Sale and listing activity continues to follow historical averages

Home buyer and seller activity in the Greater Vancouver housing market continues to far outpace 2012, yet is in line with the region’s 10-year averages.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013. This represents a 63.8 per cent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 per cent decline compared to the 2,514 sales in August 2013.

 

Last month’s sales were 1 per cent below the 10-year sales average for the month, while new listings for the month were 3.5 per cent below the 10-year average.

 

“While sales are up considerably from last year, it’s important to note that September 2012 sales were among the lowest we’ve seen in nearly three decades,” Sandra Wyant, REBGV said. “Home sale and listing activity this September were in line with the 10-year average for the month.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,030 in September. This represents a 5.5 per cent decline compared to the 5,321 new listings reported in September 2012 and a 20.2 per cent increase compared to the 4,186 new listings in August of this year.

 

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,115, a 12.2 per cent decrease compared to September 2012 and a 0.5 per cent increase compared to August 2013.

The sales-to-active-listings ratio currently sits at 15.4 per cent in Greater Vancouver.

 

“It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” Wyant said.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7 per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013.

 

Sales of detached properties reached 1,023 in September 2013, an increase of 72.2 per cent from the 594 detached sales recorded in September 2012, and a 6.9 per cent increase from the 957 units sold in September 2011. The benchmark price for detached properties decreased 1.4 per cent from September 2012 to $922,600.

 

Sales of apartment properties reached 1,018 in September 2013, an increase of 50.6 per cent compared to the 676 sales in September 2012, and an increase of 10.4 per cent compared to the 922 sales in September 2011. The benchmark price of an apartment property decreased 0.5 per cent from September 2012 to $366,600

 

Attached property sales in September 2013 totalled 442, an increase of 79.7 per cent compared to the 246 sales in September 2012, and a 20.4 per cent increase from the 367 attached properties sold in September 2011. The benchmark price of an attached unit is currently $458,300, which is unchanged from September 2012.


Take a look at the latest Greater Vancouver Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood. You can reach me directly at 604.715.3900 or email me at judy@judysehling.com. If you would like to receive this information monthly to your inbox, subscribe to my Newsletter.


Download the complete stats package by clicking here. 

Read full post

 

September Housing Market Shows Marked Improvement Over Last Year’s Historical Lows

                 

SURREY, BC – Oct. 2, 2013 

 

The Fraser Valley real estate market continues to edge closer to typical activity levels as September 

saw the largest year‐over‐year increase in property sales this year to date.     

 

The Fraser Valley Real Estate Board processed 1,131 sales on its Multiple Listing Service® (MLS®) in 

September, an increase of 32 per cent compared to the 857 sales processed during the same month 

last year and 10 per  cent fewer than processed in August.  

 

Ron Todson, President of the Board, explains, “It is good news however, it’s important to put the

increase into context. Our home sales in September went from the worst in 10 years to just below

our 10‐year average.  

 

“It can take a year or more for the market to recover from regulatory changes such as last year’s

tightening of mortgage rules introduced by the federal government. Although we are seeing 

evidence of first‐time home buyers returning to the market, we have to keep in mind that it is more 

challenging now for them to get financing, so although we’re witnessing a recovery to a balanced 

market it is gradual.”  

 

Todson adds, “An improvement in our sales in the Fraser Valley has not translated to an increase

in home prices because inventory levels have either kept pace or depending on the property type 

and community are elevated. 

 

“Your REALTOR® can provide specifics for your area, for example there is 12 months of condo 

inventory right now in White Rock/South Surrey, 5 months of inventory for single family homes in 

North Delta and only 3 and a half months of townhouse inventory in Langley. Real estate is local 

so to understand your market, talk to an expert.”

 

 

In September, the benchmark price of single family detached homes in the Fraser Valley was 

$552,900, a 0.6 per cent increase compared to $549,500 during the same month last year. For 

townhouses, the benchmark price was $296,200, a decrease of 1.4 per cent compared to 

$300,500 in September 2012 and the benchmark price of apartments was $203,100, 1.9 per 

cent less than in September 2012 when it was $207,000. 

 

The Board received 2,375 new listings in September, a decrease of 7 per cent compared to the 

2,544 new listings received during the same month last year-leaving the volume of active properties 

at 9,875 a decrease of 5 per cent compared to September 2012 and the lowest it’s been since 

March of this year.  

 

Take a look at the latest Fraser Valley  Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood. You can reach me directly at 604.715.3900 or email me at judy@judysehling.com. If you would like to receive this information monthly to your inbox, subscribe to my Newsletter.

 

 

 

Download the complete stats package by clicking here. 

Read full post

Search Listings Now!

Ready To Sell?

Insider Access