Conditions continue to favour home sellers across *Metro Vancouver’s housing market.
The REBGV reports that residential property sales in Metro Vancouver reached 3,345 on the MLS® in September 2015. This represents a +14.5% compared to the 2,922 sales recorded a year ago; and a -0.5% compared to the 3,362 sales in August 2015.
“Residential home sales have been trending at 25% - 30% above the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”
“At no point this year has the number of homes listed for sale exceeded 14,000, which is the first time this has occurred in the region since 2007,” McLeod said.
The sales-to-active-listings ratio in September was 31%. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12% mark, while home prices often experience upward pressure when it reaches 20%, or higher, in a particular community for a sustained period of time.