Happy New Year! Attached are the end of December 2013 Sales and Listings real estate market statistics. This year we saw real estate in Greater Vancouver warm up as the year progressed and provide something that was needed – balance! The first half of 2013 saw a wait and see approach – visions of an NDP victory and interest rates rising. But neither event happened and with signs of economic improvement, elimination of the HST in favour of GST/PST pent up demand did what it eventually does – Buy! With population growth in Greater Vancouver continuing to be strong, buyer demand will continue to be ever present in the market. Despite sluggish global economies and United States government disagreements, real estate sales climbed through the summer and into the fall. Year over year, units sold for 2013 in Greater Vancouver are up 14% compared to 2012. Albeit, it was still 5% down compared to the yearly average over the last 28 years. So a hot market it was not – despite being labeled as such in the media. What’s the key word? Balance!
For the second straight year, the real estate market in Greater Vancouver saw total active listings decline. Total Residential Active Listings are down 10% from December 31, 2012 compared to December 31, 2013 and down 17% compared to November 30, 2013. Total properties listed for sale during 2013 were down 6% compared to 2012 and down 8% compared to 2011. Sales to Listings Ratio (The percentage of units listed in a month and sold during that month) increased through the year and in comparison to 2012, finishing in December at 102% compared to 81% in December 2012.
So what to expect in 2014? As boring as it sounds, continued balance. It may not be flashy but it’s not a bad place to be for buyers and sellers. As baby boomers relocate and share some of their property wealth with their children, continued foreign investment and the belief that Vancouver is an attractive place to live, demand for real estate in Vancouver will continue at a consistent level in 2014. The Bank of Canada is likely to maintain lending rates with some movement in long term rates possible, although probably limited. Perhaps we might even see the focus shift away from where prices are going (or not going) and a realization that there is actually stability in the real estate market. A REALTOR® can dream!
Greater Vancouver: Total Units Sold in December 2013 was 1,990 – down from 2,390 in November 2013; up from 1,171 in December 2012; Total Active Listings are down 10% year over year, Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market) compared to 12 Months Supply at the end of 2012. Benchmark Price is up 3% since January 2013 and flat to January 2012.
Vancouver Westside: Total Units Sold in December 2013 was 393 – down from 488 in November 2013; up from 235 in December 2012; Total Active Listings are down 14% year over year, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 11 Months Supply at the end of 2012. Benchmark Price is up 4% since January 2013 and flat to January 2012.
Vancouver Eastside: Total Units Sold in December 2013 was 236 – down from 282 in November 2013; up from 124 in December 2012; Total Active Listings are down 18% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 8 Months Supply at the end of 2012. Benchmark Price is up 3% since January 2013 and up 3.5% to January 2012.
North Vancouver: Total Units Sold in December 2013 was 137 – down from 197 in November 2013; up from 90 in December 2012; Total Active Listings are down 8% year over year, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 8 Months Supply at the end of 2012.
Benchmark Price is up 3% since January 2013 and up 1% to January 2012.
West Vancouver Houses: Total Units Sold in December 2013 was 75 – down from 89 in November 2013; up from 38 in December 2012; Total Active Listings are down 10% year over year, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 15 Months Supply at the end of 2012. Benchmark Price is up 5% since January 2013 and up 6% to January 2012.
Richmond: Total Units Sold in December 2013 was 249 – down from 290 in November 2013; up from 139 in December 2012; Total Active Listings are down 11% year over year, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 14 Months Supply at the end of 2012.
Benchmark Price is up 2% since January 2013 and down 3% to January 2012.
Burnaby East: Total Units Sold in December 2013 was 27 – down from 23 in November 2013; up from 13 in December 2012; Total Active Listings are down 7% year over year, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 11 Months Supply at the end of 2012. Benchmark Price is up 4% since January 2013 and up 1% to January 2012.
Burnaby North: Total Units Sold in December 2013 was 85 – down from 113 in November 2013; up from 64 in December 2012; Total Active Listings are down 17% year over year, Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market) compared to 9 Months Supply at the end of 2012. Benchmark Price is up 2% since January 2013 and flat to January 2012.
Burnaby South: Total Units Sold in December 2013 was 111 – down from 149 in November 2013; up
from 69 in December 2012; Total Active Listings are down 19% year over year, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 10 Months Supply at the end of 2012. Benchmark Price is up 4% since January 2013 and flat to January 2012.
New Westminster: Total Units Sold in December 2013 was 70 – down from 84 in November 2013; up from 47 in December 2012; Total Active Listings are up 2% year over year, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 10 Months Supply at the end of 2012. Benchmark Price is up 3% since January 2013 and up 2% to January 2012.
Coquitlam: Total Units Sold in December 2013 was 152 – down from 185 in November 2013; up from 95 in December 2012; Total Active Listings are down 16% year over year, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 10 Months Supply at the end of 2012. Benchmark Price is up 2% since January 2013 and up 3% to January 2012.
Port Moody: Total Units Sold in December 2013 was 55 – down from 58 in November 2013; up from 32 in December 2012; Total Active Listings are down 18% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 9 Months Supply at the end of 2012. Benchmark Price is up 3% since January 2013 and up 5% to January 2012.
Port Coquitlam: Total Units Sold in December 2013 was 77 – up from 59 in November 2013; up from 58 in December 2012; Total Active Listings are up 1% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 6 Months Supply at the end of 2012. Benchmark Price is up 2% since January 2013 and flat to January 2012.
Ladner: Total Units Sold in December 2013 was 17 – down from 27 in November 2013; up from 8 in December 2012; Total Active Listings are up 17% year over year, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 13 Months Supply at the end of 2012. Benchmark Price is flat since January 2013 and flat to January 2012.
Tsawwassen: Total Units Sold in December 2013 was 20 – up from 19 in November 2013; up from 7 in December 2012; Total Active Listings are up 11% year over year, Month’s Supply of Total Residential Listings is at 8 Months (Buyer’s Market) compared to 20 Months Supply at the end of 2012. Benchmark Price is flat since January 2013 and flat to January 2012.