The REBGV’s October Round-Up

  • Residential property sales in the Greater Vancouver Area continue their steady climb, reaching 36.2% above the 10-year sales average for the month of October. MLS reported 3,646 sales; a 19.3% increase compared to October 2014 (3,057), and a 9% increase to September sales of this year (3,345). The Real Estate Board of Greater Vancouver’s president, Darcy McLeod, states that “Home sales are more than one-third above what’s typical for this time of year, yet the supply of homes for sale is the lowest we’ve seen in five years.” What does that mean for you? It continues to be a seller’s market while buyers battle it out. That’s where a good real estate agent steps in: to explain the numbers, aid in speedy sales, and help home buyers navigate tricky waters. With the lowest active listing total since December 2010, getting the right help can make all the difference in getting your dream home. The market at a glance: October 2015 Active listings: 4,126 8% decline from the reported 4,487 active listings in October 2014 Total number of properties for sale: 9,569 30% decline from October 2014, and an 11.4% decline from September 2015 Sales-to-Active-Listings ratio: 38.1% Benchmark price for all residential properties in Metro Vancouver is $736,000 A 15.3% increase from October 2014 Detached property sales totaled 1,437; a 13.1% increase from October 2014’s 1,271 sales. The Benchmark price for a detached property is $1,197,600; an increase of 20.1% from October 2014 Apartment property sales totaled 1,543; a 21.7% increase from October 2014’s 1,268 sales. The Benchmark price for an apartment property is $425,800; an increase of 11.4% from October 2014 Attached property sales totaled 666; a 28.6% increase from October 2014’s 518 sales. The Benchmark price for an attached unit is $526,700; an increase of 9.3% from October 2014 If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Contact us at http://www.teamnickerson.com/ for a consultation 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: Taz)