I hope you all had a wonderful Thanksgiving filled with family, friends, love and laughter....and lots of turkey!
This past September generally followed the same trend we have been seeing for 2015: a lower than average number of homes for sale and higher than average sales for the period maintaining a Seller's market across Metro Vancouver. This also is creating upward pressure on housing prices, particularly for detached homes.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This represents a 14.5% increase compared to the 2,922 sales recorded in September 2014, and a 0.5% decrease compared to the 3,362 sales in August 2015.
Last month’s sales were 32.9% above the 10-year sales average for the month.
“Residential home sales have been trending at 25 to 30% above the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,846 in September. This represents a 7.9% decline compared to the 5,259 new listings reported in September 2014.
The total number of properties listed for sale on the real estate board’s MLS® is 10,805, a 27% decline compared to September 2014 and a 0.8% decline compared to August 2015.
“At no point this year has the number of homes listed for sale exceeded 14,000, which is the first time this has occurred in the region since 2007,” McLeod said.
Looking specifically at Vancouver, detached homes on the west side have moved into Balanced market territory, just barely. This minor slow down may, in part, be attributed to our upcoming federal election and partially buyer fatigue. Having said that, these conditions have had little impact on other market segments, which still sit firmly in Seller's market territory.
Come join me on social media or visit my webpage:
A large part of my business comes from referrals, so if you or someone you know is interested in buying and/or selling, please pass along my contact information and I would be happy to speak with them about how I can help.
See below for info on Vancouver's east and west sides. Contact me if you'd like more information on this, or on an area not covered here.
Here are the stats: