Balanced real estate market prevailed through much of 2011

VANCOUVER, BC  (Jan 4th, 2012)– The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9% increase from the 30,595 sales recorded in 2010, and a 9.2% decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3% below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7% in 2011 to
59,549 compared to the 58,009 properties listed in 2010. Last year’s listing total was 11.1% above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical
norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a 29.7 % decline compared to November 2011 when 2,360 home sales occurred.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver
increased 7.6% between Decembers 2010 and 2011. However, prices have decreased 1.5% since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in
the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

Source: Real Estate Board of Greater Vancouver

 

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