November 2009 Real Estate Board of Greater Vancouver MLS Statistics

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

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.