Home sales activity in Vancouver housing market in September continues to far outpace September 2012, yet is in line with the region’s 10-year.
The Real Estate Board reports that residential property sales in Vancouver reached 2,483 on the MLS in September 2013. This represents a 63.8 per cent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 per cent decline compared to the 2,514 sales in August 2013.
Last month’s sales were 1 per cent below the 10-year sales average for the month, while new listings for the month were 3.5 per cent below the 10-year average.
“While 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,” the president of the real estate board said. “Home sale and listing activity this September were in line with the 10-year average for the month.”
New listings for detached, attached and apartment properties in Greater Vancouver are 5,030 in September. This represents a 5.5 per cent decline compared to the 5,321 new listings reported in September 2012 and a 20.2 per cent increase compared to the 4,186 new listings in August of this year.
The sales-to-active-listings ratio currently sits at 15.4 per cent in Greater Vancouver. It’s important to remember that stronger sales activity does not necessarily equate to rising home prices.
The MLS® Home Price Index for all residential properties in Vancouver is currently $601,900. This represents a decline of 0.7 per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013.
The houses sales reached 1,023 in September 2013, an increase of 72.2 per cent from the 594 detached sales recorded in September 2012, and a 6.9 per cent increase from the 957 units sold in September 2011. The price for detached properties decreased 1.4 per cent from September 2012 to $922,600.
Vancouver Condo sales reached 1,018 in September 2013, an increase of 50.6 per cent compared to the 676 sales in September 2012, and an increase of 10.4 per cent compared to the 922 sales in September 2011. The price point of a condominium decreased 0.5 per cent from September 2012 to $366,600
Vancouver Townhouse sales in September 2013 totalled 442, an increase of 79.7 per cent compared to the 246 sales in September 2012, and a 20.4 per cent increase from the 367 attached properties sold in September 2011. The price average of a townhouse is currently $458,300, which is unchanged from September 2012.