Slow start, strong finish for housing market in 2009
After
beginning the year at near record low sales levels, buyers’ confidence
in the Greater Vancouver housing market quickly returned, allowing for
significant and sustained increases in the number of residential
property sales for much of 2009. The
Real Estate Board of Greater Vancouver (REBGV) reports that total unit
sales of detached, attached and apartment properties in 2009 reached
35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in
2008, but a 6.3 per cent decline from the 38,050 residential sales in
2007. The
number of homes listed for sale on the Multiple Listing Service® (MLS®)
in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared
to the 62,561 properties listed in 2008. “Low
interest rates, an economy emerging from recession and continuing to
improve, and consumer confidence led to the resurgence experienced in
the Greater Vancouver housing market in 2009,” Scott Russell, REBGV
president said. “Home sales neared or passed monthly records in Greater
Vancouver throughout the latter half of 2009. In fact, last month’s
home sales rank as the third highest selling December in the 90-year
history of our organization.” Residential
property sales in Greater Vancouver totalled 2,515 in December 2009, an
increase of 172.2 per cent from the 924 sales recorded in December
2008, and an 18.4 per cent decline compared to November 2009 when 3,083
home sales occurred. The
residential benchmark price, as calculated by the MLSLink Housing Price
Index®, for Greater Vancouver increased 16.2 per cent to $562,463
between Decembers 2008 and 2009. New
listings for detached, attached and apartment properties in Greater
Vancouver totalled 2,153 in December 2009. This represents a 38.9 per
cent increase compared to the 1,550 new units listed in December 2008
and a 41.1 per cent decline compared to November 2009 when 3,653
properties were listed. “The
number of homes listed for sale on our MLS® has been in decline in
Greater Vancouver for eight of the last nine months, which results in
upward pressure on home prices and less selection for buyers to choose
from,” Russell said. Total
active listings in Greater Vancouver currently sit at 8,939, a decrease
of 41 per cent from December 2008, and a decrease of 19 per cent from
November 2009 (see graph on page two for more detail). Sales
of detached properties in December 2009 increased 159.2 per cent to
902, compared to 348 sales in December 2008. The benchmark price for
detached properties increased 18.3 per cent to $766,816 compared to
December 2008. Sales
of apartment properties in December 2009 increased 176.7 per cent to
1,154, compared to 417 sales in December 2008. The benchmark price of
an apartment property increased 14.8 per cent since December 2008 to
$382,573. Attached
property sales in December 2009 increased 188.7 per cent to 459,
compared with the 159 sales in December 2008. The benchmark price of an
attached unit increased 12.9 per cent between Decembers 2008 and 2009
to $478,093. To download a complete stats package - click here: