Greater Vancouver Housing Market – Annual Market Review For 2015
Here is a quick summary of what happened in the Vancouver real estate market in 2015. If you would like a complimentary copy of the complete SnapStats report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org To view the email I sent to my subscribers, please click here
Welcome to my new newsletters format. To start the year fresh, I thought I would simplify it so that you can quickly sift through the content.Watch the Real Estate Board of Greater Vancouver video for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.
For the ones that like to read, simply scroll down below for the market summary.
I hope you enjoy the new format. As always, I welcome your feedback.
Metro Vancouver Home Sales Set An All-Time Record In 2015
In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.
The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.
Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent increase over the 28,524 residential sales in 2013.
“Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market,” Darcy McLeod, REBGV president said. “Housing markets typically experience quieter periods within a calendar year, but that wasn’t the case in Metro Vancouver last year.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 per cent increase compared to December 2014.
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.”
Number of Sales: 2,827 or 33.6% increase compared to 2,116 sales recorded in December 2014, and a decrease of 19.8% per cent compared to the 3,524 sales in November 2015. Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 per cent from the 833 detached sales recorded in December 2014. Sales of apartment properties reached 1,225 in November 2015, an increase of 34.3 per cent compared to the 912 sales in December 2014.
Percent of Original List Price Received at Sales: 98.5%, which is 1.9% higher than December 2014.
Sales-to-Active-Listings Ratio: 44.9% vs 21% in December 2014. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. The ratio was at 14.6% in November 2013. *** The Sales Ratio in November 2015 was 75.29% in Downtown Vancouver and 40.98% in Vancouver Westside for the Detached Home Market. Time to list your home???
Total Inventory: 6,024, a decline of 41.6% compared to this time last year, and a 25.6% decline compared to November 2015. There were 2,021 homes listed for sale listing in Metro Vancouver last month, an increase of 7% compared to the 1,888 new listings reported in December 2014 and a 40.4 per cent decline compared to November 2015 when 3,392 properties were listed.
Benchmark Price: $760,900 an increase of 18.9% over December 2014. Detached homes prices increased 24.3% from November 2014 to $1,248,600 and condos increased by 14% over the last year to $436,200.
Median Days on Market: 22 days vs 19 days in November. If we take a closer look at Downtown Vancouver, the Median Days on Market was 15 days in December 2015 vs 9 days in November 2015. As you see, the stats vary from market to market and even from neighborhood to neighborhood. Furthermore, a condo tower can reflect different market status vs another building tower as each building is a neighborhood in itself. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report.