Sellers Dominate: the January REBGV Report

  • As the 2016 real estate market gears up, sellers once again rule the roost as low supply and high buyer demand drive the numbers. January proved to be the second highest start to the year on record with sales 46% above the 10-year average for the month. The total number of residential sales in the Greater Vancouver area declined only slightly from 2,827 sales in December 2015 to 2,519 in January. It was still a 31.7% increase from January 2015’s 1,913 sales however. While the market maintains its highly competitive nature, MLS® can prove to be your most valuable tool, next to a great realtor, for keeping tabs on the properties that do pop up. Real Estate Board of Greater Vancouver’s president Darcy McLeod affirms that “MLS® is the most powerful real estate marketing system in the country.” It could make all the difference in snapping up your future family home. The January 2016 Numbers: New Listings (detached, attached, and apartment) in January: 4,442 6.2% decline from January 2015 119.8% increase from December 2015 Total Active listings on MLS®: 6,635 38.6% decline from January 2015 10.1% increase from December 2015 Sales-to-Active-Listings ratio: 38% Benchmark price for a detached property is $1,293,700 27.9% increase from January 2015 Detached property sales totaled 1,047 34.1% increase from January 2015 Benchmark price for an apartment property is $456,600 19.4% increase from January 2015 Apartment property sales totaled 1,096 35.5% increase from January 2015 Benchmark price for an attached unit is $563,700 16.4% increase from January 2015 Attached property sales totaled 376 16.4% increase from January 2015 For a complete comparison, visit rebgv.org. Interested in listing your property, buying a home or investing in the market? We’d love to hear from you, contact us today! *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. (Photo: Pete Hogen)