Selling a home? MLS reported 3,646 sales; a 19.3% increase compared to October 2014 (3,057), and a 9% increase to September sales of this year (3,345). That’s 36.2% above the 10-year sales average for the month of October.
Buying a home? Patience, deep pockets, and the right realtor that knows the market and how to make an acceptable offer will ensure you a spot in the game. Darcy McLeod, Real Estate Board of Greater Vancouver’s president, said that “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.” That also indicates that when you do find the home of your dreams, having your financing lined-up and limited conditions can make all the difference.
The market at a glance:
October 2015 Active listings: 4,126
8% decline from the reported 4,487 active listings in October 2014
Total number of properties for sale: 9,569
30% decline from October 2014, and an 11.4% decline from September 2015
Sales-to-Active-Listings ratio: 38.1%
Benchmark price for all residential properties in Metro Vancouver is $736,000
15.3% increase from October 2014
Benchmark price for a detached property is $1,197,600
20.1% increase from October 2014
Detached property sales totaled 1,437
13.1% increase from October 2014’s 1,271 sales
Benchmark price for an apartment property is $425,800
11.4% increase from October 2014
Apartment property sales totaled 1,543
21.7% increase from October 2014’s 1,268 sales
Benchmark price for an attached unit is $526,700
9.3% increase from October 2014
Attached property sales totaled 666
28.6% increase from October 2014’s 518 sales
The Greater Vancouver Area’s market is in the home seller's favour as residential property sales numbers continue their steady climb. For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Call us at 604-657-7936 or email Andrew at email@example.com!
*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.
(Photo: Jennifer C.)