Home buyer activity remains at near record levels across the Metro Vancouver real estate market.
Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7% from sales recorded in January 2015 and a 10.9% decline compared to December 2015 when 2,827 home sales occurred.
Last month’s sales were 46% above the 10-year sales average for the month and rank as the second highest January on record.
“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442 in January 2016 - down 6.2% decline compared to January 2015 and a 120% percent increase compared to December 2015.
“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6% decline compared to January 2015 (10,811) and a 10% increase compared to December 2015.
The sales-to-active listings ratio for January 2016 is 38%. This is indicative of a seller’s market. Generally, downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20 to 22% range for a sustained period of time.
Sales of detached properties in January 2016 reached 1,047, an increase of 34% from detached sales recorded in January 2015. The benchmark price for detached properties increased 28% from January 2015 to $1,293,700.
Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5% compared to January 2015.The benchmark price of an apartment property increased 19.4% from January 2015 to $456,600.
Attached property sales in January 2016 totalled 376, an increase of 16.4% compared to January 2015. The benchmark price of an attached unit increased 16.4% from January 2015 to $563,700.