Real Estate Trends - April 2015 Update

(July 27, 2015 , posted in Real Estate Trends)

We start the second quarter of the year with the demand for real estate surpassing the supply.

There were 5,897 new listings posted in April 2015. This brought the total number of listings on MLS® to 12,436. This is a 19.8% decline compared to April 2014 and an increase of .5 % compared to March 2015.

The Real Estate Board of Greater Vancouver reports 4,179 property sales on the MLS® in April 2015. This is a 37% increase compared to the 3,050 sales the same time last year and a 2.9% increase compared to the 4,060 sales in March 2015. Last month’s sales were just over 29% above the 10-year sales average for the month.

The sales to active ratio increased last month to 33.6%. This continues to be the highest since June 2007.

The MLS® Home Price Index composite benchmark for residential properties in Greater Vancouver is currently $673,000. This shows an 8.5% increase when compared to the same time last year. Specifically, detached homes rose 12.5% to $1,078,900, attached properties increased 5.7% to $493,300 and condos rose 4.4% to $394,200.

There were 5,017 detached properties listed for sale and 1,831 sold in April 2015. The average sale price per unit was $1,083,000. That is more than a 35% increase of sales when compared to April 2014’s detached property sales of 1,350.

There were 1,478 attached properties listed for sale and 659 sold in April 2015. The average sale price per unit was $537,000. That is more than 40% increase of sales when compared to April 2014’s attached property sales of 470.

There were 5,928 apartments listed for sale and 1,578 sold in April 2015. The average sale price per unit was $390,500. That is almost a 35% increase of sales when compared to April 2014’s apartment sales of 1,170.

With below average listing activity and demand growing stronger we are seeing upward pressure on home prices continue.