Vancouver’s Quiet Stats Don’t Lie

Quiet!

If January found you suffering through the latest version of the flu having a quiet place to rest may have been on your wish list.

Alternatively if your plan was to sell your Vancouver home having a quiet real estate market was probably not what you were hoping for.

Statistical Noise

“Home buyer demand remains below historical averages in the Greater Vancouver housing market”

  1. January had a 14.3% decline YOY in sales
  2. second lowest number of sales since 2001 or put another way
  3. sales were 18.7% below the 10 year average

Declining Prices

According to the President of the Vancouver Real Estate Board “home sale activity has been below historical averages in Greater Vancouver for about seven months. This has caused a gradual decline in home prices of about 6 per cent since reaching a peak last spring.”

We’ll Wait

“It appears many home sellers are opting to remove their homes from the market rather than settle for a price they don’t want” says the Pres.

Product Choice

  • Although down 10.9% YOY, January’s new listing count was 18.9 per cent higher than the region’s 10-year average
  • Total listings in the region increased 5.6% YOY.

Presidential Rationale

“When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter.”

January’s Numbers

  • sales-to-active-listings ratio at 10.2 per cent, the region remains in buyers’ market territory

Detached

  • Detached Sales in January 2013 reached 542, a decrease of 17.8 per cent.
  • Detached Benchmark price decreased 3.1 per cent from January 2012 to $901,000.

Apartment

  • Apartment sales reached 750 in November 2012, a decline of 25 per cent.
  • Apartment Benchmark price has declined 2.9 per cent to $358,400.

Attached

  • Attached sales in January 2013 totalled 233, a decline of 10.7 YOY.
  • benchmark price decreased 1.7 per cent between January 2012 and 2013 to $449,900.

The Sound of Silence

“Since 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 5.9 per cent to $588,100. This represents a 2.8 per cent decline compared to this time last year.”

Full Report Here

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.

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