Spring delivers greater balance to Greater Vancouver housing market – Real Estate Update April 2013
A closer relationship between home buyer demand andÂ the supply of homes for sale has been having a stabilizing impact on home prices in the GreaterÂ Vancouver housing market over the last three months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales inÂ Greater Vancouver reached 2,627 on the Multiple Listing ServiceÂ® (MLSÂ®) in April 2013. ThisÂ represents a 6.1 per cent decrease compared to the 2,799 sales recorded in April 2012, and anÂ 11.9 per cent increase compared to the 2,347 sales in March 2013.
Last monthâ€™s sales equate to the lowest April total in the region since 2001 and 20.9 per centÂ below the 10-year sales average for the month.
â€œWhile the number of home sales remains below average, properties that are priced right areÂ selling and weâ€™re seeing greater balance between buyer demand and the number of homes listedÂ for sale. This is having a steadying influence on home prices in the region,â€ says Sandra Wyant,Â REBGV president.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876Â in April. This represents a three per cent decline compared to the 6,056 new listings reported inÂ April 2012 and a 21.4 per cent increase from the 4,839 new listings in March of this year. LastÂ monthâ€™s new listing count was 0.4 per cent above the regionâ€™s 10-year new listing average forÂ the month.
The total number of properties listed for sale on the MLSÂ® in Greater Vancouver is 16,730, a 1.2Â per cent increase compared to April 2012 and an 8.2 per cent increase compared to March 2013.
The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This is theÂ second consecutive month that this ratio has been above 15 per cent. Previous to this, May 2012Â was the last time this ratio was above 15 per cent.
â€œThere have been modest increases in home prices across the region over the last three months.Â This comes on the heels of home price declines of approximately five to six per cent in GreaterÂ Vancouver during the last half of 2012,â€ Wyant said.
The MLSÂ® Home Price Index composite benchmark price for all residential properties inÂ Greater Vancouver is currently Â $597,300. This represents a decline of 3.9 per cent compared toÂ this time last year and an increase of 1.6 per cent compared to January 2013.
Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5 per cent from theÂ 1,126 detached sales recorded in April 2012, and a 24.1 per cent decrease from the 1,402 unitsÂ sold in April 2011. The benchmark price for detached properties decreased 5.2 per cent fromÂ April 2012 to $914,000. Since January the benchmark price of a detached home has increasedÂ 1.4 per cent.
Sales of apartment properties reached 1,052 in April 2013, a decline of 11.6 per cent comparedÂ to the 1,190 sales in April 2012, and a decrease of 12.4 per cent compared to the 1,201 sales inÂ April 2011. The benchmark price of an apartment property decreased 2.6 per cent from AprilÂ 2012 to $365,900. Since January the benchmark price of an apartment home has increased 2.1Â per cent.
Attached property sales in April 2013 totalled 511, an increase of 5.8 per cent compared to theÂ 483 sales in April 2012, and a 17.8 per cent decrease from the 622 attached properties sold inÂ April 2011. The benchmark price of an attached unit decreased 3.5 per cent between April 2012Â and 2013 to $455,200. Since January the benchmark price of an attached home has increased 1.2Â 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]