Home buyer demand remains below historical averages in the Greater Vancouver housing market. This has led some home sellers to remove their homes from the market in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,351 on the Multiple Listing Service (MLS) in January 2013. This represents a 14.3% decrease compared to the 1,577 sales recorded in January 2012, and an 18.3% increase compared to the 1,142 sales in December 2012.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,128 in January. This represents a 10.9 % decline compared to the 5,756 new listings reported in January 2012. Last month's new listing count was 18.9% higher than the region's 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS is 13,246, a 5.6% increase compared to January 2012 and a 4.5% decline compared to December 2012. This is the fourth consecutive month that overall home listings have declined in the region.
"When a home seller isn't receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter" said Eugene Klein, REBGV president.
With the sales-to-active-listings ratio at 10.2%, the region remains in buyers' market territory. Since June, this ratio has ranged between 8 and 11 %.