December 2011 Report

HAPPY HOLIDAYS! 

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
ana@domingos.ca
www.domingos

 

Benchmark Prices for November 2011
 
Detached
Attached
Apartment
W. Van $1,760,000 n/a $693,000
Westside $2,019,900 $790,000 $511,000
Eastside $863,000 $556,000 $342,000
Richmond $1,061,250 $543,000 $353,000
N. Van $985,730 $646,000 $380,000
New West $583,500 n/a $305,000
Burnaby $911,370 $502,000 $368,000
     
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.