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.
The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV 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 REBGV.
Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8% increase from the sales recorded in 2014, and a 48.4% increase over residential sales in 2013.
The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years.
"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market," Darcy McLeod, REBGV president said. "Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year.". “We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24% depending on property type.”
December echoed the trend of the past year: higher than average sales for the month, and a lower than average number of listings.
Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6% from December 2014. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6% decline compared to December 2014.
Looking specifically at Vancouver, we finished the year in a very strong seller's market, with most market segments having less than two month's supply of inventory.
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Here are the stats: