More Sales, Fewer Listings in November

November Stats from the REBGV

MLS® stats show more sales, fewer property listings in November 2010

Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.

Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.

“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.

Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.

“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” Moldowan said. “It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.

Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.

Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.

Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.

Download the complete stats package from the Real Estate Board of Greater Vancouver.

August Home Sales up 66% Compared to Last Year: BCREA

Here’s some good news from the British Columbia Real Estate Association:

August Home Sales Continue at Brisk Pace

Vancouver, BC – September 11, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 66 per cent to 8,565 units in August compared to the same month last year. The average MLS® residential sales price in the province climbed 12 per cent to $471,078 from $421,685 in August 2008.

“Homes sales continued at a rapid pace in August,” said Cameron Muir, BCREA Chief Economist. “Attractive home prices and low mortgage rates were key drivers in the market.”

The number of active residential listings declined 20 per cent over the past year, with August posting 26 per cent fewer active listings than the peak in December 2008 (seasonally adjusted). “Home prices edged higher in many markets over the summer months as declining inventories created competition among homebuyers for the best properties.”

Year-to-date, MLS® residential sales dollar volume declined 2 per cent to $25 billion over the same period last year. A total of 54,945 units were sold in the first eight months of 2009, up 1 per cent from 2008, while the average MLS® price declined 2 per cent to $454,769.

For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2009-08.pdf.

Beware Fraud Rentals

Be careful that you only rent from legitimate companies. Over the weekend we found fraud was getting very close to home when we were informed of a bogus ad for a suite on Craigslist. A suite for $700 is not very likely in downtown Vancouver is  it? And, get this, the address of the so-called suite was the address of our company offices! We own the space and are not renting!

A helpful reader responded to an ad on craigslist.ca for a 1 bedroom listing for $700.00 and then sent us this email she received from the “owner”.

Thanks for your email response.. The Apartment is still available for rent on #247-515 West Pender St., Vancouver, BC, V6B 6H5 , ready for move in at $700monthly. ready for move in. I inherited the Apartment from my late father.. I lived in the Apartment with my younger sistser, i but presently now i am in West Africa and i will reside here for some time due to my current assignment. I just need someone with an open heart, love and clean to occupy the Apartment and put all my worries off concerning the maintenance of the Apartment for, since i am not residing there for now. …(and so forth)

Recalling a similar incident, Lisa Taylor in our office said, ” I encountered a fraud rental in Vancouver last fall, for a fully furnished 1 bdrm in False Creek…  the building existed but not the suite…”

We have never had any problem in using Craigslist for our rentals and they have good advice about what to watch for. Below is their list of who to contact in case of a scam. See more on their About Scam Page.

* FTC toll free hotline: 877-FTC-HELP (877-382-4357)
* FTC online complaint form (http://www.ftc.gov)
* Canadian PhoneBusters hotline: 888-495-8501
* Internet Fraud Complaint Center (http://www.ic3.gov)
* Non-emergency number for your local police department.

If you suspect that an item posted for sale on craigslist may be part of a scam, please email the details to “abuse@craigslist.org”. Be sure to include the URL (or eight-digit post ID number) in your message.

It goes without saying that at Downtown Suites we have direct relationships with all our clients, and we are scrupulous to ensure that we meet and screen all prospective tenants face to face, on site at the actual suite.

This is in keeping with Craigslist #1 scam preventer: “DEAL LOCALLY WITH FOLKS YOU CAN MEET IN PERSON – follow this one simple rule and you will avoid 99% of the scam attempts on craigslist.”