Sale and listing activity continues to follow historical averages
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013. This represents a 63.8 percent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 percent decline compared to the 2,514 sales in August 2013.
Last month’s sales were 1 per cent below the 10-year sales average for the month, while new listings for the month were 3.5 percent below the 10-year average.
“While sales are up considerably from last year, it’s important to note that September 2012 sales were among the lowest we’ve seen in nearly three decades,” Sandra Wyant, REBGV said. “Home sale and listing activity this September were in line with the 10-year average for the month.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,030 in September. This represents a 5.5 percent decline compared to the 5,321 new listings reported in September 2012 and a 20.2 percent increase compared to the 4,186 new listings in August of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,115, a 12.2 percent decrease compared to September 2012 and a 0.5 percent increase compared to August 2013.
The sales-to-active-listings ratio currently sits at 15.4 percent in Greater Vancouver.
“It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7 percent compared to this time last year and an increase of 2.3 percent compared to January 2013.
Sales of detached properties reached 1,023 in September 2013, an increase of 72.2 percent from the 594 detached sales recorded in September 2012, and a 6.9 percent increase from the 957 units sold in September 2011. The benchmark price for detached properties decreased 1.4 percent from September 2012 to $922,600.
Sales of apartment properties reached 1,018 in September 2013, an increase of 50.6 percent compared to the 676 sales in September 2012, and an increase of 10.4 percent compared to the 922 sales in September 2011. The benchmark price of an apartment property decreased 0.5 percent from September 2012 to $366,600
Attached property sales in September 2013 totalled 442, an increase of 79.7 percent compared to the 246 sales in September 2012, and a 20.4 percent increase from the 367 attached properties sold in September 2011. The benchmark price of an attached unit is currently $458,300, which is unchanged from September 2012.