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Housing market factors indicate stability
in recent months
VANCOUVER, B.C. – October 4, 2010 – September
home sales in Greater Vancouver were consistent with activity
experienced in the preceding two months across most categories.
The Real Estate Board of Greater Vancouver (REBGV) reports that
the number of residential property sales in Greater Vancouver
totalled 2,220 in September 2010. This represents a 0.8 per cent
increase compared to August 2010 and 37.6 per cent decline from
the 3,559 sales in September 2009.
In comparison, last month’s residential sales represent a 40.1
per cent increase over the 1,585 residential sales in September
2008, a 20 per cent decline compared to September 2007’s 2,776
sales, and an 11.9 per cent decline compared to September 2006’s
2,519 sales.
“We’ve seen fewer properties coming on to the market over the
last three months. This trend, combined with the continued
attraction of low interest rates, is likely having the effect of
less downward pressure on home prices,” Jake Moldowan, REBGV
president said.
Since spring, housing prices in the region have trended slightly
downward, with a decrease of 2.7 per cent compared to the
all-time high reached in April when the MLSLink® Housing Price
Index (HPI) residential benchmark price was $593,419. The
overall benchmark price for all residential properties in
Greater Vancouver over the last 12 months has increased 5.5 per
cent to $577,174 in September 2010 from $547,092 in September
2009. The current price remains consistent with last month,
rising just 0.1 per cent between August and September 2010.
Total active property listings posted on the Multiple Listing
Service® (MLS®) in Greater Vancouver currently sit at 15,401,
basically unchanged compared to last month and a 22 per cent
increase from September 2009. Over the last three months, active
listings in the region have declined12.3 per cent.
New residential property listings posted in September declined
17.6 per cent to 4,731 compared to September 2009 when 5,746 new
units were listed.
“We saw signs of more stability in our marketplace last month
than we have seen since spring based on a variety of indicators
that we look at each month,” Moldowan said. “At 56 days, it
took, on average, three days less to sell a home in our region
compared to August. This is the first month-over-month decline
we’ve seen in this category since April.”
Sales of detached properties in September 2010 reached 866, a
decrease of 39.1 per cent from the 1,423 detached sales recorded
in September 2009, and a 58.6 per cent increase from the 546
units sold in September 2008. The benchmark price for detached
properties increased 6.7 per cent from September 2009 to
$790,992. Sales of apartment properties reached 971 in September
2010, a decline of 34.7 per cent compared to the 1,489 sales
in September 2009, and an increase of 27.1 per cent compared to
the 764 sales in September 2008.The benchmark price of an
apartment property increased 3.7 per cent from September 2009 to
$388,373.
Attached property sales in September 2010 totalled 383, a
decline of 40.1 per cent compared to the 647 sales in September
2009, and a 39.3 per cent increase from the 275 attached
properties sold in September 2008. The benchmark price of an
attached unit increased 5.2 per cent between September 2009 and
2010 to $490,385.
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