Metro Vancouver’s real estate sector was sluggish in 2010 compared with 2009, but quite active compared with 2008.
That was the gist of a report that the Real Estate Board of Greater Vancouver released Wednesday.
Total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2% decrease from the 35,669 sales recorded in 2009 but a 24.2% increase from the 24,629 sales recorded in 2008.
Big picture, however, it was still a sluggish year.
Last year’s number of housing sales was 10.3% below the 10-year average for annual Multiple Listing Service (MLS) sales in the region.
Fewer sales in 2010 mean more properties are listed on the MLS than in 2009.
The number of residential properties listed for sale on MLS in Greater Vancouver increased 9.7% in 2010 to 58,009, compared to the 52,869 properties listed in 2009.
“The last two years have been a bit of a roller coaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability,” said REBGV’s president Jake Moldowan.
Despite the trend toward stability, however, the 1,899 Metro Vancouver home sales in December 2010 were 24.5% below December 2009 – a month that produced more sales (2,515) than any December in history.