stored. Now the real fun of decorating and outfitting my new place begins. Of course, I’m optimistic this will be my last move for a while. I suppose that’s what we all wish for… here’s hoping.

If you want to stay on top of the Vancouver real estate market, then you’ll want to keep an eye on my Vancouver real estate statistics. You can find detailed numbers on what’s happening broken down by month, week and even by day. In addition, you can see an overview for a variety of different communities in the city.

Contact Sebastian, Vancouver Realtor or send me a quick email.

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July 2011 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Thu, 04 Aug 2011 20:53:47 +0000

Vancouver Real Estate Statistics for July 2011

Monthly Vancouver Real Estate Statistics - July 2011

Vancouver Market Remains in Equilibrium Through Summer

Market conditions remained balanced for July 2011, with home sale levels in Greater Vancouver Area below the 10 year average for July.

In Vancouver proper, (1613) New Listings came on to the Market in July 2011. Down (-9.03%) from 1773 listings in June, we might be seeing the effects of typical holiday and travel months for families. However, compared to levels of inventory we saw last year in July (1318), listings are up twenty-two percent (+22.38%). The benchmark price of a detached home in Vancouver in July 2011 was $1449,174, up (+24.23%) from this time last year.

On both the East and West sides, the amount of new listings for sale were fewer in July than June (274 and 1096); a month to month decrease of (-15.43% and 13.43%) respectively. Interestingly, the benchmark price of Apartments on the West side was up from June to July (+8.11%), reaching $518,396. We also saw a slight increase in the benchmark prices of detached homes on the East side, up (+2.28%) to $854,004.

Sales in July in Vancouver reached 816, demonstrating an ease-off in the level of sales activity (-14.47%) as the city embraces the summer sunshine, down from (954) sales in June. However, the number of homes sold this past month is nearly identical to the actual sales numbers of July 2010 (818, up +.024% Y-Y), even though the amount of inventory was much higher one year ago.
Market activity is consistent in comparison to last month with (3668) active listings in July 2011. These numbers are up (+2.69%) from June 2011 (3572). Active listings on the market this year are still under (-24.23%) those record-high levels of properties for sale at this time last year (4695).

The Vancouver Real Estate Board’s official line

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.

More Vancouver Real Estate Statistics

Contact Sebastian, Vancouver Realtor or send me a quick email.

Vancouver Real Estate Statistics for June 2011

Sebastian — Tue, 26 Jul 2011 19:11:10 +0000

Vancouver Real Estate Statistics for June 2011

Monthly Vancouver Real Estate Statistics - June 2011

Vancouver Real Estate Market Normalizes after Busy Spring

The Greater Vancouver housing market was pulled back into balance in the month of June. This month’s 954 sales were under (-12.32%) those seen in May 2011 (1088), signalling the arrival of summer and the end of busy spring activity. These numbers fall right in line with those from last June (2010), where we saw 958 sales in Vancouver.

As a general trend, June 2011 sales have had a less fevered pace than previous years. Looking back to 2005, there has typically been more sales activity during the month of June than the levels we have seen in the last two years, barring 2009 where sales peaked at a modest 768.

Heading into summer, New Listings have rebounded off the busy spring season from 1811 in May to 1773 in June (-2.10%). On the West Side, listing inventory was steady (-.039%) with 1266 homes for sale in June 2011. East side listings showed a slight dip, down six percent (-6.11%) from May 2011. This number is down 10.42% Y-Y from June 2010.

Active listings are down marginally in June 2011 for Vancouver West at 2495 (- 5.78%) from May 2011. This is markedly down from last year’s June 2010 inventory levels of 3680 (-32.20 % Y-Y). On the East side, we are seeing a similar change in Active listing numbers from this time last year, with listings down to 1077 (-31.58%) from June 2010.

Market analysts have been quick to point out that the change in CMHC appears to have motivated buyers and sellers to engage in the market earlier in the year than usual, explaining the unusually high numbers of activity in January, February and March of 2011. However, many realtors and real estate professionals have been seeing the minor market readjustment occurring mid-summer as a positive sign of a balanced and sustainable market.

The Vancouver Real Estate Board’s official line

“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said.

“With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.”

More Vancouver Real Estate Statistics

Contact Sebastian, Vancouver Realtor or send me a quick email.

May 2011 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Fri, 10 Jun 2011 18:00:14 +0000

Vancouver Real Estate Statistics for May 2011

Monthly Vancouver Real Estate Statistics - May 2011

Homesales for May in Vancouver at Typical Springtime Levels

Market activity has eased off slightly in May from the record-breaking activity we saw in the earlier part of the spring. New listing counts for May (1811) are still on a steady rise and up (+2.49%) from April (1767). However, the benchmark price of detached homes and apartments has relaxed slightly, weighing in at $1,137,047 and $434,222, down (-1.15%) and (-1.04%) respectively. There are increases in benchmark prices this month on the East Side, where prices for detached homes are up (+2.02%) to $824,293, mirrored by a (+4.71%) increase to $565,128 in attached homes.

Sales for May in Vancouver reached 1088, up marginally (+0.74%) from April (1080). The number of homes sold this past month surpasses levels from one year ago in May when 950 homes sold before slowing slightly into the summer months of 2010.

Springtime levels remain consistent from spring, with active listings for May reaching 3716, on par (+1.25%) with April 2011 (3670). Active listings on the market this year are under (-28.74) the record-high levels of properties for sale at this time last year (5215).

The Vancouver Real Estate Board’s official line

“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”

“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to date market evaluation.”

More Vancouver Real Estate Statistics

Contact Sebastian, Vancouver Realtor or send me a quick email.

April 2011 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Tue, 10 May 2011 21:18:32 +0000

Vancouver Real Estate Statistics for April 2011

Monthly Vancouver Real Estate Statistics - April 2011

Easter Leads Trends for April in Vancouver

April turned out to be an odd month in Vancouver real estate. While prices were on the rise, both the number of listings and the number of sales dipped. In addition, there continues to be a large disconnect between the activity in condominiums and that of detached homes.

Sales for April in Vancouver reached 1081 transactions, a (-22.69%) decrease from the flurry of activity we saw in March (1397). This marks a slower sales activity period than April 2010, where more sales occurred at this time of year (1173) before dipping slightly in June 2010. Looking back a few years, it’s apparent that the long weekend and Easter Holidays tend to impact activity before the summer sales push into June, July and August.

There are fewer new listings in April 2011(1767) than April 2010 (2612), representing a (-38.28%) decrease in inventory on the market for sale from one year ago. April 2011 listings show a decline of (-20.58%) as compared to the (2225) last month.

Active listings for April top out at 3670, which is up (+6.07%) from March 2011 (3460). The number of active listings on the market remains lower (-22.80) than the number of properties for sale last year at this time (4754).

In the general trend, benchmark prices are continuing to rise through the spring. Vancouver West benchmark for detached homes weighs in at $1,970,056. In East Vancouver the benchmark for detached homes in April was $808,008.00. The only decrease in benchmark prices for April 2011 was in attached homes on the Eastide, falling (-3.21%) to $539,696.00 from $557,622 the previous month.

The Vancouver Real Estate Board’s official line

“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”

More Vancouver Real Estate Statistics

Contact Sebastian, Vancouver Realtor or send me a quick email.

March 2011 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Thu, 07 Apr 2011 22:49:39 +0000

Vancouver Real Estate Statistics for March 2011

Monthly Vancouver Real Estate Statistics - March 2011

Market Continues to Strengthen for Spring

March numbers continue to be on the upswing in real estate market activity for Vancouver. We are seeing movement on all fronts; prices, sales and listings. There is a a lot of interest from buyers, particularly in particular segments of the market (such as houses in East and West sides of Vancouver).

Sales in Vancouver this March topped out at 1397, representing a (+14.6%) increase over February (1042). It was also a significant increase (+28.85%) over the 994 in March 2010. With numbers continually on the rise, it’s apparent that both buyers and sellers believe it’s a good time to be interacting with the market.

New listings on the market also rose in March 2011. We had 2225 new listings come onto the market in this month as compared to 1793 (+19.42%) last month. These numbers are a modest decrease compared to the 2383 (-6.63%) new listings a year ago.

Active listings for March total at 3460 which is up (+8.84%) from February 2011 (3154). The number of active listing on the market was significantly lower (-11.7%) from the 3919 Actives listed a year ago.

Meanwhile, prices are continuing to rise. It’s astonishing to see the benchmark price of a house on the Westside of Vancouver reach nearly $2,000,000. In East Vancouver the benchmark is now over $800,000. The only dip this past month was in the price of attached homes on the Westside that fell (-2.79%) to nearly $783,000 from the previous month.

The Vancouver Real Estate Board’s official line

“Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”

“Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.

More Vancouver Real Estate Statistics

Contact Sebastian, Vancouver Realtor or send me a quick email.