Happy New Year everyone
I hope you all had a great festive season and are looking forward to more events, challenges, fun and what ever else you fancy in 2012. Last year was pretty challenging and required most of us to keep a very level head. The real estate markets have been interesting and varied across the mainland. A select area of the detached housing market has been pretty healthy although the condo market and everything else didn't exactly fizz like champagne and remained pretty sluggish.
It seems that there are a lot of potential buyers out there sitting on the fence waiting for something to happen, good or bad that may be. But as things stand, we are still in a fairly balanced market in relation to buyers and sellers. So what has been happening over the last year here in the Vancouver Mainland. Here is a brief summary of the market for 2011:
Total sales for 2011 - 32,390, a 5.9% increase from 2010, 9.2% decrease from 2009.
2011 home sales were 6.3% below the ten year average in the region.
2011 Listings increased by 2.7% from 2010 and stood at 59,549. 12.8% more than 2009 and 11.1% above the 10 year average.
The market remained generally balanced one with listings slightly higher and sales sightly lower then the 10 year average.
December 2011 Greater Vancouver sales totalled 1658, 12.7% down from 2010, 34.1% down from 2009 and 29.7% down from November 2011.
Overall benchmark price for Greater Vancouver increased 7.6% from December 2010 to 2011 but took a 1.5% dip since a June 2011 peak.
Some areas saw double digit benchmark price increases in hot detached single family housing markets throughout 2011.
Greater Vancouver new listings totalled 1,629 in December 2011, a 4.1% decrease from 2010 and a 49.4% drop from November 2011.
Detached house sales in December 2011 we 630, an 18.1% decrease from December 2010 and 30.2% down from December 2009. Benchmark price for these properties increased 11.2% from 2010 to $887,471.
Apartment sales reached 774 in December 2011, down 4.6% from December 2010 and down 32.9% from December 2009. Benchmark price increased 3.7% from December 2010 to $401,396.
Attached property sales in December 2011 reached 254, down 20.4% in December 2010 and down 44.7% from December 2009. Benchmark price increased 4.2% in December 2011 to $511,499.
So there you have it. There are small pockets of Vancouver doing really well and seem to be in a constant upward spiral. However, with sales dropping everywhere else and prices increasing, this new year may be a great time to take advantage of a declining market. Keep your eyes on the ball, stay in touch with your Realtor and stay ahead of the game.
Good luck everyone.
