2015 YEAR-END REVIEW
In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.
Reports indicate that 2015 home sales were the highest annual total in Metro Vancouver history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for Real Estate Board of Greater Vancouver!
Sales of detached, attached and apartment properties in 2015 reached 42,326 - a nearly 28% increase over 2014 sales, and a 48% increase over 2013.
The total number of homes listed for sale on the MLS in 2015 ranked fifth in the last ten years, while the MLS Home Price Index (HPI) saw a double-digit year-over-year price increases.
2015 saw the number of residential properties listed on the MLS in Metro Vancouver reach 57,249. This is an increase of 2% compared to 2014 and 4.6% higher than 2013.
With sales-to-active-listings ratios above 25% for 11 months in 2015, we experienced seller’s market conditions for much of the year.
"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market. Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year." - Darcy McLeod, REBGV president
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 19% increase compared to December 2014.
“We often hear economists say that seller’s market conditions put upward pressure on home prices, that was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.” - Darcy McLeod, REBGV president
Residential property sales totalled 2,827 in December - a 20% decline from November, and an increase of 34% from last December.
New listings totalled 2,021 in December. This represents a 40% decline compared to November, and a 7% increase over last December.
The total number of properties currently listed for sale on the MLS Metro Vancouver is 6,024 - 26% lower than November, and 42% lower than last December.
Single Family Detached Homes
Sales in December reached 1,136, an increase of 36% from last December. The benchmark price for detached properties increased 24% from December 2014 to $1,248,600.
Apartments / Condos
Sales reached 1,225 in December, an increase of 34% compared to last December. The benchmark price of an apartment property increased 14% from last December to $436,200.
Sales in December totalled 466, 26% higher than last December. The benchmark price of an attached unit increased 14% over last December to $543,700.