Balanced conditions continue
in the Greater Vancouver housing market
Home buyer and seller
activity continues to mirror historical averages in the Greater Vancouver
housing market. These trends have helped keep the region in a balanced
state for the last nine months.
The Real Estate Board
of Greater Vancouver reports that residential property sales in Greater
Vancouver reached 2,661 on the Multiple Listing Service® (MLS®) in October
2013. This is a 37.8 per cent increase compared to the 1,931 sales recorded
in October 2012, and a 7.2 per cent increase from the 2,483 sales recorded
in September 2013.
New listings for
attached, detached and apartment properties in Greater Vancouver totaled
4,315 in October 2013. This represents a 0.2 per cent decline from the
4,323 new listings reported in October 2012, and a decrease of 14.2 per
cent compared to the 5,030 new listings reported in September of this year.
Last month’s sales were
2.8 per cent above the 10-year sales average for the month, while new
listings for the month were 1.9 per cent below the 10-year average.
“We continue to see
fairly typical activity when it comes to monthly home sale and listing
totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping
to keep us in balanced market territory, which means that prices tend to
experience minimal fluctuation.”
The total number of
properties currently listed for sale on the MLS® in Greater Vancouver is
15,257, a decline of 12.2 per cent compared to this time last year, and a
decline of 5.3 per cent compared to September 2013.
The
sales-to-active-listings ratio is currently at 17.4 per cent in Greater
Vancouver.
The MLS® Home Price
Index composite benchmark price for all residential properties in Greater
Vancouver is $600,700. This represents a 0.5 per cent decline compared to
this time last year.
Sales of detached
properties reached 1,067 in October 2013, an increase of 35.1 per cent from
the 790 detached sales recorded in October 2012 and a 9.5 per cent increase
from the 974 units sold in October 2011. The benchmark price for detached
properties decreased 0.5 per cent from October 2012 to $922,600.
Sales of apartment
properties reached 1,098 in October 2013, an increase of 36.7 per cent
compared to the 803 apartment sales recorded in October 2012, and an
increase of 14.6 per cent compared to the 958 sales in October 2011. The
benchmark price of an apartment property decreased 0.9 per cent from
October 2012 to $365,600.
Attached property sales
totaled 496, an increase of 46.7 per cent compared to the 338 attached
property sales recorded in 2012 and a 29.8 per cent increase compared to
the 382 attached property sales recorded in October 2011. The benchmark
price of an attached property is $458,000, which is virtually unchanged
from October 2012.
Download
the complete stats package by clicking here.
|