Housing Demand Remains Strong
Home sales reached near record levels in November even as home listings began the traditional year-end decline.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver for November 2015 rose 40.1 per cent compared to the November 2014, and a 3.3 per cent decrease compared to October 2015.
Last month’s sales were 46.2% above the 10-year sales average for the month.
Detached homes: Sales activity up 31.9% from a year ago
Prices up 22.6% from a year ago to $1,226,300
Attached homes: Sales activity up 40.7% from a year ago
Prices up 11.3% from a year ago to $536,600
Condos: Sales activity up 47.6% from a year ago
Prices up 5.3% from a year ago to $435,000
November is typically one of the quietest months of the year in our housing market, but not this year. The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.
The sales-to-active-listings ratio in November was 43.5 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.
Demand remains strong and there are housing options at different price points throughout the region. It’s important to work with your REALTOR® to understand your options before you embark on your home buying journey.