The gloriously lazy days of summer are slowly drawing to an end, which means if you’re still thinking of putting your house up for sale in 2015, now’s the time to prepare. From choosing the right time to put up that For Sale sign to staging, hiring an agent, and all the other important details involved in ensuring a successful sale; it’s best to organize your “To Do” list as early as possible. Things happen, not always good; so if there’s plenty of time to meet them head-on you’ll come out on top.
To get you started, we’ve got the Real Estate Board of Greater Vancouver’s Summer Stats. Knowing where the market stands and how your home compares is the first step in preparing to sell. Next step? Call us to make an appointment so we can help you on your journey.
July saw more than a third of Metro Vancouver sales above the 10-year average, even though the number of properties up for sale continues to trend below average.
It’s still a seller’s market out there: new listings in July totaled 5,112. That’s a 3.8% increase from July 2014. However, the total number of properties for sale is 11,505: a 26.3% decline from July 2014 and a 5.5% decline from June 2015.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $700,500. That’s an 11.2% increase from the previous year.
Sales-to-Active-Listings ratio: 34.6%
Detached property sales totaled 1,559; a 17.9% increase from July 2014
Benchmark price for a detached property is $1,141,800
Apartment property sales totaled 1,729; a 42.7% increase from July 2014
Benchmark price for an apartment property is $400,900
Attached property sales totaled 690; a 30.9% increase from July 2014
Benchmark price for an attached unit is $511,500
REBGV president Darcy McLeod suggests these numbers are due to “strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod also makes the point that “the diversity of housing options is part of what’s driving today’s demand.”
For a more complete picture, visit rebgv.org. Then let us know your thoughts on the market! Think these numbers can continue to reach sky-high in our beautiful city?
Contact us for a consultation today.
*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.