Spring delivers greater balance to Greater Vancouver housing market

By
Real Estate Agent with RE/MAX Michael Cowling and Associate Realty

A closer relationship between home buyer demand and the supply of homes for sale has been having a stabilizing impact on home prices in the Greater Vancouver housing market over the last three months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,627 on the Multiple Listing Service® (MLS®) in April 2013. This represents a 6.1 per cent decrease compared to the 2,799 sales recorded in April 2012, and an11.9 per cent increase compared to the 2,347 sales in March 2013.

Last month’s sales equate to the lowest April total in the region since 2001 and 20.9 per cent below the 10-year sales average for the month.

While the number of home sales remains below average, properties that are priced right are selling and we’re seeing greater balance between buyer demand and the number of homes listed for sale. This is having a steadying influence on home prices in the region.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876 in April. This represents a three per cent decline compared to the 6,056 new listings reported in April 2012 and a 21.4 per cent increase from the 4,839 new listings in March of this year. Last month’s new listing count was 0.4 per cent above the region’s 10-year new listing average for the month.

The total number of properties listed for sale on the MLS® in Greater Vancouver is 16,730, a 1.2 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 the second consecutive month that this ratio has been above 15 per cent. Previous to this, May 2012 was the last time this ratio was above 15 per cent.

There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately five to six per cent in Greater Vancouver during the last half of 2012.

Richmond

Sales of detached properties on the MLS® in April 2013 reached 109, a decrease of 4.39 per cent from the 114 detached sales recorded in April 2012, and a 23.77 per cent decrease from the 143 units sold in April 2011.

Attached property sales in April 2013 totalled 93, a 30.99 per cent increase compared to the 71 sales in April 2012, and a 13.88 per cent decrease from the 108 attached properties sold in April 2011.

Sales of apartment properties reached 148 in April 2013, a 22.31 per cent increase compared to the 121 sales in April 2012, and a decrease of 10.44 per cent compared to the 134 sales in April 2011.

 

Source Real Estate Board of Greater Vancouver

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