Historical Averages Still In Progress

(October 02, 2013 )

Home buyers and sellers activity in the Greater Vancouver housing market continues to far outpace 2012, yet is in line with the region’s 10-year averages. Here are some notes:
  • There is a 63.8% increase for residential property sales in Greater Vancouver compared to sales recorded in September 2012, and a 1.2% decline compared to the sales in August 2013. Last month’s sales were 1% below the 10-year sales average for the month, while new listings for the month were 3.5% below the 10-year average. 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. Home sale and listing activity this September were in line with the 10-year average for the month.
  • There is a 5.5% decline for new detached, attached and apartment properties listings for Greater Vancouver compared to September 2012 and a 20.2% increase compared to to August of this year. A 12.2% decrease for the total number of properties currently listed for sale compared to September 2012 and a 0.5% increase compared to August 2013. The sales-to-active-listings ratio currently sits at 15.4% 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.
  • The Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7% compared to this time last year and an increase of 2.3% compared to January 2013. There is an increase of 72.2% for sales of detached properties from the sales recorded in September 2012, and a 6.9% increase from the 957 units sold in September 2011. The benchmark price for detached properties decreased 1.4% from September 2012 to $922,600.
  • In September 2013, an increase of 50.6% for sales of apartments compared to the sales in September 2012, and an increase of 10.4% compared to the sales in September 2011. The benchmark price of an apartment property decreased 0.5% from September 2012 to $366,600.
  • There is an increase of 79.7% for attached property sales compared to the sales in September 2012, and a 20.4% increase from the attached properties sold in September 2011. The benchmark price of an attached unit is currently $458,300, which is unchanged from September 2012.