Little Johnny’s parents were unhappy. Every mark on his report card was ‘below average’. Poor Johnny. It wasn’t his fault. When his parents asked about his performance Johnny didn’t lie. “It was the market” he said!
Stats Don’t Lie and the Vancouver Real Estate Board’s latest report card like Johnny’s, is also stamped with ‘below average’.
- total sales of detached, attached and apartment properties in 2012 reached 25,032 – down 22.7% from 2011.
- last year home the sales total was 25.7 per cent below the ten-year average
- sales in Greater Vancouver totalled 1,142 in December 2012, a decrease of 31.1 per cent from the 1,658 sales recorded in December 2011
- December sales were 38.4 per cent below the 10-year December sales average of 1,855.
- residential properties listed for sale declined 2 per cent in 2012 to 58,379 compared to the 59,539 properties listed in 2011.
- last year’s listing total was 6.1 per cent above the ten-year average
- “2012 saw a collective hesitation on the part of buyers and sellers”
- “the behavior reflected lower than average home sale activity and modest fluctuations in home prices”
- “home prices came down a bit during the latter half of the year”
- “we saw fewer home sales and listings”
- reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.8 per cent to $590,800 – down 2.3% YOY.
- detached, attached and apartment properties in Greater Vancouver totalled 1,380 in December 2012 – down 15.3%
- detached properties in December 2012 reached 425 – down 32.5%
- detached Benchmark price declined 6.5% to $904,200
- Apartment sales reached 504 in December 2012 – down 34.9%
- Apartment Benchmark price has declined 1.9% to $361,200
- Attached sales in December 2012 totalled 213 – down 16.1%
- Since April the attached benchmark price decreased 4.4% to $450,900.
Speaking to Johnny the teacher noted that his level of “activity continues to vary depending on area so it’s important to work with your REALTOR® and other professionals to understand the trends in your area of interest.”
Here’s hoping that with professional help Johnny can look forward to better grades.
Quotes and Data Courtesy REBGV