Home
buyer and seller activity continues to mirror historical averages in the
Greater Vancouver housing market. These trends have helped keep the
region in a balanced state for the last nine months.
The
Real Estate Board of Greater Vancouver reports that residential property
sales in Greater Vancouver reached 2,661 on the Multiple Listing
Service® (MLS®) in October 2013. This is a 37.8 per cent increase
compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent
increase from the 2,483 sales recorded in September 2013.
New
listings for attached, detached and apartment properties in Greater
Vancouver totaled 4,315 in October 2013. This represents a 0.2 per cent
decline from the 4,323 new listings reported in October 2012, and a
decrease of 14.2 per cent compared to the 5,030 new listings reported in
September of this year.
Last
month’s sales were 2.8 per cent above the 10-year sales average for the
month, while new listings for the month were 1.9 per cent below the
10-year average.
“We
continue to see fairly typical activity when it comes to monthly home
sale and listing totals,” Sandra Wyant, REBGV president said. “Today’s
activity is helping to keep us in balanced market territory, which means
that prices tend to experience minimal fluctuation.”
The
total number of properties currently listed for sale on the MLS® in
Greater Vancouver is 15,257, a decline of 12.2 per cent compared to this
time last year, and a decline of 5.3 per cent compared to September
2013.
The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.
The
MLS® Home Price Index composite benchmark price for all residential
properties in Greater Vancouver is $600,700. This represents a 0.5 per
cent decline compared to this time last year.
Sales
of detached properties reached 1,067 in October 2013, an increase of
35.1 per cent from the 790 detached sales recorded in October 2012 and a
9.5 per cent increase from the 974 units sold in October 2011. The
benchmark price for detached properties decreased 0.5 per cent from
October 2012 to $922,600.
Sales
of apartment properties reached 1,098 in October 2013, an increase of
36.7 per cent compared to the 803 apartment sales recorded in October
2012, and an increase of 14.6 per cent compared to the 958 sales in
October 2011. The benchmark price of an apartment property decreased 0.9
per cent from October 2012 to $365,600.
Attached
property sales totaled 496, an increase of 46.7 per cent compared to
the 338 attached property sales recorded in 2012 and a 29.8 per cent
increase compared to the 382 attached property sales recorded in October
2011. The benchmark price of an attached property is $458,000, which is
virtually unchanged from October 2012.
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