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.

Related posts:

1. April 2011 Real Estate Board of Greater Vancouver MLS Statistics
2. May 2011 Real Estate Board of Greater Vancouver MLS Statistics
3. February 2011 Real Estate Board of Greater Vancouver MLS Statistics

It’s always nice when your hard work is recognized, even in a small way. In writing a blog recognition and feedback can often be little and far between. It can be a thankless task.

Personally, I love writing this blog. As a Vancouver realtor, I spend all of my time thinking and working in Vancouver real estate, so writing about it comes relatively easily. I enjoy sharing my knowledge, and helping people to understand the real estate market.

I know that my work is appreciated by many. Clients, old friends and new friends have contacted me to let me know that they find my work useful, or interesting. My hope is to continue to develop this blog into a conversation between myself and you, the reader…but, that can take time.

Just this past week, however, I received some recognition that was quite unexpected. A respected and well known Canadian political blog by the name of A Dime A Dozen Political Blog developed a list of Canada’s Top 25 Business Blogs. Please take a moment to visit the site and review the list.

I am absolutely honored to be considered amongst such company as Kate Trgovac, Tell Ten Friends, Capulet and Dream Bank. Many of these blogs were already on my must read list, but the list revealed a few new ones.

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I’ve just made a new addition to my Vancouver real estate website. Actually, there are two additions but both are on the same topic of Vancouver foreclosures. Whether you are in a position to purchase a foreclosure (which is a great way to get an excellent deal in the Vancouver real estate market), or if you are yourself in various stages of a foreclosure then there’s something for you.

The first page on Vancouver foreclosures is a great place to start if you are in the market to purchase real estate, or if you just want to keep your finger on the pulse of what’s happening with foreclosures in the Vancouver real estate market. Whether you are interested in Condos or houses, East Vancouver or West Vancouver you’ll be kept informed of what’s happening as it happens.

The other page that I added, Prevent Vancouver Foreclosures, provides you with information on how to avoid losing your home to foreclosure. If you are being threatened with foreclosure, I’ve outlined three steps that you should take immediately to help you deal with situation.

More Info on Vancouver Real Estate

If you are thinking of buying or selling, or just have questions, contact me here or send me a quick email.

Copyright © 2008 Vancouver realtor blog by  Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”Vancouver Real Estate Website Update – Vancouver Foreclosures ”

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The CMHC (Canada Mortgage and Housing Corporation) released it’s Spring 2008 forecast for the Metro Vancouver region today. It’s a relatively positive forecast, predicting that the market will “moderate slightly” in 2008 and 2009.

 It points to strong economic and demographic fundamentals underpinning the market, including steady job growth, population growth and continued low mortgage rates. Meanwhile, softening consumer sentiment and “high mortgage carrying costs” (I think this is their way of saying high prices) will weaken homebuyer demand.

They predict that MLS sales will dip slightly, but remain at a historically high level through the remainder of this year and 2009. Home prices will also continue to rise, but at a slower pace than recent years (8% in 2008 and 5% in 2009), as buyers have more choice and are able to take more time in making their buying decisions.

Aside from what I already mentioned above, what I take away from this is that the CMHC doesn’t see the US housing meltdown affecting us other than in some near-term negative homebuyer sentiment. I am seeing much of what is referred to in the forecast on the ground in the market today. It’s important information to keep in mind that the market has certainly shifted…whether you are buying or selling today, you need to know where the market stands. 

Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside

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The Real Esate Board of Greater Vancouver released the monthly stats package for the month of January 2008. The main piece of news is that listings are on the rise (as the news release was entitled “New Listings Rise to Start the New Year”), resulting in a more balanced market.

Over last January, we saw listings rise 14.9%. From two years ago (January 2006) listings rose 34.7%. This rise has been predicted by market watchers for some time now, including the CREA and CMHC. The forecast has been that we are expecting listings to rise and prices to continue to rise, but at a slower pace. Of course, can we really call an 8% annual price increase balanced?

Sales also rose slightly by 0.7%. However, if we break down the numbers we see that Attached homes were basically flat, Detached homes fell and Attached home sales rose significantly by 11.7% over last year. I suspect that we are seeing the effects of steady price increases. Consumers are purchasing what they can afford, and for many a $1.2M starter home is simply out of reach.

A more balanced market is in our future. We’ll be seeing more listings and buyers can therefore have greater selection and a little more leverage. That being said, prices are still rising. As Brian Naphtali REBGV President points out, “The result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision.”

Sebastian Albrecht, Vancouver Realtor with Royal LePage

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Media Release

(Vancouver, BC. January 9th, 2008): A new method of real estate marketing is beginning to take root, enabling realtors, their clients, as well as the public to take full advantage of the internet. Traditionally, marketing methods have involved “push” techniques such as mail-outs and cold-calling but the shift is toward the “pull” of neighborhood or building specific websites.

Sebastian Albrecht of Royal LePage Westside currently markets his business on three separate websites, including two that are specific to a building or development in Vancouver, BC. His latest website, www.KingEdwardVillage.ca already features assignments and listings in Tri-Power Developments King Edward Village development located at 1402 Kingsway and 4078 Knight St.

Further expansion of this website is planned to include rental listings as well floorplans.

View each of Sebastian Albrecht’s niche websites: www.SebastianAlbrecht.com, www.KingEdwardVillage.ca, www.TheQubeCondos.com.

Media Contact:

Sebastian Albrecht
(604)831-4837
salbrecht(at)royallepage.ca

Sebastian Albrecht, Vancouver Realtor with Royal LePage

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