April 2012 REBGV Stats Mike Stewart Realtor

[MikeStewartRealtor]

Greater Vancouver housing market maintains a steady spring pace

Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.

April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®.
Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April.

At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year.

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.”

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 per cent increase compared to April 2011 and a 2.6 per cent increase compared to three months ago.

Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per cent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.

Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 per cent compared to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1 per cent from April 2011 to $375,900.

Townhome property sales in April 2012 totalled 483, a decline of 22.3 per cent compared to the 622 sales in April 2011, and a 21.6 per cent decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7 per cent between April 2011 and 2012 to $487,300.

Check out the full package with Graphs, Charts HERE! http://bit.ly/April_2012_REBGV_Stats

[timber2012]

Why do they even bother with these anymore?

RE always goes up so we can just take last months, cross out the month and write in the current month.

Save everyone some time.

[vanpro]

Sales plunge to lowest since 2001 and nearly 17% below 10 yr. average for April while listings are at highest level for April in last 10 years.

SFH Van West sales plunge 39% YoY (from 214 to 130). SFH Van East sales plunge 21% YoY (from 171 to 135). Given the 12 year low in sales (i.e. sample size is WAY below the mean on the distribution), i think it is hard to rely on the "benchmark" prices at this stage - average prices are WAY down relative to the benchmarks which shows that the actual prices being paid are skewed towards lower prices (YoY and since Feb/12 peak) and the "benchmark" prices have not yet picked this up.

[jesse1]

Wow thanks Mike! I don't think the data can elucidate the plethora of stories I'm hearing, though!

[MikeStewartRealtor]

Hi Jesse1,

Good to hear from you.

We've been pretty busy, not like 2009 (which was nuts busy), but we're happy with the results we've been getting.

Downtown Vancouver and surrounding areas are seeing properly priced and prepared listings turning over at a good pace.

No complaints here.

[jesse1]

Yeah Mike that doesn't surprise me. Strike the right price with a good quality property and it should sell pretty quickly, even in "this" market. I see a lot of garbage doing nothing, and a few higher-priced listings that don't have a snowball's chance.

[MikeStewartRealtor]

Agreed!

[SethM]

Hi Jesse1,

Good to hear from you.

We've been pretty busy, not like 2009 (which was nuts busy), but we're happy with the results we've been getting.

Downtown Vancouver and surrounding areas are seeing properly priced and prepared listings turning over at a good pace.

No complaints here.

Mike, my friend just sold their Yaletown townhouse (2 bedroom and den on 3 levels counting the attached 2 car garage). I am sure you can look up the sale. Young couple, no kids that are downsizing. They are looking for a 2 bedroom condo in Yaletown and getting out bid.

Is the market that crazy? Bidding wars are back?

If this is true, it tells me the current listings are mostly overpriced crap and the properly priced product (i.e. market) is in short supply.

Your perspective?

[timber2012]

Hi Jesse1,

Good to hear from you.

We've been pretty busy, not like 2009 (which was nuts busy), but we're happy with the results we've been getting.

Downtown Vancouver and surrounding areas are seeing properly priced and prepared listings turning over at a good pace.

No complaints here.

Mike, my friend just sold their Yaletown townhouse (2 bedroom and den on 3 levels counting the attached 2 car garage). I am sure you can look up the sale. Young couple, no kids that are downsizing. They are looking for a 2 bedroom condo in Yaletown and getting out bid.

Is the market that crazy? Bidding wars are back?

If this is true, it tells me the current listings are mostly overpriced crap and the properly priced product (i.e. market) is in short supply.

Your perspective?

I think we all know what Mike is going to say... why even bother asking.

[MikeStewartRealtor]

TreeBoy doesn't sound too happy.

The Downtown Vancouver market is quite busy right now, which isn't really reflected in the stats.

I have been several multiple offer situations representing buyers as well as had them on my listings over the last two weeks. There is demand out there, particularly for suites that are priced right and present well. The market is quite a bit better than it was earlier this year for condos in Downtown Vancouver.

What are you seeing out there?

[timber2012]

TreeBoy doesn't sound too happy.

The Downtown Vancouver market is quite busy right now, which isn't really reflected in the stats.

I have been several multiple offer situations representing buyers as well as had them on my listings over the last two weeks. There is demand out there, particularly for suites that are priced right and present well. The market is quite a bit better than it was earlier this year for condos in Downtown Vancouver.

What are you seeing out there?

You should copy and paste that response. I don't think its changed in 3 years.

[jesse1]

SethM, I know of a couple who were looking to buy downtown and have a similar experience. They see a bunch of places, most they didn't like, then found a few beautiful places but found there were a couple of offers already. Shame in this one case, the winning offer fell through and the place is back up. They're frustrated, the seller is likely frustrated, and the Realtor is frustrated. I don't know the conditions on the "winning" offer but I guess it was worth the extra $ to take the risk.

On another place I'm familiar with, an old house on std lot in Van East, there were a few offers in the beginning of the year, about $40K below ask, but they were obviously not serious offers. When a Realtor is obligated to present all offers, I'm sure a lot of the time they do it but know it's a waste of time.

[rediculous]

TreeBoy doesn't sound too happy.

The Downtown Vancouver market is quite busy right now, which isn't really reflected in the stats.

I have been several multiple offer situations representing buyers as well as had them on my listings over the last two weeks. There is demand out there, particularly for suites that are priced right and present well. The market is quite a bit better than it was earlier this year for condos in Downtown Vancouver.

What are you seeing out there?

You should copy and paste that response. I don't think its changed in 3 years.

+1.......that's funny! and yet so true! Realtors are like those old dolls with the pull strings and the half dozen canned responses. My favorite: "now's the time to buy".

[rediculous]

TreeBoy doesn't sound too happy.

The Downtown Vancouver market is quite busy right now, which isn't really reflected in the stats.

I have been several multiple offer situations representing buyers as well as had them on my listings over the last two weeks. There is demand out there, particularly for suites that are priced right and present well. The market is quite a bit better than it was earlier this year for condos in Downtown Vancouver.

What are you seeing out there?

What a load of crap! I live right downtown and amongst a whole bunch of listings which don't seem to be moving at all. Also, I'm tracking a particular listing in my building (just for amusement - wouldn't touch it at its current "re-diculous" list price) that has already had two price reductions within the last month. I predict it either has a few more price reductions in its future or it will be de-listed.

[SethM]

TreeBoy doesn't sound too happy.

The Downtown Vancouver market is quite busy right now, which isn't really reflected in the stats.

I have been several multiple offer situations representing buyers as well as had them on my listings over the last two weeks. There is demand out there, particularly for suites that are priced right and present well. The market is quite a bit better than it was earlier this year for condos in Downtown Vancouver.

What are you seeing out there?

What a load of crap! I live right downtown and amongst a whole bunch of listings which don't seem to be moving at all. Also, I'm tracking a particular listing in my building (just for amusement - wouldn't touch it at its current "re-diculous" list price) that has already had two price reductions within the last month. I predict it either has a few more price reductions in its future or it will be de-listed.

There are actually bidding wars going on now.

There are a lot of listings, but a lot of those vendors are not serious to sell. They have been enticed to list by newbie realtors looking for free exposure. These listings are over priced and are on the market looking for a rich mainland Chinese to over pay.

A lot of vendors are motivated to sell. They need a bigger place, smaller place, have bought a place, are getting divorced, are getting transferred, etc. These vendors are pricing for perfection with experienced realtors and getting multiple bids.

Realtors who are over pricing listings are only going to serve to create background noise and stall the market and make it look worse than it is.

Good realtors will tell their clients what the real price is and tell them to list at market or slightly below.

The old pricing technique by realtors of looking at the most recent 5 sales in the area and adding 10% to arrive at a listing price is not going to work anymore. These realtors will starve and the market will purge them from the industry. There will be a graveyard of these casualties. Don't list with them if you have to sell.