Sale and listing activity continues to follow
historical averages
Home buyer and seller
activity in the Greater Vancouver housing market continues to far outpace
2012, yet is in line with the region’s 10-year averages.
The Real Estate Board
of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in
September 2013. This represents a 63.8 per cent increase compared to the
1,516 sales recorded in September 2012, and a 1.2 per cent decline compared
to the 2,514 sales in August 2013.
Last month’s sales were
1 per cent below the 10-year sales average for the month, while new
listings for the month were 3.5 per cent below the 10-year average.
“While sales are up
considerably from last year, it’s important to note that September 2012
sales were among the lowest we’ve seen in nearly three decades,” Sandra
Wyant, REBGV said. “Home sale and listing activity this September were in
line with the 10-year average for the month.”
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
5,030 in September. This represents a 5.5 per cent decline compared to the
5,321 new listings reported in September 2012 and a 20.2 per cent increase
compared to the 4,186 new listings in August of this year.
The total number of
properties currently listed for sale on the MLS® in Greater Vancouver is
16,115, a 12.2 per cent decrease compared to September 2012 and a 0.5 per
cent increase compared to August 2013.
The
sales-to-active-listings ratio currently sits at 15.4 per cent in Greater
Vancouver.
“It’s important to
remember that stronger sales activity does not necessarily equate to rising
home prices. In fact, home prices have not fluctuated much in our market
this year,” Wyant said.
The MLS® Home Price
Index composite benchmark price for all residential properties in Greater
Vancouver is currently $601,900. This represents a decline of 0.7 per cent
compared to this time last year and an increase of 2.3 per cent compared to
January 2013.
Sales of detached
properties reached 1,023 in September 2013, an increase of 72.2 per cent
from the 594 detached sales recorded in September 2012, and a 6.9 per cent
increase from the 957 units sold in September 2011. The benchmark price for
detached properties decreased 1.4 per cent from September 2012 to $922,600.
Sales of apartment
properties reached 1,018 in September 2013, an increase of 50.6 per cent
compared to the 676 sales in September 2012, and an increase of 10.4 per
cent compared to the 922 sales in September 2011. The benchmark price of an
apartment property decreased 0.5 per cent from September 2012 to $366,600
Attached property sales
in September 2013 totalled 442, an increase of 79.7 per cent compared to
the 246 sales in September 2012, and a 20.4 per cent increase from the 367
attached properties sold in September 2011. The benchmark price of an
attached unit is currently $458,300, which is unchanged from September
2012.
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