Greater Vancouver Real Estate Statistics – December 2012

Greater Vancouver Real Estate Statistics – December 2012

January 4, 2013 in Market News, Vancouver Real Estate News

When it comes to Vancouver Real Estate in 2012, we have seen a definiate decline in the number of typical home sales, and a slight decline in house prices over the past 12 months.

If we total up the number of detached, attached and apartment sales for the whole of 2012, we see a total of 25,032 sales, which represents a 22.7% decline from the 32,387 sales recorded in 2011, and if we look back to 2010, where we saw 30,595 sales – it represents an 18.2% decline. Compared to the 10 year average, 2012’s sales were down 25.7% for total sales on the Multiple Listing Service® (MLS®)

In terms of the number of listings, there was only a slight decline when we look at the total average, we saw a total of 58,379 listings compared to 59,539 properties that were listed in 2011. If we look back further and compare to 2010, then we see a 0.6% increase where we had a total of 58,009 listings. Covering the 10 year average, we saw a 6.1% increase.

“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.

Let’s look at December… We saw 1,142 sales of residential properties during the month, which is 31.1 less than a year ago (1,658 during December 2011), and 32.3% less than December 2010 (1,686 sales)

Compared to a 10 year average, December 2012’s sales were down 38.4%.

“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.

During December, new listings reached 1,380, compared to the same month in 2011, this represents a 15.3% decline when compared to the 1,629 units listed. Compared to 2010, we see a 50% decline (2,758 units listed)

Detached Properties in Vancouver

Sales for the month of December totalled 425, down from the 630 properties sold a year earlier (32.5% decline) and if we compare to December 2010, a 44.7% decline (769 units sold).

Benchmark price peaked in May 2012, and since has declined 6.5%.

Apartment Properties Vancouver

We sold 504 apartment properties in Vancouver during December 2012, declining 34.9% from December 2011 where 774 units were sold. Compared to the same month in 2010, we saw 811 sales (a 37.9% decline).

Peaking in May the benchmark price for an apartment property has declined 12.8%.

Attached Property

Sales in December 2012 totalled 213, representing a decline of 16.1% when compared to December 2011, and 37.9% when compared to the 811 sales during December 2010.

The benchmark price for Attached properties peaked in April, and since has declined 4.4%.

“Activity continues to vary depending on area” Klein said.

Give me a call anytime to discuss these numbers and put a plan in place for selling your property or your next purchase. Adam Chahl +1 778 385 6141.

December 2012, Eugen Klein, Real Estate Board of Greater Vancouver, REBGV, September 2012, Vancouver Real Estate, Vancouver Real Estate Statistics

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