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June 2010 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Thu, 08 Jul 2010 18:42:30 +0000

Vancouver Real Estate Statistics for June 2010

Monthly Vancouver Real Estate MLS Statistics - June 2010

Signs of stability returning to the Vancouver Real Estate Market

For the first time in a few months, I actually see some positive signals in the most recent (June 2010) month’s Vancouver real estate statistics. Since February, just about every possible measurement had been turning to the negative. In fact, it became so obvious that the market was declining that the mainstream media even took notice.

The month of May 2010 in Vancouver real estate was the first obviously bad month. However, there seem to be some signs in June 2010 that our market may be stabilizing rather than declining. East Vancouver numbers look particularly strong.

There were 1873 new listings in June 2010. This is a decline of -18.07% from May 2010 and a rise of nearly 12% over June 2009. This is one of the most promising signals as it appears that the number of new listings coming onto the market is really slowing down (reducing supply).

After seeing a rapid drop in sales from April to May 2010, June 2010 saw a very small increase (+0.84%) to 958. This is a -32.01% decline over June 2009 (the second strongest selling June on record).

Meanwhile, active listings held relatively flat for the first time this year. Since January we have almost seen the number of active listings double in the Vancouver real estate market. The 5254 active listings in June 2010 were a +0.75% increase over May 2010 and a whopping +49.56% increase over June 2009.

Prices dropped across the board. Considering we have been seeing increased supply and reduced demand for some time, this doesn’t come as a surprise. The detached benchmark sat at $1,161,178 (-4.66% vs May 2010 and +17.49% vs June 2009), the attached benchmark was $639,809 (-1.31% vs May 2010 and +11.03% vs June 2009) and the apartment benchmark was $417,886 (-1.53% vs May 2010 and +8.3% vs June 2009).

Prices have capitulated to some degree, finally coming in line with the reality of increased supply and reduced demand. However, there are signs in the month of June that supply has stabilized and new listings are no longer flooding the market. This, combined with steadying demand leads me to believe that the Vancouver real estate market is beginning to stabilize.

The Vancouver Real Estate Board’s official line

“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.

“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”

“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.

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May 2010 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Fri, 11 Jun 2010 18:18:24 +0000

Vancouver Real Estate Statistics for May 2010

Monthly Vancouver Real Estate MLS Statistics - May 2010

Balance Returns or Buyer’s Market?

After a busy start to the year, it would appear as though the Vancouver real estate market is entering a more balanced market. For the first time since the beginning of the year we saw declines (and significant ones) in the number of sales, new listings as well as average prices.

There were 2286 new listings in May 2010. This is a decline of -12.48% over April 2010 and a rise of nearly 55% over May 2009. This is a welcome decline as last month’s number was the highest number of new listings in more than five years.

One of the more noteworthy aspects of May’s numbers is a big dip in the number of sales. May 2010 saw 950 sales in the Vancouver real estate market. This is a -19% decline from April 2010 and a -23.45% drop from May 2009. This was a quick turn-around from one of the strongest Aprils we had ever recorded.

At the same time active listings are continuing to rise. As recently as December 2009 we had just over 2400 listings on the market. In May 2010 this number has more than doubled to 5215. It is now 9.7% higher than April 2010 and nearly 42% higher than a year ago.

Meanwhile, we are beginning to see a deterioration of prices for the first time since late last year. There was still a minor increase in the detached benchmark (+0.55%) to $1,217,932, but the attached benchmark fell (-2.28%) to $648,329 as did the apartment benchmark (-0.23%) to $424,396. However, these numbers are all up strongly from a year ago.

The news media has changed it’s tune on Vancouver real estate. Pessimism has crept back in and this has been taking it’s effect on the people making buying decisions in Vancouver. Buyers are not feeling motivated to make a decision in the current market. Seller’s are beginning to realize that the market has become more balanced and are starting to be more amenable to making a deal work.

The Vancouver Real Estate Board’s official line

“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.

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April 2010 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Tue, 04 May 2010 21:17:51 +0000

Vancouver Real Estate Statistics for April 2010

Monthly Vancouver Real Estate MLS Statistics - April 2010

Balance returns to the Vancouver Real Estate Market

The historically busy spring real estate market is in full swing. All activity (both on the buyer and seller sides) has picked up significantly in the Vancouver real estate market. Despite supply outpacing increasing demand, we are also continuing to see across the board price increases.

There were 2612 new listings in April 2010. This is a significant increase of 9.61% over the previous month and 81.77% over a year ago. As you can also see in the New Listings chart here it is also the highest number of new listings for any month in the last five years.

Sales, however, were no slouch. April 2010 saw sales reach 1173 which was an 18.01% increase over last month and 16.02% over the year before. According to the REBGV this was also the fifth highest number of sales for the month of April since records were kept.

Active Listings continue to build. They rose from 3919 in March to 4754 in April 2010. This is a 21.31% increase month to month and an 18.26% increase year over year.

As for prices, the average home in Greater Vancouver rose in value 18.9% to $593,419 from $499,021 the year before. For the city of Vancouver, the average house rose in value by 31.24% in those same 12 months.

While buyers appeared to be hesitant in the last couple of months, they have joined the party began by sellers. The question remains, however, if the excess supply that has flooded the market in the past month will be swallowed up by buyers without dragging down prices.

The Vancouver Real Estate Board’s official line

“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller sides of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this period.”

“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan added.

More info on Vancouver real estate

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March 2010 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Tue, 20 Apr 2010 17:27:35 +0000

Vancouver Real Estate Statistics for March 2010

Monthly Vancouver Real Estate MLS Statistics - March 2010

Balance returns to the Vancouver Real Estate Market

After seeing whopping price increases in the month of February, the market appears to have moderated all-around. Prices generally continued their upward trajectory, but with big jumps in inventory (new listings) and smaller increases in sales the upward pressure on prices eased.

For the city of Vancouver, the 2383 new listings for March 2010 were the highest number of new listings in 22 months. That takes us all of the way back to May 2008 when the Vancouver real estate market stalled and began it’s tumble through 2008.

While new listings boom, sales have not been far behind. There were 994 sales in March 2010 and that was 21% higher than February 2010 and 31% higher than March 2009. However, the rise in new listings is outpacing that of sales and so that has resulted in a significant drop in the Sell/List ratio to 42% (from 60% the month before).

Likewise, we saw Active Listings (the total number of listings on the market at month’s end) increase nearly 26% from February through to March 2010 (from 3111 to 3919). Despite the swelling of Active Listings we only saw a slight increase in Month’s Supply to 3.83 (from 3.72) because of the rise is Sales.

As for prices, the average home in Greater Vancouver rose in value 20.3% to $584,435 from $485,845 the year before. For the city of Vancouver, the average home has risen in value by 25.41% in those same 12 months.

Many sellers held off on listing their properties until after the Olympics. The rapid rise in home values has motivated many of those home owners to test the market. Buyers are active in the market but so far appear to be less motivated to move quickly (as they had been late in 2009) with so much choice.

The Vancouver Real Estate Board’s official line

“The total number of homes listed for sale on our MLS is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president-elect said.

“With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer deman and seller supply in the marketplace,” Moldowan added.

More info on Vancouver real estate

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

January 2010 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Thu, 04 Feb 2010 01:39:01 +0000

Vancouver Real Estate Statistics for January 2010

Monthly Vancouver Real Estate MLS Statistics - January 2010

A (not so) Average January For Vancouver Real Estate

For the first time in a long while, we had a month that did not threaten to break sales records. The month of January 2010 was only an average month for the first decade of the century. Higher sales numbers were achieved in 2002, 2003, 2004 and 2006.

The big story this month wasn’t the number of sales, but rather prices. The benchmark price for residential homes in Greater Vancouver broke to an all-time high to $573,241. This is up (+17.2%) from $489,007 the previous year but also (+0.8%) up from the previous high of $568,411 in May 2008.

The increase in prices is only more dramatic if we focus solely on the city of Vancouver. Detached houses in Vancouver are up 33.44% to $1,152,217 from $863,456 in January 2009. Apartments are up 14.44% and Attached properties are up 12.66%.

What we did see in January, aside from average sales and record prices was also a significant number of new listings. With 1696 (+36.22% y-o-y and +128.57% m-o-m) new listings coming onto the market in January 2010, we are seeing some balance return to the market. There is greater selection for buyers to choose from which is in stark contrast to the last few months of 2009 when the number of active listings continued to whither.

The coming months will be interesting ones for Vancouver real estate. We are about to host the 2010 Winter Olympics and what this means for Vancouver real estate is really a guessing game. I expect that we will see much of February to be a slow month for real estate as people focus their energy in other areas. I feel that it is likely buyers and sellers alike will hold off on making decisions until after the Olympics…but we shall see.

The Vancouver Real Estate Board’s official line

“Although home prices in the region have largely returned to their previous peaks, we still see a significant number
of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available
today,” Jake Moldowan, REBGV president-elect said.

“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.

More info on Vancouver real estate

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December 2009 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Thu, 21 Jan 2010 20:43:01 +0000

Vancouver Real Estate MLS Statistics - December 2009

Vancouver Real Estate Statistics for December 2009

The third strongest December on record

2009 ended much differently than it began. The year began with one of the worst months on record while it ended with one of the best December.

The benchmark price for residential homes in Greater Vancouver was up 16.2% (to $562,462) from December 2008 to 2009. The detached benchmark for the City of Vancouver was up far higher to $1,115,023 (+27.81%). Over the previous year attached homes were up 18.46% ($635,766) and apartments were up 15.17% ($410,215)

We saw increases across the board in these number month over month…significant increases. They were +3.96% for detached, +5.29% for attached, and 1.13% for apartments.

Year over year there were enormous improvements across the board, not just in prices. Sales in Vancouver were up (+146.59%) to 868. Listings were also up (+61.3%) to 742. Meanwhile, active listings were way down (-47.2%) to 2442 which meant we were down to a 2.9 month supply (-77.28%).

While December is traditionally one of the slowest months of the year, the only month that is typically slower is January. I expect that the month of January will be a weak one if we follow the historical standard.

Usually, we see February pick up market activity significantly. Of course, this year is unique as we are hosting the 2010 Winter Olympics. Most likely, this will mean that we will be having another weak month as far as market activity but prices will likely continue to rise.

The Vancouver Real Estate Board’s official line

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”

More info on Vancouver real estate

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2009 Vancouver Real Estate Market Year in Review

Sebastian — Sat, 16 Jan 2010 00:27:40 +0000

Sebastian Albrecht, Vancouver realtor discusses 2009 in this video blog. From the lows of January, where the sky appeared to be falling up to the highs of the summer in June and July. Vancouver real estate had a spectacular year of growth straight through until the very last month of the year. It goes to show that buying when no one else wants to can put a lot of money in your pocket.

Are you interested in more real estate market statistics? You can view all of Sebastian’s updates on the Vancouver real estate market here. You’ll find daily, weekly and monthly updates, including complete charts of the entire 2009 Vancouver real estate market. You can also find Vancouver real estate statistics for a number of Vancouver neighborhoods.

Please share your opinion on this, or any other Vancouver real estate topic by contacting Sebastian at sebastian@sebastianalbrecht.com. Sebastian Albrecht video blogs regularly about Vancouver real estate. You can find all of his Vancouver real estate video blogs here.

November 2009 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Mon, 07 Dec 2009 21:18:10 +0000

Monthly Vancouver Real Estate MLS Statistics - November 2009

A Near Record Month of November

The average home in Greater Vancouver rose 12.4% over the past year. In the City of Vancouver we blew this average out of the water. November 2009 saw detached homes up 24.61%, attached homes up 16.73% and apartments up 11.51%.

These numbers mask, to some degree the fact that we saw (nearly) across the board DECLINES in prices month over month. Only detached homes on the Eastside (+0.82%) and apartments on the Westside (+0.51%) saw increases.

November 2009 was the third strongest (measure by number of sales) on record. There were enormous increases year over year (+292.75%) in Sales. Listings rose only modestly (+23.79%) which saw the number of Active listings drop off (-45.43%).

We will continue to see the market slow down in the next few weeks. This is a seasonal effect that occurs every year as realtors take vacations and buyers and sellers focus more on friends and family than real estate.

What is unclear is what will happen in the New Year. Will the torid pace seen in 2009 continue on into 2010? Will the Olympic party effectively put the Vancouver real estate market on hold until March 2010? There are many questions, but few obvious answers.

The official line

“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before.”

“We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season,” Russell said.

More info on Vancouver real estate

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

October 2009 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Thu, 05 Nov 2009 20:30:32 +0000

Monthly Vancouver MLS Statistics - October 2009

Upward Pressure Continues

October 2009 ended up being another stellar month in the Vancouver real estate market. We’ve become accustomed to seeing strong results this year, and October was no exception. Demand remained strong while supply shrank and the result was that prices were pushed higher.

However, while to date there had been no signs of the market slowing down. I do believe that we will see a seasonal pullback in sales beginning in November and leading us through December.

Our market continues to be driven by first-time buyers, pent-up demand and low interest rates. I believe that the majority of first-time buyers that were waiting through the downturn to make a purchase have done so. With signs of strength returning to the economy, we should also begin seeing upward pressure on interest rates.

For these reasons I expect we will not continue to see prices skyrocket. During the middle of 2009 there was significant and rapid price appreciation in Vancouver real estate. I don’t believe this will continue and while prices will continue to increase, they will do so at a more modest rate heading into 2010.

The official line

“While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “We’re coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,”

“High confidence and low mortgage rates are continuing to drive the activity we’re seeing in the housing market today,” Russell said.

The numbers

For the fourth time in the last seven months we had an increase in Sales (+6.09%) from 1166 to 1237. Unsurprisingly, this was a huge 205% increase over the 405 Sales in October 2008. The majority of the strength in Sales came on the Westside where they increase 10% month over month versus a slight decline of <1% on the Eastside.

New Listings fell (-10.05%) to 1709 from 1900 (month to month). This was the third time in the last four months that they fell. Year over year, there was an increase (+6.75%) to 1709 from 1601. The decline in New Listings was strongest on the Eastside (-17.07%) vs the Westside (-6.35%).

After seeing recent rises in both the Months of Supply and Active Listings numbers, October saw both of these fall. Active Listings fell very slightly (-0.72%) to 3331 from 3355. Meanwhile the Months of Supply dropped (-5.88%) to 2.67 from 2.84.

More info on Vancouver real estate

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

September 2009 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Wed, 07 Oct 2009 23:41:26 +0000

Monthly Vancouver MLS Statistics - September 2009

Another Great Month

The Vancouver real estate market has remained strong through the month of September. The most recent month was the second best September ever on record for Vancouver (as measured by units sold). The strength that has been evidenced in the market since the beginning of the year doesn’t appear to be abating.

For the third month in a row sales slipped on a month-to-month comparison. The Vancouver real estate market saw sales fall (-1.27%) to 1166 from 1181 in August 2009. This is an expected seasonal slowdown as we’ll most likely see sales continue to slide towards the end of the year. Year-over-year the comparison is much rosier as sales were up +151.29% over the 464 sales we saw last September.

New Listings were up for the first time in three months (+27.09%). They rose to 1900 from 1495 the previous month. This is, however, down (-10.8%) from the 2130 that we had a year ago.

Prices continue to see upward pressure. All types of housing are seeing significant gains other than attached. Both detached and apartments were up this last month. Houses appear to be seeing the strongest gains with last month rising +2.36% and in comparison to a year ago up +9.16%

The official line

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.

“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

The numbers

There was a drop in sales (-1.27%) for the third time in the last six months. The largest decline in sales was actually on the westside where they fell -7.8%. They actually rose +12.18% on the eastside of Vancouver. Year-over-year sales were up (+151.29%). There were 1166 sales in September 2009 versus just 464 in September 2008.

New listings for the first time in three month (+27.09%) on a month-to-month basis. There were 1900 new listings in September compared to the 1495 in August 2009. Year-over-year there was a decline (-10.8%) from 2130 in September 2008 to 1900 in September 2009. The Sell/List ratio fell to 61.37% (from 79%).

Active listings rose for the first time in seven months. We went from 3069 in August to 3355 this past September. That’s an increase of +9.32%. Year-over-year, however, we are WAY down (-44.95%) from the annual high of 6095.

More info on Vancouver real estate

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

Vancouver Real Estate Blog - Vancouver Realtor » Monthly Update

June 2010 Real Estate Board of Greater Vancouver MLS Statistics

Vancouver Real Estate Statistics for June 2010

Signs of stability returning to the Vancouver Real Estate Market

The Vancouver Real Estate Board’s official line

More info on Vancouver real estate

May 2010 Real Estate Board of Greater Vancouver MLS Statistics

Vancouver Real Estate Statistics for May 2010

Monthly Vancouver Real Estate MLS Statistics - May 2010 Balance Returns or Buyer’s Market?

The Vancouver Real Estate Board’s official line

More info on Vancouver real estate

April 2010 Real Estate Board of Greater Vancouver MLS Statistics

Vancouver Real Estate Statistics for April 2010

Balance returns to the Vancouver Real Estate Market

The Vancouver Real Estate Board’s official line

More info on Vancouver real estate

March 2010 Real Estate Board of Greater Vancouver MLS Statistics

Vancouver Real Estate Statistics for March 2010

Monthly Vancouver Real Estate MLS Statistics - March 2010

Balance returns to the Vancouver Real Estate Market

The Vancouver Real Estate Board’s official line

More info on Vancouver real estate

January 2010 Real Estate Board of Greater Vancouver MLS Statistics

Vancouver Real Estate Statistics for January 2010

A (not so) Average January For Vancouver Real Estate

The Vancouver Real Estate Board’s official line

More info on Vancouver real estate

December 2009 Real Estate Board of Greater Vancouver MLS Statistics

Vancouver Real Estate Statistics for December 2009

The third strongest December on record

The Vancouver Real Estate Board’s official line

More info on Vancouver real estate

2009 Vancouver Real Estate Market Year in Review

November 2009 Real Estate Board of Greater Vancouver MLS Statistics

A Near Record Month of November

The official line

More info on Vancouver real estate

October 2009 Real Estate Board of Greater Vancouver MLS Statistics

Upward Pressure Continues

The official line

The numbers

More info on Vancouver real estate

September 2009 Real Estate Board of Greater Vancouver MLS Statistics

Another Great Month

The official line

The numbers

More info on Vancouver real estate

Monthly Vancouver Real Estate MLS Statistics - May 2010

Balance Returns or Buyer’s Market?