Local Market Update: January Stats

The Real Estate Board of Greater Vancouver (REBGV) has released the latest stats from January for the local market, citing an 8.7% increase in residential property sales over January 2014. See below for some highlights from the report. 

- Residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015 compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.

- Last month’s sales were 14.9 per cent above the 10-year sales average for the month.

- New listings for detached, attached and apartment properties in Metro Vancouver1 totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.

- The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,60022. This represents a 5.5 per cent increase compared to January 2014.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

To view the full article from the Real Estate Board of Greater Vancouver, click here. 

If you are thinking about selling your home in 2015 and have some questions about the local market and how to price your home competitively to appeal to buyers & help it sell fast, contact us to schedule a meeting. 

Image source: Working in Peel Halton