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.”
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.