Strong Home Buyer Demand coupled with Below Average Home Listing Activity has created Seller's Market conditions within the Metro Vancouver Housing Market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This represents a 37% increase compared to the 3,050 sales recorded in April 2014, and a 2.9 per cent increase compared to the 4,060 sales in March 2015.
The Sales-to-Active-Listings ratio in April was 33.6%. This is the highest that this ratio has been in Metro Vancouver since June 2007.
Sales of Detached Properties in April 2015 reached 1,815, an increase of 35.9% from the 1,336 Detached sales recorded in April 2014, and a 70.6% increase from the 1,064 units sold in April 2013. The Benchmark Price for a Detached Property in Metro Vancouver increased 12.5% from April 2014, to $1,078,900.
Sales of Apartment Properties reached 1,579 in April 2015, an increase of 34.7% compared to the 1,172 sales in April 2014, and an increase of 50.1% compared to the 1,052 sales in April 2013. The Benchmark Price of an Apartment Property increased 4.4% from April 2014, to $394,200.
Attached Property sales in April 2015 totalled 785, an increase of 44.8% compared to the 542 sales in April 2014, and a 53.6% increase from the 511 Attached Properties sold in April 2013. The Benchmark Price of an Attached unit increased 5.7% between April 2014 and 2015, to $493,300.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9% decrease compared to the 5,950 new listings reported in April 2014.
The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8% decline compared to April 2014, and an increase of 0.5% compared to March 2015.
Strong Home Buyer Demand coupled with Below Average home listing activity has created Seller's Market conditions within the Metro Vancouver housing market.
** All the above stats are collected from the Real Estate Board of Greater Vancouver.
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