Back to a "Balanced" Market....
Remember last month when I wrote about the our “Buyers” market? Well in one small month we have now returned to a “balanced” market. What does that mean, you may ask, as we often hear real estate professionals go on and on about the market being “balanced” and everyone usually nods their heads pretending to understand.
What it means is that there is a balance between active listings and sales . If there are too many active listings and little sales, then the market gets lop-sided and becomes a “buyer’s” market. If there are little active listings and high sales, then the market will become a “seller’s” market. Both of these scenarios result in “un-balanced” markets.
So, for November, residential property sales reached 2,360 in Greater Vancouver. This represents a 1.9% increase compared to the 2,317 sales recorded in October 2011.
New listings totalled 3,222 in November. This represents a 26.3 % decline compared to the 4,374 new listings reported in October 2011.
The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9% compared to October 2011 (which was 15,377) but an increase of 13% when compared to this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2% to $622,087 in November 2011 from $580,080 in November 2010.
So to summarize, since last month, sales are up 1.9% while listings are down 23.3%. This means that the inventory is shrinking so if you are a Buyer, don’t wait too long! Remember, last year the market went crazy in February, so the same may happen again. Sellers, sell anytime- you’re in a great position.
Questions? Just ask me!
ANA (604) 328-6330
Benchmark Prices for November 2011