The Greater Vancouver housing market began in 2011 with heightened demand in various regional hotspots (West Vancouver being one of them) and ended the year with a greater balance between seller supply and buyer demand.

Residential property sales of detached, attached and apartment properties totaled 1658 in December 2011, a 12.7% decline compared to the 1899 sales in December 2010 and a 29.7% decline compared to November 2011.

More broadly, last month’s residential sales represent a 34.1% decrease over the 2515 residential sales in December 2009, a 79.4% increase compared to December 2008’s 924 sales, and a 12.6% decrease compared to the 1897 sales in December 2007.

New listings for detached, attached and apartment properties in Great Vancouver totaled 1629 in December 2011 which represents a 4.1% decline compared to the 1699 units listed in December 2010 and a 49.4% decline compared to November 2011 when 3222 properties were listed for sale on MLS.

In West Vancouver, December 2011 recorded 38 detached home sales, down from 66 in November 2011. Attached home sales in West Vancouver decreased from 22 in November 2011 to 11 in December 2011.

West Vancouver new, detached listings for December 2011 fell from 93 in November 2011 to just 35 in December which is typical for the time of year. Attached listings fell to 13 in December 2011 from 22 in November 2011.

The benchmark price of a single family, detached home in West Vancouver increased 15.8% in 2011.

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Jordan Hurdal