November is behind us, and as the year 2011 slowly comes to an end, we bring you a short review of this year’s 11th Real Estate Market Results report, issued by the Real Estate Board of Greater Vancouver. November 2011 didn’t experience any major diversions from this part of the year’s usual home sale and listing activity.
Rosario Setticasi, REBGV president, commented on the situation:
The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year. November activity helped put our market firmly in balanced territory.
Net residential property sales of detached, attached, and apartment properties reached 2,360, decreasing by 5.9 per cent compared to November 2010, when property sales totalled 2,509. This represents a 1.9 per cent raise compared to the previous month’s 2,317 sales.
- Detached property sales (916 units) experienced a 12.8 per cent decrease compared to November 2010 (1,050 units) and a 21.3 per cent decrease compared to November 2009 (1,164 units). The benchmark price increased 11.4 per cent from November 2010 to $890,204.
- Apartment property sales (1,000) decreased 4.9 per cent compared to November 2010 (1,052) and decreased 28.4 per cent compared to November 2009 (1,396). The benchmark price increased by 2.7 per cent from November to $399,686.
- Attached property sales (444 units) experienced a 9.1 per cent increase compared to November 2010 (407 units), and a 15.1 per cent decrease compared to November 2009 (523 units). The benchmark price increased by 4.5 per cent since November 2010 to $510,960.
The net count of properties currently listed for sale on the Greater Vancouver MLS® stopped at 14,090. Compared to October 2011, this number represents a 9 per cent decline. On the other hand, this number increased by 13 per cent compared to last year’s figures.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in the Greater Vancouver over the last 12 months has experienced an increase of 7.2 per cent from $580,080 in November 2010 to $622,087 in November 2011.