Progress is impossible without change, and those who cannot change their minds cannot change anything. - George Bernard Shaw

 

 

Attached are the Sales and Listings Stats updated to the end of September 2015. While the drought like weather conditions subsided in Greater Vancouver in September, the drought like conditions for listings continued into September. With a combination of an above average number of units sold in August and below average number of listings coming on the market we saw a decrease in inventories moving through September – a trend not seen in our market going back over the last 15 years. Indications after the first three quarters of 2015 are that this will be the second strongest year on record for sales in Greater Vancouver, yet only the 13 highest amount for new listings in a year.

 

According to the Real Estate Board of Greater Vancouver, last month’s sales were 32.9 per cent above the 10 year sales average for the month. “Residential home sales have been trending at 25 to 30 per cent above the ten year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on homes prices, particularly in the detached home market.”

 

The total number of properties listed on the market was 11,825 at the end of September and 11,364 at the start of October – down 26 per cent to the same time last year. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $722,300. This represents a 13.7 per cent increase compared to September 2014.

 

September sales in Greater Vancouver were 3,423, up from 2,820 in September 2014 (21 per cent) while at the same level as August 2015. New listings in September 4,952 – below the monthly average of 5,447 for the year. It was the third lowest total for 2015, not nearly enough to keep up with demand in the market. With the lack of inventory in the market, buyer demand is becoming fatigued with a lack of product to choose from. Sellers wanting to make a move are more and more lacking confidence in being able to find a property to purchase if they do sell. Thus, tightness in the market is occurring. Sellers would be wise to list given the current conditions, thus increasing supply.

 

Sales and Listings Stats Houses Townhouses Condos for Sept 2015

 

Sales and Listings Stats All Regional for Sept 2015

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in September 2015 was 3,423 – down from 3,431 (0.5%) in August 2015, up from 2,965 (15%) in September 2014, up from 2,524 (36%) in September 2013; Active Listings are at 11,825 compared to 16,027 at this time last year and 11,942 at the end of August; New Listings in September 2015 were up 13% compared to August 2015 and down 7% compared to September 2014; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 69% compared to 78% in August 2015 and 55% in September 2014.

 

Vancouver Westside Residential: Total Units Sold in September 2015 was 609 – down from 751 (19%) in August 2015, down from 643 (5%) in September 2014, up from 556 (10%) in September 2013; Active Listings are at 1,995 compared to 2,806 at this time last year and 1,889 at the end of August; New Listings in September 2015 were up 26% compared to August 2015 and down 9% compared to September 2014; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 57% compared to 89% in August 2015 and 55% in September 2014.

 

Vancouver Eastside Residential: Total Units Sold in September 2015 was 350 – up from 303 (16%) in August 2015, up from 271 (29%) in September 2014, up from 281 (25%) in September 2013; Active Listings are at 876 compared to 1,206 at this time last year and 905 at the end of August; New Listings in September 2015 were down 6% compared to August 2015 and down 14% compared to September 2014; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 74% compared to 60% in August 2015 and 49% in September 2014.

 

North Vancouver Residential: Total Units Sold in September 2015 was 255 – up from 219 (16%) in August 2015, up from 197 (29%) in September 2014, up from 163 (44%) in September 2013; Active Listings are at 580 compared to 942 at this time last year and 526 at the end of August; New Listings in September 2015 were up 56% compared to August 2015 and down 10% compared to September 2014; Month’s Supply of Total Residential Listings is steady at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 65% compared to 87% in August 2015 and 45% in September 2014.

 

West Vancouver Residential: Total Units Sold in September 2015 was 100 – down from 102 (0.5%) in August 2015, down from 110 (9%) in September 2014, up from 94 (6%) in September 2013; Active Listings are at 621 compared to 696 at this time last year and 587 at the end of August; New Listings in September 2015 were up 51% compared to August 2015 and up 11% compared to September 2014; Month’s Supply of Total Residential Listings is steady at 6 Months (Balanced Market) and a Sales to Listings Ratio of 41% compared to 64% in August 2015 and 51% in September 2014.

 

Richmond Residential: Total Units Sold in September 2015 was 457 – up from 455 (0.5%) in August 2015, up from 386 (18%) in September 2014, up from 321 (42%) in September 2013; Active Listings are at 1,698 compared to 2,341 at this time last year and 1,756 at the end of August; New Listings in September 2015 were up 2% compared to August 2015 and down 4% compared to September 2014; Month’s Supply of Total Residential Listings is steady at 4 Months (Seller’s Market) and a Sales to Listings Ratio of 66% compared to 68% in August 2015 and 54% in September 2014.

 

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