Metro Vancouver Home Sales Remain Strong
Our November stats video takes a look at where the market is and where it might be heading.
Home
buyers in Metro Vancouver remained active in November, a month that is
traditionally a quieter time of year for real estate.
The Real
Estate Board of Greater Vancouver (REBGV) reports that residential
property sales in Metro Vancouver reached 2,516 on the Multiple Listing
Service® (MLS®) in November 2014. This represents an 8.4 per cent
increase compared to the 2,321 sales in November 2013, and a 17.7 per
cent decline compared to the 3,057 sales in October 2014.
Last month’s sales were 6.9 per cent above the 10-year sales average for November.
“It’s
been a more active fall than we typically see in the Metro Vancouver
housing market,” Ray Harris, REBGV president said. “Home prices across
the region have experienced steady gains in 2014 of between three and
seven per cent depending on property type.”
New listings for
detached, attached and apartment properties in Metro Vancouver* totalled
3,016 in November. This represents a 7.1 per cent decrease compared to
the 3,245 new listings in November 2013 and a 32.8 per cent decline from
the 4,487 new listings in October.
The total number of
properties currently listed for sale on the MLS® system in Metro
Vancouver is 12,553, a 10.2 per cent decline compared to November 2013
and a 9.4 per cent decrease compared to October 2014.
“This is
traditionally a low inventory time of year, so it’s a good time to list
your home for sale if you want to face less competition in the
marketplace,” Harris said.
The MLS® Home Price Index composite
benchmark price for all residential properties in Metro Vancouver is
currently $637,300. This represents a 5.7 cent increase compared to
November 2013.
Sales of detached properties in November 2014
reached 1,012, an increase of 9.3 per cent from the 926 detached sales
recorded in November 2013, and a 60.9 per cent increase from the 629
units sold in November 2012. The benchmark price for detached properties
increased 7.9 per cent from November 2013 to $997,800.
Sales of
apartment properties reached 1,052 in November 2014, an increase of 8.6
per cent compared to the 969 sales in November 2013, and a 40.3 per cent
increase compared to the 750 sales in November 2012. The benchmark
price of an apartment property increased 3.2 per cent from November 2013
to $379,500.
Attached property sales in November 2014 totalled
452, a 6.1 per cent increase compared to the 426 sales in November 2013,
and a 47.2 per cent increase over the 307 attached properties sold in
November 2012. The benchmark price of an attached unit increased 4.8 per
cent between November 2013 and 2014 to $480,200.
Click here to download the full stats package.