The
number of properties listed for sale in Greater Vancouver continued to
rise in May, while the number of sales showed a year-over-year decrease.
The
Real Estate Board of Greater Vancouver (REBGV) reports that residential
property sales in Greater Vancouver totalled 3,156 in May 2010, a
decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1
per cent more than the 3,002 sales in May 2008; and 27.1 per cent less
than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1
per cent decline compared to last month’s sales.
In
terms of number of property listings, last month marked the third
consecutive month during which more than 7,000 homes were listed for
sale on the Multiple Listing Service (MLS®) in Greater Vancouver.
New
listings for detached, attached and apartment properties totalled 7,014
in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733
new units were listed, and an 8.3 per cent decline compared to April
2010 when 7,648 properties were added to the MLS®.
At
17,492, the total number of property listings on the MLS® increased 10
per cent in May compared to last month, and is up 28.2 per cent
compared to this time last year.
“Prospective
home buyers in today’s market have a broad selection to choose from in
every property type. REALTORS® are telling us they’re working with
buyers who are not feeling as rushed to make a decision as they did
late last year and earlier in the year,” Jake Moldowan, REBGV president
said.
Over the last 12 months, the
overall MLSLink® Housing Price Index (HPI) benchmark price for all
residential properties in Greater Vancouver increased 16.7 per cent to
$590,662 from $506,201 in May 2009.
“It’s
important for those looking to buy or sell a home to remember that real
estate is local and wise real estate decisions are made by those who
understand current market conditions at the neighbourhood level,”
Moldowan said.
Sales of detached
properties in May 2010 reached 1,256, a decrease of 10.4 per cent from
the 1,402 detached sales recorded in May 2009 and a 4.4 per cent
increase from the 1,203 units sold in May 2008. The benchmark price for
detached properties increased 19.1 per cent from May 2009 to $810,175.
Sales
of apartment properties reached 1,354 in May 2010, a decline of 7.1 per
cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per
cent compared to the 1,244 sales in May 2008.The benchmark price of an
apartment property increased 13.9 per cent from May 2009 to $398,783.
Attached
property sales in May 2010 totalled 546, a decline of 17.8 per cent
compared to the 664 sales in May 2009 and a 1.6 per cent decline from
the 555 attached properties sold in May 2008. The benchmark price of an
attached unit increased 14.8 per cent between May 2009 and 2010 to
$500,339.
8%
increase in listings & a 10% decline in sales means more selection
for Buyers. Still a lot of transactions but increase in supply equates
to more time for property to sell. Buyers need to filter through the
surplus of over-priced or unwanted real estate and capitalize on th...e current market conditions by getting deals on AAA Real Estate.
Sellers
need to price listings sharply and prepare their home for sale with
cleaning, repair, staging, ect, in order to A) Get Qualified Buyers
through the property and B) Ensure their property sticks out from the
rest by showing to its full potential to get the best sale price.
Happy House Hunting:)
