Demand keeps rising for the diminishing supply of homes on the Vancouver market. Despite being a historically slower month, November’s numbers only dipped by 3.3% since October and closed at the highest they’ve been for residential property sales in 9 years, as well as the second highest on record (46.2% above the 10-year sales average). According to MLS®, there were 3,524 sales in Metro Vancouver; a 40.1% increase compared to the 2,516 sales in November 2014.
Working with a realtor has never been so important as it is in the current state of the market. To compete with the high demand and fewer housing choices, fully understanding the options out there is where your realtor is an invaluable resource. “Demand remains strong and there are housing options at different price points throughout the region,” affirms the Real Estate Board of Greater Vancouver’s president Darcy McLeod.
To give you an idea of how this record-breaking month came to pass, here’s November by the numbers:
New Listings (detached, attached, and apartment) for November: 3,392
12.5% increase from November 2014
Total Active listings on MLS®: 8,096
35% decline from November 2014
Sales-to-Active-Listings ratio: 43.5%
Benchmark price for all residential properties in Metro Vancouver is $752,500
17.8% increase from November 2014
Benchmark price for a detached property is $1,226,300
22.6% increase from November 2014
Detached property sales totaled 1,335
31.9% since November 2014 and 44.2% since November 2013
Benchmark price for an apartment property is $435,000
14% increase from November 2014
Apartment property sales totaled 1,553
47.6% increase from November 2014
Benchmark price for an attached unit is $536,600
11.3% increase from November 2014
Attached property sales totaled 636
40.7% increase from November 2014
*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.