When it comes to buying or selling a home, knowing the market can help you make informed decisions about list prices, what’s a good deal, and what’s an investment. The Real Estate Board of Greater Vancouver releases monthly stats to help us understand what the market is doing and how your home, or potential home, compares. On a whole, September sales numbers were up (surprise, surprise) by 32.9% above the 10-year average, even though the total number of properties for sale listed on MLS was 27% less than September 2014. “Residential home sales have been trending at 25 to 30 per cent about the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up 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.” What does this mean for the average buyer? It means this crazy bubble isn’t bursting any time soon and if you’re a seller, well, may the odds ever be in your favour! The market at a glance: September 2015 sales increased by 14.5% increase in residential property sales; 3,345 compared to the 2,922 sales reported in September 2014 Sales-to-Active-Listings ratio: 31% Benchmark price for all residential properties in Metro Vancouver is $722,300 A 13.7% increase from September 2014 Detached property sales totaled 1,272; a 0.2% increase from September 2014 Benchmark price for a detached property is $1,179,700 Apartment property sales totaled 1,529; a 28.7% increase from September 2014 Benchmark price for an apartment property is $415,100 Attached property sales totaled 544; a 17.2% increase from September 2014 Benchmark price for an attached unit is $518,600 If you’re interested in seeing the breakdown, you can visit rebgv.org for a complete picture of the comparisons. Want some advice on how your home fits in? Call us at 604-263-2823 for a consultation today! *REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta. (Photo: Kenny Louie)
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