March 2012 REBGV Stats Package Mike Stewart

[MikeStewartRealtor]

Increased selection helps maintain balance in Greater Vancouver housing market

Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.

At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.
“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

Check out the March 2012 REBGV Stats Package with Graphs and Charts HERE! http://www.mikestewart.ca/march-2012-real-estate-board-of-greater-vancouver-statistics-package

[vanpro]

Thanks Mike!

Interesting to note that the new "benchmark" price changes are diverging from the average price changes.

Van West detached sales plunged 46% YoY....Maybe crazy high prices and economic malaise is having an effect on the high end?

Overall: 2nd lowest sales for March since 2002 and it appears we are at highest level of unsold inventory in the last 10 years as well...

[jesse1]

Just saying, the apartment benchmark only went up 2.2% YOY. Definite bifurcation. My boring old bonds did better.

[fishguy15]

Just saying, the apartment benchmark only went up 2.2% YOY. Definite bifurcation. My boring old bonds did better.

And with a bonus of no strata fees on them.

[jesse1]

True story, a family member of mine makes 2 trips a year from Asia to Vancouver to oversee management of 4 Vancouver properties. $2000 in travel costs at least. Latest refrain: "It was always just play money." Truedat

[gse36]

sales should pick up shortly. i understand the poor weather has grounded a lot of planned helicopter home buying tours for rich mainland chinese.

also, i heard that ever since the news about PLS came up, they are waiting for more inventory to shift to PLS as they want to pay 125% more for the prestige.

[MultipleOffer]

sales should pick up shortly. i understand the poor weather has grounded a lot of planned helicopter home buying tours for rich mainland chinese.

also, i heard that ever since the news about PLS came up, they are waiting for more inventory to shift to PLS as they want to pay 125% more for the prestige.

+1

[vanpro]

PLS = Please List Silently

Sorry, couldn't resist...

[jesse1]

Detached sales down MOM in Van West, Burnaby, and Richmond. (Sales up MOM in Van East, for the record.)
I can't remember when there was an MOM drop from February to March. This is peak selling season for crissakes. Something to keep an eye on.

I'm not putting too much stock in YOY moves this March: March 2011 was nuts for sales and of course they will be down. The MOM drops in the above cited areas is a dilly of a pickle to explain, but may just be noise. We had snow in March, maybe that scared people off. Who knows. I have some ideas but I'll only share them in full in 2014.

[MikeStewartRealtor]

My business really does not correspond with the stats coming out of the REBGV... We had a super busy month in March.

[jesse1]

I hear you Mike, it's an odd one! Not matching all the positive reports I'm hearing as well

[rediculous]

My business really does not correspond with the stats coming out of the REBGV... We had a super busy month in March.

I call Bullshit !

[RobChipman]

I agree with Mike in that we've been busy since the Christmas/New Year's slowdown.

But, I don't see prices growing much, and inventory is climbing quickly and starting from a higher starting point. A trend is a trend until it stops being a trend, as they say, and we've defied logic in this market for a long, long time, but I'm wondering (yet again) if this could be the year we have a real correction (20%), or even a crash (40%). Sales had better pick up or listings had better slow down or we're in for a repeat of 2008, at a minimum.

[MultipleOffer]

PLS = Please List Silently

Sorry, couldn't resist...

Na Ge PLS

[eyesthebye]

My business really does not correspond with the stats coming out of the REBGV... We had a super busy month in March.

I call Bullshit !

just because Steve Stamkos sxores 58 goals doesn't mean his team is in first place