Nick Chan | Oakwyn Realty Ltd. › Real Estate Market News

Metro Vancouver home buyers push October sales above long-term
November 4, 2015

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015. This represents a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015.

Last month’s sales were 36.2 per cent above the 10-year sales average for the month.

“Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, REBGV president said. “This activity has created favourable market conditions for anyone considering selling their home today.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,126 in October. This represents an 8 per cent decline compared to the 4,487 new listings reported in October 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015.

This is the lowest active listing total in Metro Vancouver since December 2010.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $736,000. This represents a 15.3 per cent increase compared to October 2014.

The sales-to-active-listings ratio in October was 38.1 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.

Sales of detached properties in October 2015 reached 1,437, an increase of 13.1 per cent from the 1,271 detached sales recorded in October 2014, and a 34.7 per cent increase from the 1,067 units sold in October 2013. The benchmark price for a detached property in Metro Vancouver increased 20.1 per cent from October 2014 to $1,197,600.

Sales of apartment properties reached 1,543 in October 2015, an increase of 21.7 per cent compared to the 1,268 sales in October 2014, and an increase of 40.5 per cent compared to the 1,098 sales in October 2013. The benchmark price of an apartment property increased 11.4 per cent from October 2014 to $425,800.

Attached property sales in October 2015 totalled 666, an increase of 28.6 per cent compared to the 518 sales in October 2014, and a 34.3 per cent increase from the 496 attached properties sold in October 2013. The benchmark price of an attached unit increased 9.3 per cent between October 2014 and 2015 to $526,700.

- See more at: http://www.rebgv.org/news-statistics/metro-vancouver-home-buyers-push-october-sales-above-long-term#sthash.rLIfwHNy.dpuf


posted under Real Estate Market News

Share  

Comments

Real Estate Market Update: August 2015
August 5, 2015

Summer heat doesn’t slow home buyer activity

Metro Vancouver home sales were more than a third above the 10-year average in July, while the number of homes listed for sale continues to trend below recent years. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver* reached 3,978 on the Multiple Listing Service® (MLS®) in July 2015. This represents a 30 per cent increase compared to the 3,061 sales recorded in July 2014, and a decrease of 9.1 per cent compared to the 4,375 sales in June 2015.

Last month’s sales were 33.5 per cent above the 10-year sales average for the month.

“Today’s activity continues to benefit sellers as home buyers compete for the homes available for sale,” Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,112 in July. This represents a 3.8 per cent increase compared to the 4,925 new listings reported in July 2014.

The total number of properties currently listed for sale on the region’s MLS® is 11,505, a 26.3 per cent decline compared to July 2014 and a 5.5 per cent decline compared to June 2015.

"Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod said. “We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years," 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $700,500. This represents an 11.2 per cent increase compared to July 2014.

With the sales-to-active-listings ratio at 34.6 per cent, the region remains in seller's market territory.

“Although there aren’t as many homes for sale today compared to recent years, home buyers continue to have a range of housing options, at different price points, to choose from across Metro Vancouver,” McLeod said. “The diversity of housing options is part of what’s driving today’s demand.”

Sales of detached properties in July 2015 reached 1,559, an increase of 17.9 per cent from the 1,322 detached sales recorded in July 2014, and a 24.8 per cent increase from the 1,249 units sold in July 2013. The benchmark price for a detached property in Metro Vancouver increased 16.2 per cent from July 2014 to $1,141,800.

Sales of apartment properties reached 1,729 in July 2015, an increase of 42.7 per cent compared to the 1,212 sales in July 2014, and an increase of 42.9 per cent compared to the 1,210 sales in July 2013. The benchmark price of an apartment property increased 5.9 per cent from July 2014 to $400,900.

Attached property sales in July 2015 totalled 690, an increase of 30.9 per cent compared to the 527 sales in July 2014, and a 41.7 per cent increase from the 487 attached properties sold in July 2013. The benchmark price of an attached unit increased 7.8 per cent between July 2014 and 2015 to $511,500.

 

CONTACT US FOR A FULL STATISTICS PAKAGE!


posted under Real Estate Market News

Share  

Comments

Real Estate Market Update: July 2015
July 12, 2015

Metro Vancouver Home Sales Set Record Pace in June. 

 
Last month was the highest selling June, and the second highest overall monthly total, on record for theReal Estate Board of Greater Vancouver. The REBGV reports that residential property sales in Metro Vancouver reached 4,375 on the MLS in June 2015. This represents a 28.4% increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9% compared to the 4,056 sales in May 2015.

Last month's sales were 29.1% above the 10-year sales average for the month. It's the 4th straight month over 4,000 sales, which is a first in the REBGV history. The previous highest number of home sales was 4,434 recorded in May 2005. 

"Demand in our detached home market continues to drive activity across Metro Vancouver," Darcy McLeod, REBGV president said. "There were more detached home sales in the region last month than we've seen during the month of June in more than 10 years." The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3% increase compared to June 2014.

"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said. "We're seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said. 

The sales-to-active-listings ratio in June was 35.9%. This is the highest that ratio has been in Metro Vancouver since June 2006. A seller's market typically occurs when this ratio exceeds 20% for a sustained period of time. 


posted under Real Estate Market News

Share  

Comments

Metro Vancouver Home Sales Surpass 4,000 For Third Consecutive Month.
June 2, 2015

Metro Vancouver Home Sales Surpass 4,000 For Third Consecutive Month.


It continues to be a competitive spring market for Metro Vancouver home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market. 

The Real Estate Board of Greater Vancouver reports that residential property sales in Metro Vancouver reached 4,056 on the MLS in May 2015. This represents a 23.4% increase compared to sales in May 2014, and a decrease of 2.9% compared to 4,179 sales in April 2015.

Last month's sales were 16.7% above the 10-year sales average for the month. 

New listings for detached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5% decrease compared to the 5,936 new listings reported in May 2014. 

"While the supply of homes for sale remains below what's typical for this time of the year, our region continues to offer a diverse selection of housing options at different price points. The diversity within the housing stock is part of what's driving today's home sale activity" - REBGV. 


The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4% increase compared to May 2014. 

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6% from the 1,453 detached sales in May 2014 and  42.2% increase from May 2013. The benchmark price for detached property in Metro Vancouver increased 14.1% from May 2014 to $1,104,900. 

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4% compared to May 2014, and an increase of 40.8% compared to May 2013. The benchmark price of an apartment property increased 4.6% from May 2014 to $396,900. 

Attached property sales in May 2015 totalled 733, an increase of 34% compared to May 204, and a 37.3% increase from May 2014. The benchmark price of an attached unit increased 6.4% between May 2014 and 2015 to $501,000.    

posted under Real Estate Market News

Share  

Comments

Home buyer and seller activity outpaces historical averages in February
March 23, 2015

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.

Last month’s sales were 20.2 per cent above the 10-year sales average for the month.

“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.

Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.

The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.

“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”

Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.

Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.

Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.

 

Contact Nick Chan for a full statistics package. 604.551.9504 | nick@downtowncondoshop.com


posted under Real Estate Market News

Share  

Comments

Categories


Archives