Real Estate News Flash

Typical

REBGV’s Monthly News Flash says everything is as it should be!

Home listings rise to start the spring season

A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.

The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).

At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.

“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 said.

Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.

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

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796.

Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899.

Attached property sales in March 2010 totalled 549, an increase of 40.1 per cent compared to the 392 sales in March 2009 and a 7.4 per cent increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3 per cent between March 2009 and 2010 to $493,263, but declined 0.5 per cent compared to last month when the benchmark price was $495,496.

Copyright © Real Estate Board of Greater Vancouver. All Rights Reserved. Used with Permission

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

1 Says:
April 6th, 2010 at 3:49 pm

i give it another month…april for the bulls…maybe…

then

game

set

match

horror movie starts

Boombust Says:
April 6th, 2010 at 4:53 pm

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

He is their SPOKESPERSON?

I’d say it was a tad “unhealthy” if I were trying to sell.

April 6th, 2010 at 5:30 pm

@boombust
He is their PRESIDENT.

What do you consider ‘healthy’??

April 6th, 2010 at 5:32 pm

@1
Never mind the horror show. The real question everybody wants an answer to is – if you are wrong are you going to stand us all a round at a local pub? 🙂

Boombust Says:
April 6th, 2010 at 5:57 pm

You’re the expert, Larry. Please…YOU tell ME.

fish10 Says:
April 6th, 2010 at 6:21 pm

$455 decline in the benchmark.

A journey of $200,000, always starts with the first $455.

🙂

April 6th, 2010 at 6:42 pm

@boombust
no expert – just a humble peddler

davers Says:
April 6th, 2010 at 11:04 pm

boombust:

He doesnt mean sell/list like we look at in the daily and weekly numbers, he means total sales for the month were 23% of the total listings (not for the month, but total listings available). At least thats what I think, if someone thinks otherwise please let me know.

Basically that translates to an MOI of just over 4. Seems pretty balanced to me if we are just looking at that number.

However there are many more numbers in the month which look less favourable to the RE pumpers. Note that those numbers arent really mentioned. I really like how it says the benchmark is higher than the peak in May 08 and 17% higher than last March, but fails to mention that it fell from last month. Very sneaky these guys are.

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