Home sales continue at below average pace – Metro Vancouver Real Estate Update March 2013
Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,797 on the Multiple Listing ServiceÂ® (MLSÂ®) in February 2013. This represents a 29.4 per cent decrease compared to the 2,545 sales recorded in February 2012, and a 33 per cent increase compared to the 1,351 sales in January 2012.
Last monthâ€™s sales were the second lowest February total in the region since 2001 and 30.9 per cent below the 10-year sales average for the month.
â€œSales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.
The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.
â€œWith a two-point increase in our sales to active listings ratio and a reduction in the average number of days itâ€™s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,â€ Klein said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,833 in February. This represents a 13 per cent decline compared to the 5,552 new listings reported in February 2012 and a 5.8 per cent decline from the 5,128 new listings in January. Last monthâ€™s new listing count was 4 per cent higher than the regionâ€™s 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLSÂ® is 14,789, a 5.2 per cent increase compared to February 2012 and an 11.6 per cent increase compared to January 2013.
Since reaching a peak in May of $625,100, the MLSÂ® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.6 per cent to $590,400. This represents a 3.3 per cent decline compared to this time last year.
Sales of detached properties in February 2013 reached 704, a decrease of 36.1 per cent from the 1,101 detached sales recorded in February 2012, and a 49.8 per cent decrease from the 1,402 units sold in February 2011. The benchmark price for detached properties decreased 4.5 per cent from February 2012 to $901,500. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.8 per cent.
Sales of apartment properties reached 760 in February 2013, a decline of 25.5 per cent compared to the 1,020 sales in February 2012, and a decrease of 37 per cent compared to the 1,206 sales in February 2011. The benchmark price of an apartment property decreased 3 per cent from February 2012 to $360,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.1 per cent.
Attached property sales in February 2013 totalled 333, a decline of 21.5 per cent compared to the 424 sales in February 2012, and a 31.9 per cent decrease from the 489 attached properties sold in February 2011. The benchmark price of an attached unit decreased 0.7 per cent between February 2012 and 2013 to $455,500. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 6.5 per cent.
If you have any real estate questions or if you are thinking of buying or selling your home, please contactÂ James Louie Chung, Metro Vancouver REALTORÂ® â€“ Real Estate AgentÂ atÂ [email protected]Â or call / text ( 6 0 4 ) 7 1 9 â€“ 6 3 2 8 today!