April Market Update!
The sun is shining bright for the housing market in Metro Vancouver. The demand among homebuyers continued to exceed listing activity throughout April, creating conditions for a seller’s market.
The Real Estate Board of Greater Vancouver (REBGV) reported that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This is a 2.9 per cent increase compared to the 4,060 sales in March 2015. This rise is 29.3 per cent above the 10 year sales average for the month of April.
“The supply of homes for sale today in the region is not meeting the demand we’re seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market,” Darcy McLeod, REBGV president said.
Although the total number of properties currently listed for sale on the region’s MLS® is a 19.8 per cent decline compared to April 2014, the numbers have climbed up about 0.5 per cent compared to March 2015.
In order to take complete advantage of the current market conditions and make well informed decisions, it is advisable to utilize the skills and expertise of a local realtor. “It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 per cent increase compared to last year. The sales-to-active-listings ratio in April was 33.6 per cent, which is higher than it was in March 2015, and the highest that it has ever been since June 2007.
Compared to April 2014, sales of detached properties showed an increase of 35.9 per cent. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from last year to $1,078,900.
Sales of apartment properties showed an increase of 34.7 per cent from last year, while the sales of attached properties increased 44.8 per cent, with their benchmark prices increasing as well.