BUYERS PUSH OCTOBER SALES ABOVE LONG-TERM AVERAGES

(February 04, 2016 )

Looks like home buyers are remaining very active across Metro Vancouver, despite a reduced supply of homes for sale.

The Real Estate Board of Greater Vancouver reports that residential property sales in Metro Vancouver reached 3,646 on the MLS in October - a 9% increase over September, an a 19% increase over last October.

Last month’s sales were 36% above the 10-year sales average for the month!

“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. This activity has created favourable market conditions for anyone considering selling their home today.” - Darcy McLeod, REBGV President.

New listings totalled 4,126 in October. This is an 8% decline compared to last October.

The total number of properties listed for sale on our MLS is 9,569 - a 30% decline compared to last October and an 11% decline compared to September.

This is the lowest active listing total in Metro Vancouver since December 2010.

The MLS HPI Benchmark Price is currently $736,000. This represents a 15% increase compared to October 2014.

The sales-to-active-listings ratio in October was 38.1%. (Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12% mark, while home prices often experience upward pressure when it reaches 20% or greater.)

Single Family Detached Homes 

Sales reached 1,437 - an increase of 13% from last October, and a 35% increase from October 2013. The benchmark price for a detached property in Metro Vancouver increased 20% from last October to $1,197,600.

Apartment/Condo Properties

Sales reached 1,543 in October - an increase of 22% compared to last October, and an increase of 41% compared to October 2013. The benchmark price of an apartment property increased 11% from last October to $425,800.

Townhomes

Sales in October totalled 666 - an increase of 29% compared to last October, and a 34% increase from October 2013. The benchmark price of a Townhome increased 9% between October 2014 and 2015 to $526,700.