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Market Update: Most Active September in Years

(October 06, 2014, posted in Market Updates)

Vancouver olympic village properties
September was the most active we have seen in years, ranking it the third highest selling month over that period. The spike in single-family home sales continues to give these homes leader status in pricing gains. Condominium and townhouse properties are not experiencing the same pressure on prices at the moment. Individual trends can vary depending on different factors in different areas. This is why it’s important to call me to get an accurate evaluation to determine the true market value in your building or neighbourhood.

Buyers were busier than the 10 year average this September.  Residential property sales were up 17.7% compared to only 5.4% for Sept 2013. That’s 2922 home sales in September alone. Those are big numbers... 

Single family houses sales - "in September 2014 reached 1,270, an increase of 24.1 % from the 1,023 detached sales recorded in September 2013, and a 113.8 percent increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3% from September 2013 to $990,300.” 

Condo sales - "reached 1,188 in September 2014, an increase of 16.7% compared to the 1,018 sales in September 2013, and a 75.7% increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3% from September 2013 to $378,700.” 

Townhouse sales - "in September 2014 totaled 464, a 5% increase compared to the 442 sales in September 2013, and an 88.6% increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2% between September 2013 and 2014 to $477,700.” 

New listings for houses, condos and townhouses - there was a “4.6% increase compared to new listings in September 2013. Last month’s new listing total was 0.4 percent above the region’s 10-year new listing average for the month.” 

“The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,832, an 8% decline compared to September 2013”, as reported by the REBGV.

Read the full REBGV report here.