BC Sunshine Coast real estate by Menno at Royal lePage Real estate on the BC Sunshine Coast

Just past the end of each month, our Real Estate Board comes out with statistical information pertaining to the previous month which would be December 2012 in this instance. We also take a look at the performance for the entire year 2012.

The real estate market isn't just one big statistic. There are local differences; even locally there are various markets. To read statistics isn't a straight up-and-down job.

Our Real Estate Board (REBGV) covers the entire area of Greater Vancouver. This includes the Sunshine Coast – although our statistical developments aren’t always congruent with the results across the water. The year 2012 was a perfect example of the differences in the two markets. While Greater Vancouver, in general, was showing reduced sales numbers, we were very stable in our sales numbers on the Sunshine Coast. Also as to sales prices, we were substantially different from the Greater Vancouver trend. While there was some price softening in the Greater Vancouver area, we saw a very steady price hold on the Sunshine Coast.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment-style properties in 2012 reached 25,032, a 22.7 per cent decline from the 32,387 sales recorded in 2011, and an 18.2 per cent decrease from the 30,595 residential sales in 2010.

The number of residential properties listed for sale on the MLS® in Greater Vancouver declined 2 per cent in 2012 to 58,379 compared to the 59,539 properties listed in 2011. We saw a collective hesitation on the part of buyers and sellers in the Greater Vancouver housing market. This behaviour was reflected in lower than average home sale activity and modest fluctuations in home prices.

December is the slowest months of the year for real estate (this applies to listings and sales). People are quite obviously busy with other stuff.

JUST DECEMBER?

Residential property sales in Greater Vancouver totalled 1,142 in December 2012, a decrease of 31.1 per cent from the 1,658 sales recorded in December 2011 and a 32.3 per cent decline compared to November 2012 when 1,686 home sales occurred.

Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.8 per cent to $590,800. This represents a 2.3 per cent decline when compared to this time last year.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,380 in December 2012. This represents a 15.3 per cent decline compared to the 1,629 units listed in December 2011 and a 50 per cent decline compared to November 2012 when 2,758 properties were listed.

The Sunshine Coast might be pretty close to Vancouver - our real estate market is different in many ways. Ours actually is an example of great stability.

SALES ON THE SUNSHINE COAST

The year 2012 on the Sunshine Coast was a somewhat busier year than 2011. We registered 470 home sales (single family, detached) against 451 during 2011. You can add to that a number of townhome sales (38 in 2012, 41 in 2011) and apartment-style units (54 in 2012, 53 in 2011).

As to prices, the median price in 2012 was $397,900 against 395,000 in 2011. Just for townhomes, the median price in 2012 was $280,750 against $272,500 in 2011. Just for apartment-style units, the median price in 2012 was $266,250 against $300,000 in 2011.

December sales were slow – as they are in each month of December. We recorded a total of only 15 sales on the Sunshine Coast. One could say that people were busy with other things.

Occasionally, a quick sale occurs during the month of December. Most people happily wait to the new year, both to list and sell a home.

LISTINGS ON THE SUNSHINE COAST

There were 1241 “new listings” for single family homes on the Sunshine Coast in 2012 (1187 in 2011). For townhomes the number was 120 in 2012 (92 in 2011); for apartment-style units the number was 126 (181 in 2011).

During just the month of December 2012, there were some new listings (37 single family homes, 3 townhouses and 6 apartment-style units). These were already included in the annual numbers, however.

Please note that a new listing isn’t always new to the market. These could be listings that were previously on the market and didn’t sell, then were relisted. Those are also counted as “new listings”, although they of course aren’t actually new to the market.

The total number of listings on the market right now on the Sunshine Coast is 426 (single family homes), 141 (attached including apartment-style units) and 325 land-only listings.

Compiling statistical information regarding real estate has been ongoing for decades. Below are some examples of our findings.

MORE statistical information for the Sunshine Coast is available here:

Last month’s stats: http://www.menno.ca/?p=18862

Lower interest rates: http://www.mennorealty.ca/Blog.php/buy-more-lowrates

Time of year statistics: http://www.mennorealty.ca/Blog.php/coast-best-time

Just for fun – 10 years ago on the Sunshine Coast: http://www.menno.ca/?p=19400

Statistical information from 10 years ago: http://www.mennorealty.ca/Blog.php/dec-2002