As a key economic driver in BC, the real estate market is happily humming along in our fair city. There was a 14.5% increase in residential property sales this September; 3,345 compared to the 2,922 sales reported in September 2014. This is only a slight 0.5% decrease to August 2015 sales.
Let’s review the Real Estate Board of Greater Vancouver’s September Stats as a big picture. Knowing where your homes stands in the grand scheme of Vancouver’s market will help you prepare to sell it, or know what’s a good buy and what isn’t.
September sales were 32.9% above the 10-year average, even though the total number of properties for sale listed on MLS® was 27% less than September 2014, and .8% less than August 2015.
Sales-to-Active-Listings ratio: 31%
Benchmark price for all residential properties in Metro Vancouver is $722,300
A 13.7% increase from September 2014
Detached property sales totaled 1,272; a 0.2% increase from September 2014
Benchmark price for a detached property is $1,179,700
Apartment property sales totaled 1,529; a 28.7% increase from September 2014
Benchmark price for an apartment property is $415,100
Attached property sales totaled 544; a 17.2% increase from September 2014
Benchmark price for an attached unit is $518,600
“Residential home sales have been trending at 25 to 30 per cent about the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”
Fall continues to favour home sellers across Metro Vancouver’s housing market! Call us at 604-657-7936 to make an appointment so we can help you on your journey. For the full September Stats details, visit REBGV.
*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: Alex Costin)