Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in November 2014. This represents an 8.4% increase compared to the 2,321 sales in November 2013, and a 17.7% decline compared to the 3,057 sales in October 2014.
Last month’s sales were 6.9% above the 10-year sales average for November.
“It’s been a more active fall than we typically see in the Metro Vancouver housing market,” Ray Harris, REBGV president said. “Home prices across the region have experienced steady gains in 2014 of between three and seven% depending on property type.”
New listings for detached, attached and apartment properties in Metro Vancouver* totalled 3,016 in November. This represents a 7.1% decrease compared to the 3,245 new listings in November 2013 and a 32.8% decline from the 4,487 new listings in October.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,553, a 10.2% decline compared to November 2013 and a 9.4% decrease compared to October 2014.
“This is traditionally a low inventory time of year, so it’s a good time to list your home for sale if you want to face less competition in the marketplace,” Harris said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,300. This represents a 5.7 cent increase compared to November 2013.
Sales of detached properties in November 2014 reached 1,012, an increase of 9.3% from the 926 detached sales recorded in November 2013, and a 60.9% increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9% from November 2013 to $997,800.
Sales of apartment properties reached 1,052 in November 2014, an increase of 8.6% compared to the 969 sales in November 2013, and a 40.3% increase compared to the 750 sales in November 2012. The benchmark price of an apartment property increased 3.2% from November 2013 to $379,500.
Attached property sales in November 2014 totalled 452, a 6.1% increase compared to the 426 sales in November 2013, and a 47.2% increase over the 307 attached properties sold in November 2012. The benchmark price of an attached unit increased 4.8% between November 2013 and 2014 to $480,200.