It's A Sellers Market...SELL NOW
It comes to no surprise that home sales reached record levels in November even though home listings began the traditional year-end decline.
With high buyer demand and inventory still so very low we continue to sit in a Sellers Market. If you looking to put your house on the market and move to a less expensive area SELL NOW! We have never seen prices so high.
Residential property sales in Metro Vancouver were up 40.1% over 2014 and up 46.2% above the 10yrs sales average ranking the 2nd highest November on record for residential property sales.
Typically, November is one of the quietest months of the year in our housing market, not this year. The ratio of sales to homes available for sale reached 44% which is the highest it's been in our market in 9 years.
The number of properties listed for sale is down 35% compared to 2014.
Generally analysts say that downward pressure on home prices occur when the ratio declines below 12% mark while home prices experience upward pressure when it reaches 20% or higher for a sustained period of time. (we are currently at 43%)
Detached Home Benchmark Price $1,279,600
Up +23.5% in 1 year
Town Home Benchmark Price $686,900
Up 12.1% in 1 year
Condo Benchmark Price $392,900
Detached Home Benchmark Price $2,519,200
Up 26% in 1 year
Condo Benchmark Price $750,200
Up 19.6% in 1year