Greater Vancouver Real Estate Statistics – April 2013
Balance is returning to the Greater Vancouver housing market.
We are starting to see a closer balance between the demand from home buyers and the supply from sellers. This is creating a stabilizing impact on home prices, and has been doing so for the last three months.
During April 2013 2,627 properties changed hands on the MLS®. Compared to the same month last year this represented a 6.1% decline, but an 11.9% increase compared to March 2013 where 2,347 properties were sold.
In terms of numbers of sales, April of 2013 was 20.9% below the 10 year activity average, and was the slowest April since 2001.
Sandra Wyant, the Real Estate Board of Greater Vancouver mentioned:
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 on the market totalled 5,876. This is a 3% decline when we compare those numbers to a year earlier (April 2012), and 21.4% decline from March 2013.
Sales to active listing ratio (which we touched on in our last article) is sitting at 15.7%. March and April of this year both showed this figure to be above 15%. The last time this ratio was over 15% was in May 2012.
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 – Sandra Wyant
Detached Vancouver Properties
During April 2013 we saw a total of 1,064 sales for detached properties. Compared to the same month last year, this is a 5.5% decline (1,126 sales) and compared to April 2011, this is a 24.1% decrease (1,402 sales). Benchmark pricing is currently sitting at $914,000. Decreasing from April 2012 by 5.2%. Since the start of the year, this benchmark price has increased 1.4%.
Apartments in Vancouver
April 2013 saw 1,052 sales during the month. Compared to the same month last year where 1,190 sales occurred this represents a 12.4% decline. Comparing against April 2011 (1,201 sales) we see a 24.1% decrease. Benchmark pricing is sitting at $365,900, declining 2.6% from a year ago. Since January this benchmark price has increased 2.1%.
Attached properties in Vancouver
We saw 511 sales for Attached properties in April. Compared to a year ago, this is a 5.8% increase (483 sales). When we look back to 2011, we see a 17.8% decline (622 sales). Price benchmarks are sitting at $455,200, which represents a 3.5% decrease over the year, but from January this benchmark has increased by 1.2%.
Call me anytime to discuss these figures, and how they apply to your situation. My phone is always on. Adam Chahl +1 778 385 6141.