Vancouver’s Real Estate Reports Stats That Don’t Lie

Fantasy

In 1979 there was a movie starring Bo Derek entitled “Ten”. It was a fantasy.

In the world of real estate fantasy it was a short while ago that Vancouver real estate was in the Top Ten. This month Stats that Don’t Lie altered the fantasy. November’s Real Estate Board of Vancouver’s stats says that on average, Vancouver is no longer in the top ten.

Three Things

“Over the past six months, the Greater Vancouver housing market has”

  1. seen a reduction in the number of homes listed for sale
  2. a gradual moderation in home prices and
  3. a decrease in property sales compared to historical averages.

Two Sides of the Coin

Like a two sided coin REBGV’s Presidential guiding light tells us that on one side “home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties” and on the other side – “buyers appear to be expecting prices to moderate.”

Who will win is the question!

Ten Year Low

“November sales were 30.3 per cent below the 10-year November sales average of 2,420.”

Product Choice

  • Total number of MLS® Residential Listings hit 15,689, an increase of 13% from this time last year
  • Total listings in the region have declined by nearly 3,000 properties since reaching a peak of 18,493 in June.

November’s Numbers

  • sales-to-active-listings ratio was unchanged from October at 11 per cent
  • The MLSLink® Housing Price Index (HPI)has since peaking May at $625,100 has declined 4.5 per cent to $596,900. a 1.7 per cent decline when we compared to this time last year

Detached

  • Detached Sales in November 2012 reached 629, a decline of 31.3 per cent.
  • Detached Benchmark price has declined 5.5 per cent to $914,500

Apartment

  • Apartment sales reached 750 in November 2012, a decline of 25 per cent.
  • Apartment Benchmark price has declined 3.9 per cent to $364,900.

Attached

  • Attached sales in November 2012 totalled 307, a decline of 30.6 per cent
  • Since April the attached benchmark price decreased 3.6 per cent to $454,300.

Top Ten

“Of the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold for $1 million or more.”

Full Report Here

Photo Courtesy Warner Bros via IMDb.com Graphic Sam Churchill – Flickr

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.

When Life Moves You - contact Larry:

*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:

Smoking Man Says:
December 4th, 2012 at 7:56 pm

I think, in time, that the truth will win out.

Fundamentals rule the roost, ultimately.

That’s what I think.

So, nominal price declines of minimum 30% (I would argue that we are half way there), with an outside chance of a full 50% decline.

What do YOU fellow bloggers/Larry think?

December 4th, 2012 at 10:04 pm

@Smoking Man

Old poker story: if you live long enough and have enough chips to last the game in the end you will break even

Maurice Says:
December 5th, 2012 at 10:02 pm

Larry, its bad enough that that the RE cartel has a monopoly on the data but hiding behind this HPI and meaningless month over month comparisons borders on deceit.

If your industry had the best interests of buyers in mind, it would make all sales history, price changes, expiry and average prices available.

How about you mention this to our good friend Cam over your next cup of coffee?

December 5th, 2012 at 10:11 pm

@Maurice

Well I’m sure glad you got that off of your chest.

Smoking Man Says:
December 16th, 2012 at 8:11 pm

Larry,

Hope you are surviving the early stages of this slump.

All the Best,

Smoking Man

December 18th, 2012 at 10:35 pm

@Smoking

Thanks for your concern – it is appreciated but yah gotta know this ain’t my first rodeo. 🙂

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