The 2016 April REBGV report is out. As residential property sales continued to break records with a 14.4% increase from the 4,179 homes for sale in April 2015 to 4,781 last month, and only a small 7.6% decrease from March 2016, the sales-to-active listing ratio is a staggering 63.3%; highly indicative of a seller’s market.
It’s generally noted by market analysts that when the ratio reaches or exceeds the 20-22% range in one area for a sustained period of time, an upward pressure on home prices is experienced. “While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace,” said Real Estate Board of Greater Vancouver’s new president, Dan Morrison. “Home buyer competition remains intense across the region,” continued Morrison, who maintains that working with a realtor is imperative to success in this highly competitive market. A successful home sale or navigating the purchase of your dream home against stiff competition is best achieved with all the information you can only obtain through working with an experienced realtor.
Overall, April 2016 sales were 41.7% above the 10-year sales average for the month, while the total number of properties currently listed on MLS® is a mere 7,550. That’s a 39.3% decline from April 2015, and a marginal 2.6% increase from March 2016.
Sales-to-Active Listings Ratio: 63.3%
Benchmark price for all residential properties: $844,800
25.3% increase from April 2015
Benchmark price for a detached property is $1,403,200
30.1% increase from April 2015
Detached property sales totaled 1,979
9% increase from April 2015
Benchmark price for an apartment property is $475,000
20.6% increase from April 2015
Apartment property sales totaled 2,107
33.4% increase from April 2015
Benchmark price for an attached unit is $608,600
22.1% increase from April 2015
Attached property sales totaled 695
11.5% decrease from April 2015
*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.