The Real Estate Board of Vancouver (REBGV) just released their report for November 2014. For a month that is traditionally more quiet out of the year, home buyers in Metro Vancouver remained active!

Take residential property sales in Metro Vancouver, for example. They reached 2,516 on the Multiple Listing Service® (MLS®) last month. Even though that’s a 17.7% decline from the 3,057 sales in October 2014, it’s still an 8.4% increase compared to November 2013 at 2,321 sales.

The overall good news is that last month’s sales were 6.9% above the 10 year sales average for the month of November!

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Detached Homes:

-Sales in November 2014 were down 16% from last year, but the average sale price is up 16% to $ 2.963 million. House inventory is down by 9% from 730 units to 664 units.
-Month’s supply is 5.6 this year vs 5.2 months a year ago. This indicates in average terms a ‘balanced market’.

Condos and Townhomes:

-Sales were down 20%  for townhomes and up 13% for condos during November 2014 vs a year ago. The average selling prices were 18% higher for townhomes to $ 1,002,000 and 6% higher for condos to $ 647,700. Inventory was unchanged for townhomes and down 8% for condos at the end of November compared to a year ago.
-Month’s supply for townhomes was up to 5 months from 4 months and for condos down to 4.3 months from 5.3 months a year ago. These figures indicate a fairly balanced market with slight upward price pressure.

It’s important to note that the above statistics are for the West Side as a whole. Markets really do vary by specific neighborhoods and by the type of property. If you have any questions about the market in your neighborhood then it’s wise to speak with a realtor who has presence in your area. Call us today at 604-657-7936 and we will be happy to provide you with some helpful market information specific to your neighborhood.