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VANCOUVER, B.C. – February 6, 2012 – Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 percent decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 percent compared to the 1,819 sales in January 2011 and an 18 percent decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 percent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 percent increase compared to the 1,629 new listings reported in December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 percent increase compared to December 2011 and an increase of 20.2 percent compared to January 2011.

New MLS® Home Price Index launches in Canada

Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends in the housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by those boards.

The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.

“The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand home price trends across the country,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 percent compared to January 2011 and down 0.1 percent compared to December 2011. The MLS® HPI also tracks home prices across the Lower Mainland. The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of 5 percent compared to January 2011.

Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 percent from the 793 detached sales recorded in January 2011, and a 6.5 percent decrease from the 705 units sold in January 2010. The benchmark price for detached properties increased 11.3 percent from January 2011 to $1,034,700.

Sales of apartment properties reached 657 in January 2012, a decline of 7.9 percent compared to the 713 sales in January 2011, and a decrease of 26.3 percent compared to the 891 sales in January 2010.The benchmark price of an apartment property increased 2.4 percent from January 2011 to $371,500.

Attached property sales in January 2012 totalled 261, a decline of 16.6 percent compared to the 313 sales in January 2011, and a 20.2 percent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome unit declined 0.5 percent between January 2011 and 2012 to $468,000.

Happy New Year to all! Hard to believe another year has gone and here we are again gearing up for a new year. Vancouver’s housing market closed off the year on a muted note somewhat quieter than the same period a year ago.

It’s really a tale of two markets. The Detached ( single family market ) and the Attached ( condo and town home market .

If we take a look at the single family detached market we can see then housing prices ( on average ) across the Westside increased by 20% in 2011 versus 2011. The first half of the year saw a real Seller’s Market with tight supply and upward pressure on price. The Fall Market saw a reverse pattern set in with increasing supply and decreasing demand causing the market to fall into a much more balanced state and even a Buyer’s market in some areas.

The Attached Market saw much more stability throughout the year with condo and townhome prices, demand and supply almost flat compared to the same period last year. A true balanced market.

Here’s how the numbers stack up:

Westside Housing ( Single Family Homes)

• In December 2011 there were 62 homes sold versus 116 last year. A decrease of 46%
• For all of 2011 there were 1986 homes sold versus 1767 in 2010. An increase of 12%
• The average sale price of a home in 2011 increased by 20% from $ 1,978,777 to $ 2,393,345
• The supply of homes for sale was up by 68% at the end of December from 331 to 558 houses
• There were 9 months housing supply at the end of December this year versus 2.85 month’s supply at the same time last year.

Westside Housing ( Condos and Townhomes)

• In December 2011 there were 293 condo & townhomes sales versus 315 last year. A decrease of 7%
• In 2011 there were 5154 attached properties sold versus 5156 a year ago. Virtually no change.
• The average sale price of a Townhome has increased by 7% in the last year from $ 873,806 to $ 939,348
• The average sale price of a Condo has increased by 7% in the last year from $ 591,151 to $ 632,871.
• The supply of Townhomes and Condos was 12% and 2% higher at year end this year versus the same time last year respectively.
• There are presently between 5 and 6 month’s supply of Condos and Townhomes  on the market right now making this a Balanced Market

Please keep in mind that these figures are Vancouver’s Westside only. Actual figures will vary by neighborhood.

It looks like we are entering 2012 with a more stable balance market than this time last year. Buyers most likely will have more selection when choosing a home to buyer and seller’s will have to make sure they price sharp to ensure success.

If you have any questions about the market I am always available anytime to answer your questions. I look forward to speaking with you soon.

Wishing you the best to you and your families in 2012. 

Andrew Hasman
Direct 604-657-7936
Re Max Andrew Hasman Realty
www.andrewhasman.com

VANCOUVER, B.C. – January 4, 2012 – The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 percent increase from the 30,595 sales recorded in 2010, and a 9.2 percent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 percent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 percent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 percent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 percent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.
 
Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 percent from the 1,899 sales recorded in December 2010 and a 29.7 percent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 percent decrease over the 2,515 residential sales in December 2009, a 79.4 percent increase compared to December 2008’s 924 sales, and a 12.6 percent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 percent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 percent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 percent decline compared to the 1,699 units listed in December 2010 and a 49.4 percent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 percent from the 769 detached sales re-corded in December 2010, and a 30.2 percent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 percent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 percent compared to the 811 sales in December 2010, and a decrease of 32.9 percent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 percent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 percent compared to the 319 sales in December 2010, and a 44.7 percent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 percent between December 2010 and 2011 to $511,499.

Market Report Jan 2012

Stable Market continues in November for Vancouver’s Westside

For the 1^st time in four years we experienced a typical Fall November Fall market in most areas of Vancouver’s Westside. To sum it up we could say the market conditions are balanced with buyer’s now being able to select from more properties on the market. As I write this update as of December 7^th it looks like this stable pattern is continuing into December too. Looking back in 2011 it has really been another incredible year with home prices rising in all areas of the Westside as much as 25% from last year. Below are the November market stats for Vancouver’s Westside housing and condo market. I hope you find them informative:

Westside Housing ( Single Family Homes)

-          In November 2011 there were 121 homes sold versus 120 sold in October a month earlier.

-          Year to date there have been 1924 single family homes sold versus 1651 a year earlier. That is an increase of 16% in 2011

-          The average sale price was $ 2,354,629 this November versus $ 2,091,276 in November last year. That is an increase of 12%

-          Year to date average home prices are up 20% from $ 1,972,344 last year to $ 2,380,532 today

-          The supply of homes ( on the market ) as at November 30^th was 56% higher than the same period last year.

-          We had 5.82 months supply of homes on the market at November 30^th versus 2.79 month’s supply last year. We have gone from Seller’s Market to a Balanced Market!

Westside Housing ( Condos and Town homes)

-          Town home sales were down 14% this November versus November last year. Year to date we have seen an increase in Town home sales from 654 units in 2010 to 702 units this year. That is a 7% increase.

-          The average price of a town home sold has increased from $ 872,313 to $ 943,090 year to date last year to this year. An increase of 8%.

-          Condo sales were up 2% in November this year versus last year and year to date sales are virtually even with last year.

-          The average price of a condo sold has increased 7% year to date this year versus last year from $ 589,946 to $ 632,352

As we close out the year I expect the market to remain balanced closing off 2011 in what will remember as another memorable year for Real Estate trends in Vancouver. Continued low interest rates, limited supply of land and continued immigration from Asia will keep our housing market healthy into 2012.

If you have any questions about the Real Estate Market please call upon me at anytime.

I hope you have a restful and wonderful Holiday Season  welcoming your calls and inquiries in upcoming year

Happy Holidays

Andrew Hasman and Team

Stable Market continues in November for Vancouver’s Westside

VANCOUVER, B.C. – November 2, 2011 – With a sales-to-active property listings ratio of 15 percent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 percent decrease compared to the 2,337 sales in October 2010 and a 3.2 percent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

October sees a stable “balanced market” for Vancouver’s Westside Real Estate Market

October typically sees a pick-up in sales versus September and this year was no different. After the Thanks Giving Long Weekend we did see a pick-up in sales activity. No surprise. That being said, with all the economic turmoil I cannot help but think that has affected our markets keeping buyers on the sidelines.

Below is a summary of the Westside market broken down into Single Family, Condos and Town home properties. For a more specific read on the market I can be reached anytime by email or by mobile at 604-657-7936. I always invite your inquiries.

Westside Housing ( Single Family Homes)

-          In October 2011 there were 120 homes sold vs 161 last October, a decline of 25%

-          Year to date there have been 1803 homes sold vs 1490 last year, an increase of 21%

-          Average sale price was $ 2,351,148 this October vs $ 2,123,111 last October, an increase of 10%

-          Year to date Average sale prices are up 21% from $ 1,959,493 to $ 2,382,271

-          As at October 31^st the supply of homes on the market was 43% higher than October 2010.

-          We have approx. 6.89 month’s supply vs 3.57 month’s supply this time last year.

Westside Housing ( Condos and Town Homes)

-          The sales and supply of Town Homes during October this year is almost identical with October 2010. Sales were down 11% from 51 units to 45 units this year. Supply is down just 3% from 298 units to 288 units.

-          Year to date the sales of Westside Town Homes has increased 9% from  598 units to 654 units this year.

-          The average sale price of town homes is up 7% year to date from $ 881,709 last year to $ 948,258 this year.

-          Sales and supply of condos is also identical with October last year. Sales were down 2% and supply is down 1% from October 2010 to 2011

-          Condo prices have risen 7% year to date from $ 593,267 to $ 637,476

Vancouver’s housing market looks stable with the months of supply of housing indicating we are in a “Balanced Market”. This all points to a healthy market and is ideal for those looking to buy and sell.

As November arrives I predict a continued stable market with inventory of properties slowly declining as we head towards year end.  Prices should remain stable across all sectors of our market.

If you have any questions or would like specific information regarding the market value of your home I am always available to help.

Have a great day

Andrew Hasman
Direct 604-657-7936
Re Max Andrew Hasman Realty
www.andrewhasman.com

September is typically a transitional month for the local real estate market as folks return back to normal routines after the summer break. In most years the September / Fall Real Estate market does not begin to gain momentum until the latter part of the month. As we close September this year the same can be held true.

We have compiled several stats below which will provide an overview of Vancouver’s Westside Housing market. September housing sales slowed from both July and August levels with the supply levels increasing. We now have approx. 8 months housing supply on the Westside versus less than 3 months supply back in the month of March.

Westside Housing ( Single Family Homes)

• In September 2011 there were 104 homes sold vs 143 last September, an decline of 27%
• Year to date 1683 homes have been sold vs 1329 last year, an increase of 26%
• Average sale price was $ 2,407,014 this September vs $ 1,917,000 last September, an increase of 25%.
• Year to date vs last year average sale prices are up 22% to $ 2,384,490
• As at September 30th this year the supply of homes was 21% higher than September 2010.
• We have 7.9 month’s supply at September 30th this year vs 4.7 month’s supply last year

Westside Housing ( Condos & Town homes)

• In September 2011 there were 369 attached properties sold vs 373 last September.
• Year to date 4081 attached properties have been sold vs 4045 last year, an increase of 1%
• Average sale price of condos sold was $ 660,158 this September vs $ 589,170 last September, an increase of 12%.
• Average sale price of a town home sold was $ 994,932 this September vs $ 946,207 last September , an increase of 5%.
• Year to date average sale price of a condo is 7% higher than in 2010 and town home prices are 6% higher than 2010.
• Supply of town homes and condos is down by 8% and 5%% respectively with month’s supply on the market indicating a balanced market for both categories.

Please keep in mind these figures are for Vancouver’s Westside only up until September 2011. Based on current market conditions, the Condo and Town Home market looks stable across Vancouver’s Westside.

The Housing ( Single Family Homes) market looks like it has softened in the past month with almost 8 months housing supply.

We cannot help but think the recent turmoil in the global financial markets is weighing on individuals decisions to buy a home. How this all plays out in our housing market is yet to be seen. Everyone has a varying opinion.

If you have any questions or would like specific information regarding the market value of your home we are always available to help.

Have a great day.

Andrew Hasman
Direct 604-657-7936
Re Max Andrew Hasman Realty
www.andrewhasman.com

There goes Summer! That was fast! Hard to believe, shorter days, back to school and back to work is all hear! That being said, as I write this one of the warmest and sunniest stretches of weather lies ahead this Labour Day Weekend. We deserve it.

Vancouver’s Real Estate market on the Westside performed as expected in August with slower sales than July but overall market conditions remaining stable. Of the six properties I sold in August, five involved Multiple Offer scenarios with the final selling prices coming in at or over asking in all cases.

Here is how the numbers stack up:

Westside Housing ( Single Family Homes)

• In August there were 130 homes sold vs 134 in last August, virtually even.
• Year to date there have been 1579 homes sold vs 1186 in 2010, an increase of 33%
• Average sale price was $ 2,494,938 this August vs $ 1,908,544 last year, an increase of 30%
• Year to date vs last year average sale prices are up 22% to $ 2,383,006
• As at August 31th this year supply of homes is 5% lower than the same time last year.
• The months of supply is virtually even with last year at 5. Five month’s supply translates into a Balanced Market.

Westside Housing ( Condos & Townhomes)

• Condo and Townhome sales were up 4% and 7% respectively compared to August of last year.
• Year to date there have been 3712 attached properties sold vs 3672 last year. An increase of 1%
• Average sale price of a Townhome was $ 1,026,417 this August vs $ 829,030, an increase of 23%
• Average sale price of a Condo was $ 630,356 this August vs $ 586,215 last year, an increase of 7%
• Year to date the average sale price of a Townhome is 6% higher than last year and Condo prices 7% higher.
• The supply of condos and townhomes are both down by 11% and 16% respectively.

Please keep in mind these figures are Vancouver’s Westside only and only tell a general overview of the local market. These numbers do indicate a balanced Market in both the Detached and Attached market.

Compared to the Summer of 2010 this year the local market has performed better with prices holding stable and buyers remaining ( for the most part ) optimistic about Vancouver’s Real Estate market.

If you have any questions or would like specific market information regarding the market value of your home I am always available to help

Have a Great Day

Andrew Hasman
Re Max Andrew Hasman
Direct 604-657-7936