The
Real Estate Board of Greater Vancouver (REBGV) reports
that residential property sales of detached, attached
and apartment properties on the region’s Multiple
Listing Service® (MLS®) reached 2,246 in September,
a 1.2 per cent increase compared to the 2,220 sales in
September 2010. Those sales also rank as the third lowest
total for September over the last 10 years.
“There's
more competition amongst home sellers in today's market,
providing more options for prospective buyers," Rosario
Setticasi, REBGV president said."Buyers now have
more properties to choose from and more time to make decisions
compared to the spring season.”
New
listings for detached, attached and apartment properties
in Greater Vancouver totalled 5,680 in September, the
third highest volume for September in 17 years. This represents
a 20.1 per cent increase compared to September 2010 when
4,731 properties were listed for sale on the MLS®
and a 21.2 per cent increase compared to the 4,685 new
listings reported in August 2011.
The
number of properties listed for sale on the Greater Vancouver
MLS® system has increased each month since the beginning
of the year. At 16,085, the total number of residential
property listings on the MLS® increased 4.6 per cent
in September compared to August 2011 and rose 4.4 per
cent compared to this time last year.
“Our
sales-to-active-listing ratio currently sits at 14 per
cent, which is the lowest it’s been this year. Generally
analysts say that a buyer’s market takes shape when
the ratio dips to about 12 to 14%, or lower, for a sustained
period of time,” Setticasi said.
The
MLSLink® Housing Price Index (HPI) benchmark price
for all residential properties in Greater Vancouver over
the last 12 months has increased 8.8 per cent to $627,994
in September 2011 from $577,174 in September 2010.
Since
reaching a peak in June of $630,921, the benchmark price
for all residential properties in the region has declined
0.5 per cent.
Sales
of detached properties on the MLS® in September 2011
reached 957, an increase of 10.5 per cent from the 866
detached sales recorded in September 2010, and a 32.8
per cent decrease from the 1,423 units sold in September
2009. The benchmark price for detached properties increased
13.4 per cent from September 2010 to $896,701.
Sales
of apartment properties reached 922 in September 2011,
a 5 per cent decrease compared to the 971 sales in September
2010, and a decrease of 38.1 per cent compared to the
1,489 sales in September 2009. The benchmark price of
an apartment property increased 4.4 per cent from September
2010 to $405,569.
Attached
property sales in September 2011 totalled 367, a 4.2 per
cent decrease compared to the 383 sales in September 2010,
and a 43.3 per cent decrease from the 647 attached properties
sold in September 2009. The benchmark price of an attached
unit increased 5.4 per cent between September 2010 and
2011 to $516,697.
