Residential property sales continue to exceed record averages. 4,781 homes sold last month; that’s a 14.4% increase from the 4,179 sales recorded in April 2015, and only a marginal 7.6% decrease from March 2016. Overall, April 2016 sales were 41.7% above the 10-year sales average for the month, while the total number of properties currently listed on MLS® is a mere 7,550. That’s a 39.3% decline from April 2015, and an incremental 2.6% increase from March 2016.
“While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace,” said Real Estate Board of Greater Vancouver’s new president, Dan Morrison. He cautions that buyer competition is still high across the lower mainland, and that working with a realtor is more important now than ever to navigate this intense market. Either as the home buyer or seller, ensuring you have the proper information to strategize a successful sale or negotiate the purchase of your dream home is where a licensed realtor can make all the difference.
The Numbers at a Glance:
Total new listings: 6,127
3.9% increase from April 2015 & 2.4% decline from March 2016
Sales-to-Active Listings Ratio: 63.3%
Benchmark price for all residential properties: $844,800
25.3% increase from April 2015
Benchmark price for a detached property is $1,403,200
30.1% increase from April 2015
Detached property sales totaled 1,979
9% increase from April 2015
Benchmark price for an apartment property is $475,000
20.6% increase from April 2015
Apartment property sales totaled 2,107
33.4% increase from April 2015
Benchmark price for an attached unit is $608,600
22.1% increase from April 2015
Attached property sales totaled 695
11.5% decrease from April 2015
*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.