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
For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.
*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.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.