Homes sales in Greater Vancouver hit an 11-year low for the month of April, the Real Estate Board of Greater Vancouver (REBGV) reports.
Residential property sales on the multiple listing service in Greater Vancouver was 2,799 in April – a 13.2% drop compared with April 2011, which had 3,225 sales.
April’s total home sales were the lowest since 2001 and 6.9% below the 10-year April sales average of 3,369. April’s sales were 2.6% lower than March’s sales of 2,874.
“Although April sales were below what’s typical for the month, we continue to see – with a sales-to-active listing ratio of nearly 17% – a balanced relationship between demand and supply,” said REBGV president Eugen Klein.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012 – a 3.6% increase compared with March, when 5,843 homes were listed, and the same increase compared with April 2011 when 5,847 homes were listed.
At 16,538, the total number of homes listed for sale on the region’s MLS increased 8.5% in April compared with March – an increase of 16% over the same time period last year.
“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said.
The benchmark price for all residential properties in Greater Vancouver is $683,800, up 3.7% from April 2011 and an increase of 2.8% over the last three months.
