VANCOUVER, B.C. – October 2, 2014 – Home buyers were active in Metro Vancouver last month, with home sales well exceeding the 10-year average for September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 17.7 percent increase compared to the 2,483 sales in September 2013, and a 5.4 percent increase over the 2,771 sales in August 2014.

Last month’s sales were 16.1 per cent above the 10-year sales average for the month and rank as the third highest selling September over that period.

“September was an active period for our housing market when we compare it against typical activity for the month,” Ray Harris, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 5,259 in September. This represents a 4.6 percent increase compared to the 5,030 new listings in September 2013 and a 33.5 percent increase from the 3,940 new listings in August. Last month’s new listing total was 0.4 percent above the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,832, an 8 per cent decline compared to September 2013 and a 0.4 percent increase compared to August 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3 percent increase compared to September 2013.

“Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Harris said. “Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.”

Sales of detached properties in September 2014 reached 1,270, an increase of 24.1 percent from the 1,023 detached sales recorded in September 2013, and a 113.8 percent increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3 percent from September 2013 to $990,300.

Sales of apartment properties reached 1,188 in September 2014, an increase of 16.7 percent compared to the 1,018 sales in September 2013, and a 75.7 percent increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3 percent from September 2013 to $378,700.

Attached property sales in September 2014 totalled 464, a 5 percent increase compared to the 442 sales in September 2013, and an 88.6 percent increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2 percent between September 2013 and 2014 to $477,700.

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This is a question I get from most homeowners that are considering the sale of their home or investment property. For homeowners that have a nicely furnished home the Staging is typically not required. It is a proven fact that a properly furnished home will sell faster and for a higher price than a vacant home and or one that has furnishings that are old, tired and or do not fit the space well. 

There are some cases when a vacant or older home probably does not require staging. Those being homes that are sold for Land value and there is a high probability that the property will be sold as a Building lot. 

I also had an instance recently where a homeowner had a beautifully built new home but there were key rooms that had no furniture. We suggested the client call in the Staging Co and for about $5000 have the vacant rooms furnished to help for the sale. Remember, its really tough to take appealing photos of vacant rooms. This client decided not to spend the $5000 and instead spend about $25,000 buying furniture for the vacant rooms. It’s really a personal decision. The advantage with Staging is the convenience and speed to which the home can be furnished for sale. We can usually arrange to have a home staged within 1 week of the client making the initial call to the Staging Co. Should you decide to go out and purchase the furniture and accessories yourself this can take a lot of time and rarely do stores keep furniture in stock. You can typically wait weeks or months for specific furnishings to arrive once they are ordered. This is not ideal when you want your home listed within a few weeks.

Part of our service when listing your home for sale is to provide such advice on Staging . The key is to bring your home to the market so that it attracts the maximum number of buyers and ultimately achieving the highest price. A poorly furnished home can cost you a lot more than the cost of staging. Most buyers do not have the ability to visualize so we as realtors want to make sure your home shows the best it can. 

Happy Selling! 

(Photo: flickr.com/buildersdesign)