Sale and listing activity continues to follow historical averages
Home buyer and seller activity in the Greater Vancouver housing market continues to far outpace 2012, yet is in line with the region's 10year averages.
The residential property sales in Greater Vancouver reached 2483 in September 2013. This is a 63.8% increase compared to the number of sales in Sept 2012 which was 1516.
While sales are up considerably from last year, it's important to note that September of 2012 were among the lowest we've seen in nearly three decades.
The current sales to listings ration for Sept 2013 sits at 15.4%. This means for every 100 homes for sale there are approximately 15 buyers. When the ratio dips below 12% this puts downward pressure on home prices - buyers market. If the ratio rises between 20%-22% we are in a sellers market.
It's important to remember that stranger sales activity does not equate to rising home prices. In fact home prices have not fluctuated much in our market this year.
Detached Benchmark Price $953,600
1yr change - 0.8%
3yr change +9.4%
Townhouse Benchmark Price $579,100
1yr change +0.5%
3yr change -0.2%
5yr change +1.5%
Apartment Benchmark Price $350,500
1yr change -2.3%
3yr change +2.7%
5yr change +1.4%
Detached Benchmark Price $1,850,600
1yr change +0.2%
3yr change +26.6%
5yr change +23.6%
Townhouse Benchmark Price $636,700
1yr change +1.9%
3yr change +6.8%
5yr change +0.5%