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Blog by Don Kennedy

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December Real Estate

Attached please find the latest statistics from the Greater Vancouver Real Estate Board.

The News Release indicates that December wraps up a below average year in sales, listings and prices for Greater Vancouver. From December 2011 to December 2012 benchmark residential prices of all properties decline 2.3 percent. Last month compared to December 2011 sales activity shows a decrease of 31.1 per cent in all sectors. At least the sag in sales has not caused a glut of supply as we witness sellers hunkering down for a better day. December 2012 versus December 2011 sees listings decline 15.3 per cent.

The graph shows a welcome up tick in the average detached sale price, increasing from November to December by 2.3 per cent. Detached benchmark prices for the area are down by 2.7 per cent last month as opposed to December 2011. The year to year volume of house sales declines by 34.9 per cent.

Comparing December of 2011 to last month Vancouver west detached prices show another decline, this time by 5.5 percent. Year to year detached sales on the west side stay down with a drop of 20.9 per cent. From December to December the inventory tapers off by 7.8 per cent.

November to December this year sales of west side houses continue falling with a decrease of 36.4 per cent. Meanwhile month to month inventory drops 39.6 per cent.  

Set against December 2011, last month detached east side house prices stay positive if only by 0.2 per cent. Year to year Vancouver east sales are way down, dropping 43.1 per cent. Meantime inventory takes a turn downward with a 17.3 per cent drop from December to December.

From November to December this year sales of east side houses tumble month to month, down 40.7 per cent. At the same time we see inventory continue to experience large reductions with a drop of 44.1 per cent.

The graph shows a drop of 2.9 percent from November to December in the average Greater Vancouver condominium sale price. Last month compared to December 2011 the overall benchmark apartment price sees a dip down of 1.9 percent. Year to year the volume of condo sales declines 34.9 per cent.

Last month compared to December 2011 the year to year benchmark price for west side apartments falls 1.3 per cent. December 2011 to December 2012 Vancouver west condo sales drop by 40.4 per cent. Meantime west side year to year inventory shows a decrease of 29.8 per cent.

From November to December Vancouver west apartment unit sales show a decline of 35.3 per cent. Month to month inventory levels again decrease significantly, down 60.5 per cent.

Vancouver east apartment unit prices remain a bright spot by staying up again in December with an increase of 1.9 per cent from twelve months previous. Not only that but  east side condo sales rotate positive by increasing 3.9 per cent last month compared to December 2011. Year to year east side condo inventory sees a decline of 17.7 per cent.

From November to December this year east side apartment unit sales are down by 23.2 per cent. Meantime inventory drops exactly 50 per cent month to month.

The graph shows the monthly average price of attached units for Greater Vancouver from November to December continues to slide, falling 2.2 percent. Year to year benchmark prices for townhouses see a decrease of 2.6 per cent. Last month the overall attached unit sales decline abated, but still fell 16.1 per cent compared to December 2011.

Vancouver west townhouse properties see a price drop of 3.0 per cent last month versus December 2011. West side attached unit sales are down by 3.2 per cent this December compared to the same month in 2011. Inventory sees a decrease of 3.8 per cent.

From November to December monthly west side attached sales fall 25.0 percent. Meantime the month to month inventory level escalates downward by 62.7 per cent.

Dec 2012

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