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

Are you a first time home buyer? I have helped many first time buyers purchase their first home. If you are thinking of looking, I can help you take advantage of all the government programs and incentives, educate you on the process, and get you the best possible deal on the home that you want.

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