A New Year is upon us and a chance too look back at December and 2012 in real estate across the lower mainland

 

The quick summary is: Prices peaked last spring and the market is slower than past years. Prices have come down a little but not evenly across the region. Home owners are also receiving their BC Assessment this week as well. Some places will show a drop, others an increase. Keep in mind those numbers aren't an exact value of the home. Actual market price may be higher or lower, in some cases by hundreds of thousands of dollars! 

 

If you are considering selling your home, call for an appointment for a home evaluation.

 

Let's look at the numbers...

 

The Greater Vancouver housing market experienced below average home sale totals, typical home listing activity and modest declines in home prices in 2012.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that total

sales of detached, attached and apartment properties in 2012 reached

25,032, a 22.7 per cent decline from the 32,387 sales recorded in

2011. Last year’s home sale total was 25.7 per cent below the

ten-year average for annual Multiple Listing Service® (MLS®) sales

in the region.

 

The number of residential properties listed for sale on the MLS® in

Greater Vancouver declined 2 per cent in 2012 to 58,379 compared to

the 59,539 properties listed in 2011. Last year’s listing

total was 6.1 per cent above the ten-year average for annual MLS®

property listings in the region.

 

"For much of 2012 we saw a collective hesitation on the part of buyers

and sellers in the Greater Vancouver housing market. This behavior was

reflected in lower than average home sale activity and modest

fluctuations in home prices,” Eugen Klein, REBGV president said.

 

Residential property sales in Greater Vancouver totalled 1,142 in

December 2012, a decrease of 31.1 per cent from the 1,658 sales

recorded in December 2011 and a 32.3 per cent decline compared to

November 2012 when 1,686 home sales occurred.

 

December sales were 38.4 per cent below the 10-year December sales

average of 1,855.

 

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 5.8 per cent to $590,800. This represents a 2.3

per cent decline when compared to this time last year.

 

“We saw home prices come down a bit during the latter half of the

year. During the same period, we saw fewer home sales and listings.”

Klein said.

 

New listings for detached, attached and apartment properties in

Greater Vancouver totalled 1,380 in December 2012. This represents a

15.3 per cent decline compared to the 1,629 units listed in December

2011 and a 50 per cent decline compared to November 2012 when 2,758

properties were listed.

 

Sales of detached properties in December 2012 reached 425, a decrease

of 32.5 per cent from the 630 detached sales recorded in December

2011. The benchmark price for detached properties decreased 2.7 per

cent from December 2011 to $904,200. Since reaching a peak in May, the

benchmark price of a detached property has declined 6.5%.

 

Sales of apartment properties reached 504 in December 2012, a decline

of 34.9 per cent compared to the 774 sales in December 2011.

The benchmark price of an apartment property decreased 1.9 per

cent from December 2011 to $361,200. Since reaching a peak in May, the

benchmark price of an apartment property has declined 12.8%.

 

Attached property sales in December 2012 totalled 213, a decline of

16.1 per cent compared to the 254 sales in December 2011. The benchmark price of an attached unit decreased 2.6 per cent

between December 2011 and 2012 to $450,900. Since reaching a peak in

April, the benchmark price of an attached property has declined 4.4%.

 

”Activity continues to vary depending on area so it’s important to

work with your REALTOR® and other professionals to understand the

trends in your area of interest.” Klein said.