Linda Linfoot - Keeping You Informed
2011 Rings Out With a "Balanced" Market
The conditions that closed out the Greater Vancouver housing market in 2011 reflected a healthy balance between seller supply and buyer demand.
2011 began with heightened demand in regional hot spots, and concluded with Real Estate Board of Greater Vancouver (REBGV) President Rosario Setticasi noting, "It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sales numbers slightly below."
Total sales of detached, attached and apartment properties in 2011 reached 32,390, showing a 5.9 percent increase from the 30,595 sales recorded in 2010. The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver increased by 2.7 percent in 2011 to 59,549, compared to the 58,009 properties listed in 2010.
The overall residential benchmark price for Greater Vancouver increased by 7.6 percent in 2011, to $621,674, as calculated by the MLSLink® Housing Price Index. However, prices decreased by 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," said Setticasi. "For example, the benchmark price of a singlefamily detached home experienced double-digit increases in nine areas within the region over the last 12 months."
Wondering how your home compares in today's market, and what the housing forecast is for 2012? Please call for a no-obligation discussion today!
